The Sun.
London, England, 1839-05-11 00:00:00

TIII4I SUN, LONDON, SATURDAY, MAY 11, 1839.

PRESENT STATE of the COUNTRY.

TO THE EDITOR OF THE SUN.

Sir.—The public mind being naturally in a state of
excitement at the present moment, there are partial
differences of opinion on the present situation of the
affairs, and as to the Government of the country ; and
though a humble individual, beg to offer my ideas, if
you should think them worth inserting in our Paper.
I assume as a fact too clear to be contradicted, that the
cause of the late resignation of her Majesty's
Ministers is their not having had courage and resolution
sufficient, to meet the increased and increasing effect
of public information and liberality ; and I take it to
be equally clear, that a strong Liberal, or Radical pal ty
as it is termed. has forced that resignation. It is
equally clear, I presume, that no Ministry acting upon
Tory principles, can possibly keep their seats many
months. No, Sir, a very great majority in this country
call for, and demand a much more Liberal Government
than that which has lately retired—and it cannot be
supposed for a moment that a Tory party can, after
their unremitting endeavours to thwart their
comparatively Liberal predecessors, attempt to
pursue a liberal course ; that would be for them to fall
lower than the condemnation they are at present as-
sailed with ; it would be to sink themselves in utter con-
tempt; the gross, venal, ambitious hypocrisy would be
at once seen through, despised, and not for a moment
relied upon ; nor can they for a moment flatter them-
selves (unless they be perfectly stolid) that the Liberal
or Radical party will support them, as they must be
aware that party seceded from the late Ministry ex-
pressly for the purpose of driving them to resign, be-
cause they had not courage to act sufficiently Liberal in
public opinion ; and they will instantly turn round
upon a Tory Ministry consistently and for
the same reason, to convince the richer orders
of society, that no administration can or shall stand,
but a really Liberal one. Wealth, Sir, has a cer-
tain limited power only, but the wealth of the few
cannot withstand the power and force of the millions.
Can the partial monopolizers of wealth continue still
blind to this, and the general glaring signs of the times.
If they are determined to shut their eyes, a crisis
much to be dreaded by every thinking mind will
advance upon them more rapidly than they appear to
be aware of. It is marching with silent though
sure steps, as has been seen in every other
country similarly situated. Before this country
or government can be in a healthy state, some
alterations must necessarily take place. To mention a
few—an absolute and complete dereliction of the tyran-
nical principles of centralization, both with respect to
the Police and the Poor-laws ; the first, because it is
taking the organization and conduct of it from the only
proper and just hands, the inhabitants of each district ;
and because it is a standing army under the assumed
name of Police—the latter, the Poor-laws, because it is
in direct opposition to the law of God, morality, and
justice. Let them be judged by the only book of truth,
the Bible. An abolition of the Corn-laws—Household
Suffrage without reference to value—the rescinding of
the agricultural tenant at will clause—the Vote by
Ballot at elections for Members—Triennial Parlia-
ments, and an abolition of the disgraceful practice of
voting by proxy in the House of Lords, &c.
I am, Sir, your obedient Servant,
May 9, 1839.
WATKIN LEWES.

TO THE EDITOR OF THE SUN.

NATIONAL PROVINCIAL BANK
OF ENGLAND.

The annual general meeting of the Directors and
Proprietors of the National Provincial Bank of England
took place on Thursday at the London Tavern, Bishops-
gate-street, and was attended by a large body of the
Proprietors.
Upon the motion of J. RUDDELL TODD, Esq., se-
conded by HENRY WAYMOUTH, Esq.,
PHILIP COURTENAY, Esq., M.P., was called to the
Chair.
The CHAIRMAN, an opening the proceedings, said he
regretted very much the absence of Mr. Melville, whose
discretion and judgment, and business-like habits, had
rendered him a valuable member of the establishment.
—(Hear, hear.) It was now his duty to lay before
them a statement of the affairs of the concern for the
past year, and he thought he should best discharge
that duty by reading for them the Report itself,
as it was entitled to much more weight than
the opinion of any individual Director.
The CHAIRMAN then read the following
REPORT.

