The Sun.
London, England, 1839-03-14 00:00:00

BOURSE.—Pims, TUESDAY, MARCH 12.

HALF.PAST Tzsza.—The French Funds have maintained them.
selves, but no list was circulated as being that of is new Ministry.
For the Account the Three per Cents. opened at 79f. 50c., declined
to 79f. 45c.., rallied to 79f. 60c., fell back to 79f. 55c., and after
being nearly 79f. 50c., again recovered to 79f. 60c., last price being
Sc. higher than yesterday. The Five per Cents., ex dividend, from
108 f. 60c., declined to 108 f 56c., and, after reaching 10SE 70c.,
closed at 108 E 60c.. a fall of 10e. For money the Three per Cents.
have improved 4c., and the Five per Cents, are unaltered. The
Bank of France Shares have not varied. The Laffitte Bank I,ooof
shares are 10E, and those of 5,0001. sf. higher. The Spanish Ac-
tive is better ; from 21 it declined to 20i, and after some trifling
oscillations, closes at 21. The Passive has advanced I. But blight
variations in Railway Shares. The St. Germains not quoted either
for money or for time. _ _

_
First Highest Lowest Last
Price. Price. Price. Price.
French 5 per Cents(ex. div.) 108 55 ... 108 60 ... 108 50 ... Jer..% 60
4% per Cents lO4 50 .., 104 75 ... 104 50 ... 10 i 75
4 per Cents lOO 75 ... L 0 75 ... 100 75 ... 100 75
3 per Cents 79 45 .„ 7s 55 ... 79 45 ... 79 55
Bank of ti ranee
Laflitte Bank I,ooof. Sh 1045 ...10.5 ...10 5 —.1055
5,00ef A.— 5215 ...5215 ...5215 ...5215
Belgian 5 per Cents lO2 ... 102 ... 109 ... i 62
3 per Cents OO 70 ... 69 70 ... 69 70 ... 69 :0
Bank 575 ... 575 ... 575 ... 575
.3 ar.ish Ac ive 2l ... 21 ... 20% ... 21
Passive 5% ... 5% ••• 5 —5%
Neapolitan 99 $5 ... 99 135 ... 99 85 ... 9., S 5
Roman
RAILWAY SHARES.
Versailles, It. B 587 58 ... 587 50 ... 587 51! ... 5F,7 56
L. 8.19 i ... 190 ... 167 50 ... 107 50
Rouen 945 ... 915 ... 945 ... 945
Orleans . . 435 ... 435 ... 435 ... 435
Strasburg to Bale 340 ... 3:0 ... 325 ... 32,
. Duren FUNDS.-,Assirrnaoam, Marion 12.
Money. Bills.
actual Debt, 2% per ('Ant
Ditto, ditto 5 per cent.
A icon :syndic, 4% per cent 94,., 9484
Date, ditto, fiYa per cent ... 794 790 i
Commercial Company, 4... per cent 174% 175%
Ditto (132 and 1833) 5 per cent.
Ditto 1.437, 5 per cent.
Loan 1837, 5 '•ier cent.
Exchange on London, One month ll 95
Two months .....
BELGIAN } UNDS—BRUSSELS, Matzen 12
Actual Debt 2;y per Cent.
Rothschild's LGall, 5 per Cant. 9O
yo
Loan of Thirty Millions, 4 per Cent.
3 per Cent. 69%
Loan of City, 11332, 4 per Cc:Pt."—.
...... ~, 87%
Society et Commerce, 45i per Cent: ' llO
Bank of Belgium, 5 per Coat 57
National Society .
—Brussels Papers, March 12.
HA IBURC, BORSEN HALLE, Melton 9.

