The Sun.
London, England, 1854-03-17 00:00:00

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THE BANK OF ENGLAND.

At the General Court of Proprietors held yesterday,
the Governor (J. G. Hubbard, Esq.) presided.
The minutes of the last general court having been read
by the Secretary (John Bentley, Esq.), and confirmed,
The GOVERNOR said—l have now the honour to acquaint
the court, that this is one of the quarterly general courts
appointed by the charter, and also one of the usual half.
yearly courts appointed by the bye-laws, to consider o
a dividend. It is also my duty to acquaint the court
that the net interest and profit for the half-year ending
the 28th of February last were 670,9681. 7s. 6d., and
that the rest, out of which the dividend is to be made,
amounted to 3,685,466/. 18s. sd. This will enable the court
to declare a dividend, if the proprietors shall think fit, of
4!2 per. cent., and leave the rest 3,030,5811. 18s. sd.
(Hear.) The Court of Directors, therefore, recommend
that a dividend of 4y per cent, be made, if this Court
thinks fit, out of the interest and profits of the half-year
ending the 28th of February last, without any deduc-
tion on account of income tax. (Hear.) Before ac-
tually putting this resolution, however, I think it my
duty to the proprietors to state, in order that they may
not be misled
,hy the largeness of the dividend proposed
on the present occasion, that they must connect with
the large dividend the peculiarly favourable circum-
stances that all banking institutions have been placed
in during the last twelve months. (Hear, hear.) It is
not to be supposed by the proprietors that this increased
rate of dividend can be kept up—(hear, hear)—and the
increased income tax will press heavily upon the large
amount of terminable annuities held by the Bank.
Mr. Alderman SALOMONS, in seconding the motion,
wished to draw the attention of the Governor to the
unfairness of the income tax, being levied to the same
amount on annuities of short duration as on those of a
permanent nature. He was happy to find that the large
profits now declared had arisen from ordinary banking
profits, and without causing any inconvenience to the
mercantile interest and the community at large. (Hear.)
Mr. FIELDER thought that Mr. Alderman Salomons
had left out one compensating circumstance—namely,
that if the increased income tax were to be permanently
continued, it could only be because the war was con-
tinued, and, if so, then of course the bank would obtain
a larger amount of interest. (Hear, hear.)
The GOVERNOR—I will merely say, before I put the
resolution, that I agree with Mr. Fielder, that should
war continue there may be compensating circumstances ;
but I thought it my duty to put you in possession of the
possible difficulty. I should not feel it my duty, how-
ever, to allow the observations of Mr. Alderman Salo-
mons to pass without saying, that in no case has the
present Chancellor of the Exchequer ever used any in-
fluence with the bank directors that he did not
think was beneficial to the proprietors as well as to
the country at large—or with any idea that the bank
directors would adopt his suggestions, unless they
thought them consistent with their duty to the proprie-
tors. (Hear, hear.) I now propose that the dividend
for the half-year be at the rate of 4A per cent., without
deduction for income tax. (Hear, hear.)
The motion was carried unanimously.
The GOVERNOR—I have now to acquaint the court
that, in connexion with the vote which they have just
adopted, a day must be dedicated to a ballot • this is
required by act of Parliament. - I have, therefore, to
move, "That this court be adjourned to the 21st inst.,
to take the ballot."—Carried unanimously.
Mr. Alderman SALOMONS moved the thanks of the
Court to the governor and directors ; which, being
seconded by Mr. FIELDER, was carried unanimously.
The GOVERNOR.—I beg to assure the court that the
directors highly appreciate this mark of their confidence,
and they trust that it may always be continued. (Hear.)
The meeting then separated.

CHARTERED BANK OF INDIA,
AUSTRALIA, AND CHINA.

A numerous and very respectable meeting of the scrip-
holders of the Chartered Bank of India, Australia, and
China took place yesterday at the London Tavern for
the purpose of organising a committee to resist the mea-
sures adopted by the directors for continuing the un-
lertaking. It was contended on behalf of the parties
with whom the present movement originated that the
altered position of financial affairs, both in Australia
and London, is such as to call for its abandonment ;
while, as regards India and China, the trade of which
latter country is now interfered with by the rebellion,
little hope remains of being able to compete with exist-
ing establishments. It was also complained that the
terms of the original prospectus have not been carried
out, and that sales of shares at a premium by the
promoters and directors have taken place to an extent
to warrant a presumption of a want of confidence on
their part. Of 32,000 shares issued, more than 15,000
are known to be represented by dissentient scripholders ;
but, although they have informed the chairman of the
company (Mr. Mitchell) of their desire to have the con-
cern wound up, he has intimated that the board intend
to proceed. It is asserted that the directors themselves
are not unanimous on the subject, but that, the ma-
jority prevailing, the others have acquiesced. The
fresh call of 2/. will, it is thought, be attempted to be
enforced, but the dissentients announce their determina-
tion not to cease their opposition. The charter, although
admitted to be valuable, has not yet received the sanc-
tion of the local authorities, and it is scarcely believed,
knowing the repugnance exhibited, particularly in Aus-
tralia, to tile introduction of new banks with English
capital, that the general consent required will be ob-
tained. A suggestion was offered to the effect that it
may he possible to arrange an amalgamation with an
undertaking called the Melbourne Bank, but the unani-
mous opinion of a crowded room was, that the true
ccurse will be to press for a dissolution. At the close
of the proceedings resolutions were adopted, a committee
was formed, and aai adjournment agreed to, the direc-
tors to be ,in the meantime informed of the views
entertained.