The satisfaction with which the Directors always
meet the Proprietors is on the present occasion enhanced
from their being enabled to lay before the annual Meet-
ing a Report on the affairs of the Company, fully justi-
fying the confidence which they have from time to time
expressed in its prospects of success.
Under the Company s system of Branch establish-
ments, in the which the chief value of the Scoteh
system of banking has been found to consist,
the Directors were prepared to expect during its
earlier years that the progress of the undertaking would
in any circumstances be slow. But being satisfied
of its superior efficacy in developing the resources of
the country, they felt assured from the outset that as
the power and facility thence derived of meeting the
legitimate wants of the trading community should be-
come apparent, a great progressive increase of business
must yearly take place. The Directors have the plea-
sure of stating that the accession of business during the
past year has greatly exceeded the expectation which
they had formed.
The deposits have generally, and in some districts
very largely increased, while in others new, safe, and
profitabl opportunities of employing them have pre-
sented themselves.

The Directors have also to state, with reference to
the newly established branches, announced in the last
Report, that they have prospered beyond their anticipa-
tions, and that all of them have already become sources
of profit to the Bank. To the branch established last
year at Devonport has been added the business of
Husband and Co., private bankers, and the ar-
rangement made with them, while it is advantageous
in itself, promises to be useful also in strength-
ening the position of other branches in that locality.
Since the last Meeting the Directors have been
solicited to open in various quarters ; but acting upon
the determination stated in the last Report with regard
to additional Branches, they have contented themselves
with establishing the following, viz.—
Southampton, Brixham,
Leominster, Portsea.
The connections formed at other Branches ren-
dered it advisable, and indeed in some degree necessary,
to open at Southampton and Leominster, where the
Company has already met with respectable support.
At Brixham which possesses a considerable and
wealthy population, largely interested in the shipping
trade, the Directors were induced to establish them-
selves in consequence of the retirement of Messrs.
Browse and Co., the only bankers in that town, who
have promised to give the aid of their respectable in-
fluence to the Company.
In Portsea, with a population of 35,000, there
was only an agency of a private Portsmouth bank
—there was no bank of issue, which produced some in-
convenience, and as little or no interest was allowed on
deposits the Directors considered that a branch there
would be productive of benefit to the public, and at the
same time of profit to the bank.
The Directors have to inform the Proprietors,
that finding the house occupied by the Company in
Austin Friars too small, and in other respect unsuit-
able for the purposes of the London establishment, they
have embraced an opportunity which offered of purchas-
ing the valuable freehold property in Bishopsgate-street,
belonging to the Devizees of the late William Mellish,
Esq. These eligible premises have been obtained for
a sum considerably under their estimated value, and
with certain alterations, are exceedingly well adapted
to the business of the Company, and possess the ad-
ditional advantage of being capable of enlargement at
any future period, should further accommodation be
required.
The Directors will now submit a statement prepared
in the usual manner, of the result of the Company's
operations for the last twelve months, observing pre-
viously,however,that the greater number of the Branches
Lave not been in operation more than from two to three
years. .
1838.

January Ist, Amount or undivided
Profits
December Ist, Net Profits after
making allowance for Bad Debts,
and proportion of Prelimi-
nary Expenses 31,638 2 10

57,211 15 0
Deduct Dividend for 1838

Remains amount of undivided
Profits at 3lst December, 1838 £36,670 5 0
From the above statement it will be observed that the
surplus profit upon the transactions of last year
passed to the reserve fund, amount to 11,096/. 12s. 10d.
It is with much pleasure that the Directors have to
congratulate the Shareholders on the continued in-
crease of the public confidence in the establishment,
thus evinced in the augmentation of business above no-
ticed; but satisfactory as the condition of its affairs now
is, they consider it only as an earnest of that prosperity
which experience and judicious conduct may enable it to
attain. It is matter of especial gratification to observe
the favourable and still improving disposition of the
public towards that important principle of the Com-
pany's management, which, by working through a Me-
tropolitan Board, instead of a local direction, relieves
the connections of the Bank from all apprehension,
either that their transactions may be disclosed in their
respective neighbourhoods, or that their interests may
be prejudiced or checked by any personal favour to their
competitors in business. _