_Mills, Money.
Austrian Aletpriques, 5 ner cent.
Ditto ditto 3 per cent. . —
Ditto ditto ‘2,i per cent.
Liao bank Shares
4.9.g10-Russiati Loan ..,,. ... , . ~,, 10744 lin!,
nussian 5 per cents Metal.
Paper Inscription, 6 per cent
Russian Inscription, Hope and Co., 3d and 4th
Serie:: 4,144,,,,,,,• 99 Plt
Ditto, Certificates ,,••s •i•31•..,i, 1. CI- in%
Portuguese Urgency boriti nt 5,3 per ce -..
. . .
Ditto, 3 per cent...,,,, .
Dutch 83e per Cents. —
513/4 St
Ditto 5 per Cents 933( 99,4
Polish Bonds, 3 per cents.
New Tickets , . ltr..9-•• 157% IW
Ans.flo,Danish Loan 3 pec cents., ~,,... 7`.4' 71%
NcovogLto Loan of 1834,1 per cents. ...... ..... 102
Spanish, in piastres, 3 per Cents —
Cortes Loan, 5 per Cen' —
Greek 4 per cents. 1833, guaranteed by Francs -
-Hamburg Paper; March J.

. .
:S/..ANDEROUS PURLIQATIONS.-014 Tuesday
a second meeting of the members of the Society for
putting down scurrilous and slanderous publications, and
prosecuting the proprietors, editors, and vendors, was held
at the Hope Tavern, Drury-lane, Mr. Wiley in the chair.
Thp Mee;inif was numerously attended by -humble but
respectable individuals, whose characters had been ma.
ligned. Several instances were adduced of the domestic
happiness of families haring been destroyed, and their
prospects blasted by these productions. The Society sites
engaged a Solicitor to prosecute, and several contributions
pp 9f unoffending in-
have lleett received towards the legal expenses. The
Society intend holding district Meetings, and have been
successful, it would appear, in persuading a large number
-toifelpeutellistheeires
jetorereelirnqhueisrht thethe sale of all publications c 41..
- . •
HORRIBLE SUPERSTITION.
and attended
--The Indicator, a
ed
riveidd i bu
lael,s. semi-officialdid j
io
tunrnoatl
c,
op
mu
ebli s
fromh e d
aant
oGy Gotha, t 111 av :t
ing fact which took place there, and would be totally io.,
rneelsast,es the folio Li. ,
with strong reprobation on the part of that journal :--c` On
February 18th, immediately after the decapitation of a cri-
minal condemned to death for murder, several persons,
subject to epileptic fits, ascended the scaffold, with per-
mission of the authorities, and each, Meg a glass with
ri
lico4u4dg
ilza ,
,t,-, 1
the blood of the victim, drank it on the spot."
RAILWAY BETWEEN GLASGOW AND CAR-
LISLF,.—
was held at Glasgow on Friday last, for the purpose Of
A numerous meeting of bankers, merchants, Ste ,
go twined
riManchester,ptio ithsyn
Made
trtea
e m af 0
err
aa
tivt
eei
adopting measures to establish a railway communication by
I\litioz_
Carlisle with Liverpool, Manchester, and London. It ap_
peered to be the general opinion that a line through
o;ences of the survey
dale was preferable to any other. By that line it would
require only 1-
4 hours to travel from Glasgow to ~iverpo3l
e te
hd 1
ie
with the objects of the mooting wero agreed to, and ~,,, 1
A. returil -
published
weshoiictiliinoe;
the importation of foreign grain into France has bet!'
present nearly as much in the month of January in the '
year a 4 in the tvtlye 410,-,tha that 0-receded it.

METROPOLITAN POLITICAL

SUMHARY.

The Times of this morning, in a Jesuitical leading arti-
cle, whose object is to make it appear that we are no un-
likely to get into a serious quarrel with Brother Jonathan,
says, " Supposing that our apprehensions may be realized,
let us ak what preparations have been made by the Mel-
bourne Ministers, or by their Foreign Secretary ( Palmer-
ston), to provide for this danger which he at least must
have long foreseen ? What answer will be flung in the
face of an inquiring Parliament and nation? What, but a
repetition of that same preposterous impertinence which
could not have been uttered by any other living mar —to
wit, that it is beneath the dignity of a great people to make
preparations against injuries or insults from others, because
it would look as if they suspected that any one would dare
to wrong them. With the favour of Heaven, this excuse
for imbecillity, if it be not for something worse. shall have
a place among our national records."

