The Sun.
London, England, 1853-09-17 00:00:00

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LONDON, SATURDAY, SEPTEMBER 17, 1853.

On Thursday the proprietors of the Bank of
England Stock held their quarterly general meet-
ing, whereat a dividend after the rate of 4 per
cent, for the half-year, or 8 per cent. per annum,
was declared out of the profits, a small balance
that remained being carried to the rest. Nothing
worthy of notice occurred at the meeting, with
the exception of a severe castigation inflicted on
the Directors by a certain Mr. COOKE, who, in a
richly sarcastic strain, lavished the most hyber-
bolical compliments on the line of policy adopted,
on the very points, indeed, respecting which pub-
lic opinion had been so loudly and unequivocally
expressed in opposition to the magnates of Thread-
needle-street. At first it was supposed that the
honourable proprietor was in earnest, that he was
really convinced of the wisdom, discretion, and
public spirit of the body on which he was heaping
such fulsome panegyrics. The Directors sat in
dignified state, their countenances displaying the
appearances of conscious virtue, as if they had
-really deserved prominent places among the na-
tional benefactors for their conduct, and had
actually merited approbation. But the hoax
speedily became too apparent, the keen irony too
perceptible, to admit of doubt. When the hon.
proprietor spoke of the prudence and management
on the part of the Directors, there was a general
smile among the initiated. There might have
been, perhaps, .a little playful badinage passing
between the more acute and knowing dealers in
money at the supposed innocence of the orator.
But so long as he contented himself with
general terms, no harm was done. But, un-
fortunately, he speedily began trenching on
rather delicate ground. The countenances of his
audience gradually but unequivocally elongated
while he was speaking of the foresight (!) and
judgment (! !) that made money easy in the early
part of the year, and gave assistance to the more
legitimate operations of commerce, and finally gave
D., check to extravagant speculations likely to result
In disastrous consequences. But when he spoke
of the Directors having "promoted the public in-
terests" (Goo save the mark), and hinted at the
413Maelliag termination of the Charter, and the
claiins of the Bank on national gratitude, the keen
and cutting irony was at once detected, and the
unlucky orator was forthwith snubbed, and the
thread of his eloquent haran
Thee Directors sue cut short.
y made up their
munit in eneral
had Probably
minds to endure heavy cgs
o from the com-
y g, bot t
from one of their wn constituents—in Lbian thed—eiormoLing
Court, and in the most cutting and intolerable .
form.

They did not, however, profit much
wholesome, but unpalatable lessen. y by the
after the proprietors had separated, thmtlle
nte.diately
rate of discount was increased from 4 to 442 11nIum
cent., an addition of 12 1-3 d per cent. to that
previously in operation. The two movements
were closely connected. It was by stimulating
trade—making money cheap and abundant—and
then turning round on those who, deceived by
their apparent liberality, had fallen into the snare
laid for them, that the profits which warranted so
large a dividend were acquired. They were gained
at the expense of manya hard-working and energetic
man of business, who must now feel himself to have
been veryunfairly entrapped and victimised in order
to enhance that dividend. Far better would it
have been for the proprietors to have received 3i-
per cent., justly earned by affording legitimate
accommodation to trade and commerce, than 4
per cent. accompanied by the tears, aye, and the
inurinurs, both loud and deep, of ruined men,
Rho see that, from the course adopted, that
which might ine have been a blessing is really an
übus broodiugover the trade and commerce of
the country, The Directors have, however,
deliberatelis.elected their line, and we hope that
their
Proceedingsrenweill not be question of thpe forgotten when the
arlizal of the Charter comes to be
ventilated in
attentively
Those who have
and impolitic
considered
work-
ing of the unjust the lmPolit'
long declared that the • le Act of 1844, have
chief dan
ever speculation was rife, and ger was that when-
the greatest temptation was afforindoney abundant,
rations ; but that, on the contrary, Whenever to wild ope_
zwhenever the
tide turned, the reflux was rendered more discs-