In closing their Report the Directors beg to assure the
meeting that they will continue to exercise the utmost
caution and vigilance in dischargingra tlerhe importante trust
committed to them, consulting rather t character of
the Bank, and the safely of its transactions than being
governed by a desire for a large and hazardous busi-
ness. And they trust that the Proprietors will sanc-
tion them in a firm adherence to the maxims of sound
banking, and to the steadfast policy best suited for an
establisment, the stability and interest of which are
now to some extent identified with the public welfare.
The Directors have only further to state that three
of their number go out of office by rotation, viz.—
Philip Courtenay, Esq., M.P. ; Wm. Henry Sharp,
Esq. ; and Henry Weymouth, Esq., who being eligible
to be re-elected, offer themselves accordingly.
The Report was received with loud cheers.
A PROPRIETOR said lie had much pleasure in moving
the adoption of the report. It afforded the most satis-
factory evidence of the soundness of the principles upon
which the establishment was based, and which as had
been proved in the case of the Scotch banks had been in
every instance successful.—(Hear, hear.)
The motion having been seconded was carried una-
nimously.
Messrs. P. Courtenay,
W. H. Sharpe, and H. Way-
mOuth;Vvere then re-elected. Directors, having gone out
by rotation, and no other candidates having been pro-
posed.
A PROPRIETOR begged to ask whether the Directors
had come to any determination as to the dividend to be
declared next year ?
The. CHAIRMAN said they could not be expected, at
that early period of the current year, to pledge them-
selves as to what course they would pursue. At the
same time, it was most satisfactory to know that
their prospects were much more favourable than
iilnacithe course of the last year.—( Hear, hear.) They
indeed. every reason to calculate on a consider-
able increase. The best foundation they could have,
and the best security for the future was to be found
in the past.—(Cheer s.) Always bearing in mind that
the Directors had, like the Proprietors, a large stake in
the concern, and were just as deeply interested in its pros-
perity,—(Hear, hear.) Whenever they could do so
with due regard to the character of their Bank and of
Joint Stock Banks in general, they might depend
upon an addition to the dividend, and so long
as they possessed the confidence of the Share-
holders, the interests of the Joint Stock Banking
system: would not suffer in their bands.—(Cheers.)
It must be evident that they could not pledge them-
selves to any particular course. Their conduct must be
regulated by circumstances, and at present these cir-
cumstances were of an extremely favourable nature.
It was quite clear from the statement laid before
them that they
might, if they bad thought proper,
have increased the dividend last year, and with perfect
safety, but they had preferred increasing their
reserve fund to a sum of nearly 37,0001., which in the
early years of the undertaking, when these expenses
were necessarily great, was, he thought, a very satisfac-
tory circumstance.—(Cheers.) That was n sufficient
pledge of the caution with which they would conduct
themselves.
A PROPRIETOR said if there was one principle more
than another which should influence the proceedings of
a concern like that it was caution.—( Hear, hear.) If
the Directors came forward and made a proposition,
which circumstances might prevent their fulfilling on a
future occasion, it would tend very much to shake
that confidence which he at present reposed in
them. In his opinion a dividend should not
be announced one day or even one hour before it was
due. That he held to be one of the fundamental rules

of the managers of an establishment like the present ;
and nothing could be more injurious to its interests than
to give any intimation of their intentions before the
legitimate time arrived. It would only promote stock-
jobbing and speculation, and he should object to any
reply being given to the question.
Another gentleman observed that their great object
should be to show the public that they were pro-
ceeding with discretion and judgment, and from a long
experience in public companies he could state that it
was much more satisfactory to the public and the Proprie-
tors to show that they had an ample reserved fund to fall
back upon in case of any emergency than to announce
a dividend of one or two per cent. higher than would
otherwise be the case—(Hear, hear.)
The PROPRIETOR who had asked the question said
he understood the dividend for the current year was to
have been declared at the meeting, or he should not have
asked the question. He had the most implicit confi-
dence in the Directors, and he was satisfied the con-
cern would prosper under their management. He would
conclude by moving the best thanks of the Proprietary
to the Chairman and Board of Directors and their con-
tinued confidence in them.

The resolution having been seconded, was put and
carried unanimously.
The CHAIRMAN returned thanks on behalf of himself
and the' other Directors. So long as they were ho-
noured with the confidence of the Shareholders, they
might depend upon it that their best energies would be
devoted to bringing that concern, which was as yet but
in its infancy, to a state of prosperity such as its
warmest friends could scarcely anticipate.—(Cheers.)
A vote of thanks was then moved, and carried by ac-
clamation, to Daniel Robertson, Esq., the principal ma-
nager, and the other officers of the Company.
Mr. ROBERTSON begged to assure the meeting that
the favourable notice which had just been taken of his
colleague and himself, was very gratifying to them.
Although they must leave it to others to judge of the
merits which belonged to their services, yet, as regarded
an earnest and conscientious desire to promote the pros-
perity of the Company, he might truly assert they did
not yield to the Proprietors themselves. They did not
discharge their duties as a mere task imposed upon them,
indifferent as to the result of their labours. On the
contrary, they took the deepest interest in the working
out of a great principle in Banking, convinced, as prac-
tical men, that it was best calculated to confer great
public benefit, and at the same time to secure, with the
lest possible degree of risk, a steady and certain return
to the Shareholders.—(Cheers.)
The meeting then broke up.