a" When the corn monopolists," observes the Morning
Chronicle, in the course of an article suggested by the
Corn-law debate last night in the House of Commons,
"speak slightingly of the foreign trade, they betray an utter
ignorance of the circumstances which give to the British
landholder his great advantage over the foreign land.
holder. Being exporters of manufactures they are ne-
cessarily cheaper here than in the countries to which they
are exported. The landowner, therefore, buys all that he
requires from the manufacturer at a lower price than it
can be obtained at elsewhere. On the other hand, corn
would not be imported into this country, were it not et a
higher price here than elsewhere ; so that even with a free
trade in corn the landlord will always receive a much
higher price than the price abroad. As we cannot then
import corn but when it is higher here than elsewhere,
agriculture can never possibly be injured by the impor-
tation."

The Morning Herald, referring to some arguments
urged by Mr. Clay in his last night's speech in the Com-
mons, states as follows :—" The wages of labour are not
regulated by the price of food, but by the demand and
supply of labour. The capitalist would, in the event of
a free trade being established in corn, posFess no power
over the labourer--but if the present Corn-laws shall be
continued, wages must be reduced, simply because capi-
talists will not be able much longer to pay wages ac-
cording to the existing scale, A free trade in corn would
increase the demand for English manufactures ; that in-
creased demand would increase eompntition among Eng -
lish capitalists ; and from that increased competition the
English labourer would derive higher wages."

LLOYD'S SHIPPING.-(THIS DAY.)

DEAL, MARCH 13.—Wind, S. E., moderate.—Came
down from the River and proceeded the General Kyd,
Jones, for Madras and Calcutta; Mary, Winson, Lisbon;
Agricola, Milliken, New York; Red Rover, Smith, Sydney.
PORTSMOUTH, MARCH 13.--Wind, S. S. E.—Arrived
the Jane Erskine, Mitchell, from St. Domingo. Sailed
Glenarm, Gruber, London.
PLYMOUTH, MARCH 13.—Wind, S. S. E.—Arrived the
Magdalene, Mayn. Sailed John Dennison, Barker,Bombay.
FALMOUTH, MARCH 12.—Wind, S. E., fresh breezes.—
Arrived the Force, Marquis, from Longsound ; Oscar,
Skeen, Sheffield; Jardine, Batavia, lost boats, bulwarks,
&c. ; Onyx, Staaus, South Seas, 500 barrels; Shannon
(steamer), London. Off port, Mary Ann, Wallace, Ter-
ceira ; Mary and Johanna, Tucker, Cadiz ; Cambrian,
Paul, Mauritius ; Agnes, Cumming, Ceylon.
LIVERPOOL, MARCH 13.—Wind S.—Arrived Blakely,
Holmes, Calcutta ; Wilberforce, Harrison, Maranharn ;
Ellen Jenkinson, Walker, Trieste ; Mayflower, Lisbon ;
Alfred, Grillan, Charente ; Five Sisters, Havre ; Sylph,
Limon ; Angelina, Cornelius, Antwerp ; Hendreke Aren-
dine, Brende, Bordeaux ; Petersburgh, Rotterdam ; Jonge,
Bremen; Egidius, Ostend ; County of Perth, Hamburg.
Off port, the Jacob Cooper, from Calcutta; Notion, Leg-
horn ; Thames, Lisbon. Sailed the Iris, Graham, far
Jamaica ; Jarrow, Walker, Laguayra ; Gurgeni, Browe,,
New Yerk ; Mischief, Jones, Lisbon; Republic. Williams,
New York ; Isaac Newton, Spalding, Philadelphia ;
Alexander Edmond. St. John's, New Brunswick; Jason,
Rouen ; Johanna, Bakker, Pernambuco ; Julien, Cram,
Palermo.

MONEY and COMMERCIAL NEWS.