Itrous, and the intensity of the crisis greatly
magnified, by the undue restriction placed on the
issue of money by the automatical action of the
law. The accuracy of these views was established
beyond the possibility of doubt by the mania of
1845-6, followed by the collapse and crisis of
1847. It was, however, found that the
mischief to the community brought enormous
profits to the Bank, and thus that the
interests of the proprietors and of the public
were antagonistical. Those who could decline
such a handsome dividend and bonus at the time
when everything else was seriously depressed,
found it to be their interest to create another
crisis and to foster another panic. The public
might suffer, but their own gains would be
largely enhanced. Accordingly we find them an-
ticipating the active Act of 1844, which,
from the large amount of bullion still stored
in the vaults of the Bank, and the considerable
reserve still at the disposal of the Bank, might
never come into operation. In place of allaying
the fever and excitement of the public mind, of
checking the uncalled-for panic that induces
men to cast their stock and shares on the mar-
ket, to be sacrificed at any price, however in-
adequate, that can be obtained, they aggravate
the irritation, and play the game of the Bears, in
creating, so far as iu their power lies, a monetary
crisis. As we have already stated, they are play-
ing the game of the moneyocracy, and grinding
down the poor and needy to the very utmost. Let
them not suppose, however, that they can play
this game with impunity. As Mr. COOKE so in-
appropriately declared, the time is rapidly approach-
ing when the renewal of the Bank Charter must
be brought under the notice of Parliament. The
Directors may then find the sense in which their
conduct has been viewed by those who have suf-
fered so severely, in order to double the dividend
to 8 per cent, per annum.

The onslaught against hotels, their proprietors,
attendants, the accommodations afforded, and
prices charged, continues with unabated vigour.
Not a day elapses, not a broad sheet of the Levia-
than is delivered to the community, in which, at
least, a column is not devoted to the publication
of alleged grievances, and of by no means flatter-
ing comparisons between England and foreign
hostelries. Nay, more, we are wafted across the
Atlantic, in order to cite examples injurious to
the character and conduct of our compatriots in
what is termed the " public line." Be it so ; we
have not the slightest objection to the publicity
thus given to the question, or the manner in
which attention has been directed thereto. It
will, we trust, have the effect of removing, or, at
least, alleviating, the actual grievances on both
sides, of remedying acknowledged evils on the
part of the guests as well as of their hosts, pointing
out the spot where the shoe really pinches, and
above all of bringing them to light—the true
state of the case in the great majority of instances,
and proving, beyond the possibility of doubt or
difficulty, that if due allowance be made for the
difference of prices of wines and other materials
supplied, the traveller of moderate pretensions
may journey as economically, and with far more
real comfort, through the United Kingdom, and
sojourning at its well-abused hotels and inns,
than if he went to a foreign land and spent his
time and money among " aliens in language, in
manners, and in religion," whom he was unable
to understand or complain to save through the
medium of an interpreter.
The first essential point that renders a com-
parison unfair between English and Continen-
tal or American hotels is, that abroad we
conform to the habits of the several esta-
blishments ; at home we expect these esta-
blishments to accommodate themselves to ours,
without any consideration for the trouble, incon-
venience, or expense we impose upon the proprie-
tors or attendants. There we yield to the estab-
lished regulations. Here we expect that every-
thing shall be altered to suit our will and plea-
sure. There we are satisfied to dine at the table
d'hote, and to associate with the general body of
guests in the public saloon. Here we take our
meals in private, and each party requires a sepa-
rate sitting room, handsomely fitted up, with fire,
light, and every comfort for our own use. There,
the attention of the waiters not being distracted
by simultaneous summonses to many different
parts of the house, the attendance is much easier,
and the wants of all can be more readily supplied,
many orders being taken at the same time. Here
the waiter is bewildered by the ringings of mul-
titudinous bells, and urgent orders from dif-
ferent parties, who require instant obedience.
Thus, additional servants are required, extra sup-
plies of plate, &c., all of which must be charged
in the bill, as the proprietor does not throw his
doors open for the mere satisfaction of being
soundly abused. He naturally looks for a more
substantial reward for his services than even empty
praise, if such a thing could be expected from the
would-be aristocratic traveller, whose only claim
to the title consists in heaping indiscriminate cen-
sure on everything and everybody, while endea-
vouring to show that he is accustomed to much
better at home than he can obtain while taking
his ease in his inn !
The first conditions, then, indispensable to a
due solution of the vexata questio is, that Eng-
lishmen, aye, and Englishwomen, should, while
travelling, forget their exclusive and pretentious
habits, that the ladies by whom a gentleman
may happen to be accompanied should consent to
take their meals in a well-regulated public room,
which their presence will speedily so far improve
as to remove the objections that might otherwise
be felt by husbands, fathers, or brothers. Female
society will purify the atmosphere of the coffee-
room, and exercise a beneficial influence on those
who are compelled to spend much of their time
away from domestic comforts, and seldom enjoy
the cheerful blaze of " their ain firesides." We
laugh at the Moslem scruples that forbid a lady
from being seen abroad without her veil, but we
see nothing objectionable in secluding our own
females from being seen in the general room of a
hotel, and taking her tea and toast before retiring
for the night or starting for the day's journey, if
exposed to the gaze of other wayfarers like her-
self.