CITY, TWELVE O'CLOCK.
The arrivals this morning consist of French and Ostend
mails, and ship letters from Mauritius, Ceylon Oct. 19,
Cape Dec. 29, and Batavia Nov. 1,
LIVERPOOL COTTON MARKET, Maser 13.--There has
been a good business to-day. The sales are 6,000 bags,
at id. advance since yesterday. Since the arrival of the
news by the Great Western, there has been an increased
disposition to buy, but holders are not inclined to sell.
The accounts :received from Manchester this morning
state that there was but a moderate demand for yarn yes-
terday, and the buyers showed little disposition to follow
up the recent advance. In cotton the business done was
limited. There was nothing doing in the goods market,
but prices rather in favour of the buyers. Several of the
principal spinners and manufacturers at Staleybridge began
to work six hours a day on Monday last, and it is under.
stood that their axample will be followed by the whole of
the trade there ; some will begin this day (Thursday), and
others next week. In consequence of this depression
there must be a considerable diminution in the con-
sumption of cotton. It was stated yesterday, that
a very extensive spinner and manufacturer, with-
out stopping or retarding a single loom or spindle,
had diminished his weekly consumption of cotton to the
extent of 12i per cent. and the same kind of diminution
to a greater eAtent is very general throughout the trade,
in consequence. of the high price of cotton rendering
heavy fabrics comparatively dear and unprofitable.
Her Majesty's and the Honourable Fast India Com-
pany's special messenger only arrived yesterday in Lon-
don with dispatches from India, bringing no later
dates than those received by Mr. Waghorn on Sa-
tur(lay morning last. In this it appears that Mr.
Wagliorn has again provided Government with India
intelligence. A prospectus has been issued, in which it
is proposed to form a board of agency for country bankers
in London, the object of which is to ensure perfect safety.to
the country bankers of all classes in their London agency,
conjointly with increased economy in the management
of their business. The country private bankers amount to
670 and the country joint stock bankers to 234, making a
total of 964 bankers. It is calculated that, by the present
agency, they incur an annual expense of 406,8001. ; this
the Association proposes to reduceato 60,0001., and to give
them the half brokerage, now received by the London
agent.
•

Dutch Funds to the 11th March are rather lower : File
per Cents 54 9-16 ; Three per Cents 101 15-16.
Consols opened this morning at the closing prices of
3esterday, 933, for the Account ; g 2 93 for Money—
little business doing as yet ; Exchequer Bills, 63 85 ;
India Bonds, 65 67 ; Bank Stock shut; India also—for
the opening 256 257 ; Bank Stock, 305 206.
In the Foreign Market Spanish Active, which closed
at 214 is not so good ; at present 204 213; Portuguese
341 35 ; Three per Cents 214 1; Belgian, 1013 102;
Brazilian $O3 ; Scrip 3to 1 prem. ; Colombian, 293 30 ;
Mexican, 234 24 ; Dutch Two-and-a- Half per Cents.,
5541- 1 ; Five per Cents., 103 k 1.
A meeting of the Proprietors of Bank Stock took place
this morning, a report of which is in another column.

PRICES OF IRISH STOCKS, DUBLIN, MARCH 11.
3 per Cent. Consols
t}s, per Cent. Stock
Ditto Reduced - Hibeinian Bank
Ditto Nsw, ISSO ...... .. 1011► City of Dublin Steam Comp, ...---
34 per Cent. Debentures... 9214 National Insurance Company
Bank Stock ..
Grand Canal Stock - Ballast Oflice Debentures, 4 -
Royal Canal Stock .. .........1 per cent
HALF-PAST ONE.
Consols continue steady at 93 i for the Account ;
Money, 931, little doing. Exchequer Bills, 63 65; Bank
and India Stock, shut ; India Bonds, 64 V,,
In the Foreign Market Spanish, 214 ; Portu:uese,ra-
-34i
I
35 ; Three per Cents„ 21i i ; Belgian, IGI 102 ; B
zilian, 80i ; Colombian, 29i 30; Mexican, 234 214 ;
Dutch Two-and-a- Half per Cents., 454 i; Five per Cents.,
1031 I.

CLOSING PRICES.
BRITISH FUNDS,
Bank Stocic, .
3 or Cent. eed 93% , Ditto Bonds
Oper Cent. Ccue 93 ; Ditto Old Annuities B7
9% per Cent. Red 101% 'Ditto New Annuities . . New .... ..
New 5 per Cent 4', per Cent 1..0;,, Ex. Bills, 1,0001 Nd.... 05 pm.
...... ,—, I Ditto 5001 65 pm Long Annuities to expirt3 I Ditto 500/ fo
Jan. 1/31.1 ~, ... . 'Bank Stock for Opg 199 pin.
Oct. IMP. ...., lndia Stock for Opg 2 6
Jan. iSoti ..... — Consols for Act .... 93,4
FOREIGN FUNDS
!Portuguese Bonds, Spec cent.
Ditto, New Ditto
Prussian, 5 per cent
Russian Bonds, 5 per cent„ —
Ditto, Metallic
Spanish, 5 per cent 2l
(Ditto, Consolidated
French, 5 per cent. 109 f soe.
Exchange
French, 3 per cent —f, -...,
Dutch, 2N, per cent.
Ditto, 5 per cent. .............. - -
RE&

Ashman, 5 per cent
Belgian, 5 per cent 102
Brazilian Bonds 80%
Buenos Ayr, s, 6 per cent
Chiflan, 6 ppr cent
Coloinb,an, 6 per cent.—
Ditto, 1824 29 ii
Danish, 3 per cent 76
Greek Bonds, 1825, 5 per ct —
Mexican, 5 per cent —
Ditto, 6 per cent:, 1835. —
Peruvian, 1835,b per cent —

sxA
Eastern Counties Railway 9%.
Great Western Railway
London and Brighton Railway...
London and Greenwich Railway 11
LondoLondon 17
n and Southampton Railway
London and Croydon Railway (Trun~)
Manchester and Birmingham Railway
Ditto ditto Extension
Northern and Eastern Railway
South Eastern and Dover

The Richmond election has terminated in the
return of the Liberal candidate by a majority of $2. The
following was the state of the poll at the close :
Sir R. Dundas
Mr. Stapletau BO

Majority
I The disputed territory between Lower Canada
and the state of Maine, is not a third of the extent of Ire-
land, and is nearly uninhabited.
ELECTION TRICKS IN FRANCE.—On the eas-
tern frontier, the Ministerial candidates informed the elect_
tors, that England, Prussia, Russia, and Austria, were
directing movements against France and Belgium, from
the belief that the New Chambers under the guidance of
Soult and Thiers, would bring on a general war, and
pamphlets were plentifully distributed in the provinces,
stating that they were on the point of having a third in-
vasion, and that in all probability Lorraine, Alsace, and
Franche-Comte, would be taken from France. What,
adds one of these brochures, could ever French valour do
against, perhaps 600,000 foreign bayonets? This beats cur
Tory candidates with their hypocritical denunciations of
the New Poor Law.

We see from the Court Circular, that the Duke
of Cambridge had a dinner party yesterday, at which were
present the Puchcss of Gloucester, the D"mac
of WeWino--
top
ales' ; tha Archbishop of Yort.
-,and others, and that after
(M tb.- -
, proceeded to the Concert of Ancient Music,
his Royal Highness being Director for the evening. Thus,
a Royal Duke and a Most Rev. Prelate, may, during one of
the sacred days of Lent, attend a concert, while on that
day Lord John Russell, with the advice of a Bishop, for.
bids the divine music of William Tell, at the English Opera
House 1

BANK OF ENGLAND-THIS DAY.

The half-yearly meeting of the Board of Directors and
Proprietors of the Bank of England, took place this day
at 12 o'clock, the Governor, T. A. r -URTIS, Esq., in the
chair.

The advertisement calling the meeting, which was for
the purpose of declaring a dividend, having been read,
The GOVERNOR said it was now his duty to acquaint the
Board of Proprietors that the present was one cf the half-
yearly meetings appointed by the bye-laws of the Cot.-
poratton for considering of a dividend, and the Court of
Directors having inquired into the state of the Bank ac-
counts, were of opinion that a dividend might be declared,
if the present Court thought fit, of 31 per cent. interest
and profits, for the half year ending tne sth April next.
It was his duty therefore to move that the Court do oreer
a dividend to be declared of 31 per cent. interest and
profits for the current half year.
Mr. YOUNG had been taken by surprize, and so he w 'a
satisfied had many of the Proprietors, by the proposition,
now made. He wished to have some further information
as to the state of the Bank affairs, before the qu-stioa was
put; and whether, in the proposed dividend of 31 per
cent., they were encroaching on the Bank fund. He hoped
some information would be given by the Governor, which
would satisfy them of the propriety of acceding to the
present large reduction in their incomes. He trusted the
Proprietors would not leave the room, until some informa-
tion had been obtained on that point.
Mr. B. HAMMOND, in opposition to the views of the last
Proprietor, was glad to find that the Directors had taken a
healthy view of the affairs of the Bank. He begged to
ask what was the amount of the rest, for it was impos-
sible to ascertain it from the averages published in the
newspapers.
The GOVERNOR said the Hon. Proprietor would under-
stand that the averages published in the Newspapers were
merely matters of account, and bad no reference to the
profits or losses of the Bank. They were merely state-
ments of figures which were required to be published by
tke Act of Parliament.
Mr. HAMMOND said that time two years he had -obtained
an explicit answer from the Directors as the amount of
the rest. It differed by the stl,n of 300,0001. from the
amount of the rest published in the Newspapers. lie
merely wished to have the round numbers stated.
The GOVERNOR-The amount of the rest at the pre-
sent moment, that is if the Court agrees to the recom.
mendation of the Directors, will be 2,799,000/.—that is,
taking the dividend at 3f per cent.
Mr. HAMMOND-Then there would be a deficiency
within the last two years in the amount of the rest, if the
same dividend was persisted us of 3 or 400,0001.
The GOVERNOR-Oh, no.
Mr. HAMMOND—The amount of the rest as stated by
your predecessor, was 2,817,0001., and now it appears ti
dividend is to be 3f per cent-
The GOVERNOR-Taking the dividend at 3f per cent,.
for the half-year, the increase of the t est for the last half_
year will be about 24,0001.
Mr. HAMMOND---I am not going into the last half-year's
accounts, but I am looking at the last two years; and I
ask, if you persisted in making a dividend of 4 per cent.,
what would became of the Proprietors at the end of their
charter ?

Mr. FIELDEN wished to know why the reduction from
4 per cent. to 3i per cent. had taken place in the divi-
dend ? No doubt the Directors were able to give there
the necessary information, and if so, it would save •
time and trouble.
The GOVERNOR.—The answer he haL to make was
necessarily a very short one, because was morally impossi
ble for him to go into a detail ;,I accounts at that General
Court; but he would sl
tly State to them, that the reasons
y:,
that had induced thy:, Court of Directors to come to the
determination to recommee,d that diminution of the divi-
dend was, that the pro...is of the Bank had not amounted to
what would en't'Le them to declare their former dividend
of eighii I;er cent. per annum. If they had recommended
the former dividend of four per cent., it would have occa-
sioned a diminution of 50,000/. on the amount of the rest,
whereas, by agreeing to the proposed reduction, they
would have an addition of about 24,0001. to the rest>
Mr. FreeneN--Am I to understand that if a dividend of
four per cent, was declared, there would be a diminution
of 50,0001., in the rest, and an increase of 24,0001, if the
dividend be only three and a half per cent?
The GOVERNOR—Precisely so.
Mr. YOUNG—Then this dividend makes a reduction of
one-half per cent, on the last half-year.
The GOVERNOR—It makes a difference of one her c, nt.
per annum on 14,000,0001.
Mr. YOUNG—Then it is for tire Court to say whether
they will put up with this reduction of their profits because
the Directors do not think proper to encroach on the rest,
to the amount of 50,000/. I, for one say, that we ought
not to consent to it, when the;diminutionof the rest will be
comparatively so small. It will be for the Proprietors to
say, whether they will accede to such a proposition or not.
I am not complaining that the profits have notbeen so large
within the last two years as formerly ; but when we have
in the vest fund a sum of two millions and eight or nine
hundred thousand pounds, I think we should be wrong in
allowing our property to be so largely reduced in value ;
and I hope the Proprietors will not consent to it.
Mr. WEEDING thought if it only required a sum of 50,0001.
to be taken from the rest they ought to adhere to their
former dividend. The rest was an accumulated capital
out of profits, and it ought to be divided among the Pro-
prietors. He did not see any permanent reason for the
course adopted by the Directors. He thought all parties
would be much better satisfied if a four per cent, dividend
was declared,
Mr. Coon wished to know whether the Governor was
prepared to state the particular items on which the loss
of the Company had been sustained ; what it was that had
caused the reduction ?
The GOVERNOR thought if the worthy Proprietor would
look to the returns made by the Bank, he would find that
the securities had decreased, and that as a result of that de-
crease the dividends must necessarily become smaller.
Mr. WieetamsoN wished to know whether the Directors
thought that this small dividend was likely to be followed
ap by a higher one ?
The GOVERNOR was afraid that it would not, looking at
the present state of the affairs,
Mr. WILLIAMSON thought that under the circumstances
in which the Company were placed, considering the large
surplus which they had by way of rest, it was impolitic to
change the dividend. He wished to know up to what
period the liabilities of the concern were carried back, at
what date they took their liabilities for their outstanding
notes ?
The GOVERNOR said that there was a return made to
Parliament in 1830, of all the outstanding liabilities of the

.nuch

concern.
Mr. WILLIAMSON said he should propose, by way of
amendment, that the Proprietors and Directors should de_. clare a dividend of 4 per cent.
Mr. YoUNQ would second that motion, for the question
with him was whether they were to have the benefit of the
profits now or leave it to those who succeeded them. He
hoped that the Court would not submit to the reduction,
inasmuch as they had so large a surplus of profit remaining
to be divided.
Mr. FIELAIN wished to put one question to the Governor.
He believed that 25 per cent. of their capital had been
sunk, upon receiving an annuity from her Majesty's Go-
vernment. Now, if he understood rightly, a portion of
that annuity went to the profits of the Bank, and the other
part of it was set apart to redeem the sunk capital. What
he wished to know was, whether that sum had been So set
apart ?
The GOVERNOR said that it had.
Mr. BLACKBURN& was glad that at last the Proprietors
of Bank Stock had
been emn':iied to enter into the con-
sideration of a dividen3 He was glad they were obliged
to act in the spire of the bye-law, and not pin their faith
implicitly Upon the Directors. He prophesied they would
be obliged to go further, and have a searching in-
quiry into their circumstances. They had now come to a
healthy state of things, and were no longer to go on as
they had done for the last six or seven years, taking their
dividends out of the " rest." They were at last be-
ginning a better system—they were now going to square
their dividends by their profits. In his opinion the Court
ought to agree at once in the proposition of the Directors.
They were about to lose the Governor— they would see his
face no more—(Laughter)---but before he went, he
(Mr. B.) wished to assure him that the old system of
mystification and self-election had lost nothing in his hands.
—( A laugh.) That system had all been kept in good re-
pair, and it had even become stronger in his hands. Sine.,
they last met they had been deprived of the privilege of
transacting their business in the Rotunda, and were com-
pelled to employ an agent appointed by the Directors.
If one of themselves met in the Rotunda for file
minutes he was ordered off, and if he refused to go,
then there was a fine of 5/. at some quarter
Sessions. Again, when the proprietors lent their money
to his Majesty they obtained an annuity which could no•.
be taken in execution. Many persons bought their mock
for that privilege, but the directors, both in ail;Ct out of
Parliament, had allowed it to be swept aw",,y ; a few half
years ago he passed through the House-, and he was beset
by clerks, by bankers, and by attornies, to know what
be wanted—he there saw what no one but himself had
ever seen.—( A laugh.) He saw many persons call to
know when the dividends would be paid, although it was
one day past the time they were due.
Mr. FEIL.DEN spoke to order. The Learned Gentle:malt
was travelling very wide of the question.
The GOVERNOR was al
';',/ays sorry to interrupt the obser-
vations of any Progr;:etor, but Mr. Blackburn was certainly
much out of order.

Mr. LA C N would then stick to the question. It
"'as absolutely necessary that the Proprietors should enquire
into the system of self-election and the management of the
Bank generally.—( Order.) It was that system of mysti-
fication which had made the subject such a dry one. Had
they been aware of the state of their affairs, the dividend
not recommended would not have come upon them by sur-
prise. Their eyes were more opened, and he trusted they
would keep awake and would not decline another dividend
until they bad been let into the whole secret of the manage-
ment.

PVF.is_TING F,DTTION.

were expected to be of a permanent character, then
thought that the proprietor ought to agree to the die -
dend of Three-and-a-Half per cent. The proprietor Ii
only one of two courses to take, either to exorcise
rational and full control 'over the management of tl
bank by calling upon the Directors to 1, .
before them the whole account of the concert ,
or, on the other hand, they must put entire and vt,
qualified confidence in the Directors. He wsuld gi"
nu opinion of the relative merits of the two .courses, bu
the Court could exercise no discretion without calling fu
that full information which the Directors c )uid not pro
bably consistently give. It would lead to inconsistence
and absurdity, if they adopted such a course. The evils of
such a proceeding in any concern were obvious ; but
their's, the peculiar position which they occupied Rod
greatly aggravate these evils. Let them recollect the pe-
culiar character of their concert—it had not only its oial
pecuniary interests to consider, but it bad been bithertu
looked up to as the great beacon of commercial credit i
that country.—( Flear, ln-ar.) If it proceeded now t`
abstract a sum of 50,000/. from the rest. and declar(
a dividend amounting- to that sum above their profits•
what an example they would hold out to the punlio
and to other parties. It would give encouragemen
to the public, who were already itividous of the manage
ment of their body. Where would be the stability of their
body if an act of the popular portion of it could controut
the decision of what might be called the senatorial parr
and that they should insist upon a division of profit great..
than the President of the concern had told them the..
could afford. He hoped that they would at one,:, see th
impolicy and injustice of such a proceeding,
felt he could not retire from that room
without making a.
exertion to prevent it. :rid he for on•

The GOVERNOR felt it necessary,
in consequence of whs.
had fallen from his friend Mr. Loyd, to state what were
the considerations gnat had led the Court of Directors t
make the re:esent recommendation. When they did sc.
they 13;,,i in view the prospective circumstances of tL
12;:nk. If the Directors had thought the reduction of th
rest would be merely of a temporary nature, they wou.,
never have thought of coming down to that Court Sr.
asking them to reduce the amount of the dividend. L
former instances the Directors had come boldly do.{'
to the General Court, and recommended a con
tinuation of the dividend, always considering that th
circumstances which affected those profits were temporar
and that they would be ultimately able to maintain 0 e
permanent rate of profits at that amount. At presesl,
however, the Directors were of opinion that these pros
pective views .did not exist, and they felt that it would K.'
only misleading the public and the Proprietors if they V.
out the hope that a dividend of 8 per cent. per arm..
could be declared. —( Hear, hear.) They thought
best and wisest course to corny, hoicily before tbsin end tl'';
public, and to tell them that, in their opinion,
dividend of '8 per cent. could not be mal,:dtained, ale
that they thought it advisable to propose, a reduction of
per cent. in order that the rest migh' not be further en
oached upon..__( Hear, hear.)• pie hoped he had replie
to the call of Mr. Loyd, when lee repeated, that it was UP°
a prospective view of tit', affairs of the Bank, they h'
come to the present
to put the quest;. :m
nclusion. It ,could now be his chit
and he believed the amendment shoti,d
be first sub"..;itted to them.
Mr. rteetAstsoN would be the last person to throw .• aw• ur.,necessary embarrassment in the way of the Directors
He had been given to understand the rest would encreasc
but after the very satisfactory explanation of the Govern()
he felt that he would be wrong in pressing his amendmen:
—( Hear, hear.) He hoped, however, they would be I.'
voured with a statement of accounts of the concern in de-
tail. If Mr. Young, who seconded the amendment, 10'•
no objection, he would now beg to withdraw it.
Mr. YOUNG had been also satisfied with the explanatioi
given by the Directors, but he felt it right to give the pre
prietors an opportunity of discussing that important qoe'
tion, and he was glad the explanation had been afford"
them.

The original resolution was then agreed to, neat. cen•
The GOVERNOR announced that the dividend warrant
would be ready on the 6th of April, and that a list of
Proprietors would be made out on the 26th instant.
The meeting, which was very numerously attended, then
broke up.