CITY OF LONDON AND EAST LONDON
DISPENSARY.

The anniversary festival of this valuable charity was
held on Wednesday last, at the London Tavern—the
Lord Mayor in the chair, supported by Lord Thomas P.
Clinton ; Sir Charles. Price, Bart. ; Mr. Sheriff Wire ;
Mr. W. C. Heathfield ; Mr. T. Bass, Esq., M.P. ; W.
G. Carpenter, Esq., and many other influential persons.
The usual toasts having been given, the Lord Mayor
proposed " Success to the Charity," and stated that
since 1849 the institution had received and cured 15,396
poor sufferers. His lordship said the institution was
conducted with the strictest economy in every depart-
ment. He then read a letter he had just received from
Mrs. Guest Carpenter, communicating the pleasing in-
telligence that the Duchesses of Sutherland and Hamil-
ton and Mrs. Somes had become patronesses of the
charity.
The subscriptions announced were liberal, and included
the names of the Lord Mayor, 101. 10s. ; Mr. Bass,
M.P., 10/. 10s. ; Mr. Sheriff Wire, 51. ss. ; Messrs.
Bishop and Sons, 101. 10s. ; Messrs. Gurney, 101. 10s. ;
Messrs. Rothschild, &c., &c. ; but the distinguishing
effort was that of Mr. W. Guest Carpenter, of 50, Fins-
bury-square, the senior honorary surgeon, who presented
a large amount to the charity from the following noble-
men and gentlemen, who had subscribed (and 15 of
whom had agreed to be vice-presidents) through his in-
strumentality :—Earl Darnley, Hon. E. Lascelles, M.P..
the Skinners' Company, Peter Carthew, Esq., the Earl
of Cottenham, Sir John Shaw, Bart., Lord Stafford, the
Bishop of Durham, the Earl of A ldborough, Sir F.
Thesiger, M.P., Earl Manvers, Lord de Saurnarez Mr.
A. Potts, Mr. John Ha,mmill, Mr. Alderman Wilson,
Mr. John Labouchere, Mr. A. Brandram, Lord Over-
stone, Mr. John Campbell, the Duke of Cleveland,
K.G., the Earl of Cardigan, the Earl of Harrington,
Lord Stanley, Mr. T. N. Allen, and Lord Dudley Coutts
Stuart. This announcement, the result of great zeal and
kindness, achieved for Mr. Carpenter the warmest ap-
plause and the repeated thanks of the noblemen and gen-
tlemen who addressed the meeting subsequently. The
Lord Mayor retired early, and the chair was re-occupied
by Lord Clinton. A more satisfactory or happy
even-
ing could not have been passed.

TYNKMOUTH COMMISSION.—The report of the com-
mission appointed to inquire into the existence of cor-
rupt practices at elections for Tynemouth has been
printed. Tynemouth was created a borough by the
Reform Act, and the only franchise is the 101. house-
hold franchise ; the population is 29,090, and the num-
ber of the constituency 883. The larger part of the
population is engaged in commercial or manufacturing
pursuits, and is for the most part dependent upon or con-
nected with the shipping interest, and the commissioners
remark that the shipowners and the proprietors of the
neighbouring collieries have necessarily an extensive in.
fluence in the internal affairs of the borough. Mr. R. W.
Grey having given offence by the course which he took re-
specting the navigation laws, Mr. Taylor opposed him at
the report of an election committee, and this
the last election, and was returned, but was afterwards
unseated by
commission was issued: The new writ is at present
suspended. The commissioners report that the publicans
form considerably more than one-seventh of the whole
constituency, and that among this portion of the consti-
tuency (but this portion only) corruption prevailed at
the election. There was an extensive system of treating
and of gifts of dinner and supper orders, and orders for
refreshments--orders which were given "to a lavish and
profligate extent ; and,
in
P many cases, refreshment
orders were delivered direct to the publican, and it was
left to him to give refreshments to voters or to his
friends to the value of the orders or not, as he thought
proper. The orders were distributed for the purpose o
influencing votes : and the agents admit that a dinner of
supper was given as a compliment to a publican who pro-
mised his vote, or as an inducement to a waverer to give
his vote. 90 publicans who were electors were thus sub-
sidised ; a supper given by one side led to a counter-sup-
per at the same house forthwith, if the publican was wa-
vering. The greater number of the publichouses and
beershops in the town are kept by non-voters, but
hardly one of them received an order fro'n either
party. Three publicans' cases are mentioned as
more distinct instances of bribery; two of them were
clear cases of bribery with mosey. The expendi-
ture for colours and rosettes amounted to 9001. between
the two candidates, and the orders for these were
also made a medium for influencing some votes. The
election cost each candidate about 2,5001. The commis-
sioners report that bribery and other corrupt practices
existed at the last election, but did not extensively pre-
vail, and that no portion of the constituency was cor-
rupted,
excepting a portion of the class of publicans, and
that the bribery and other corrupt dealing with pub-
Ho.. i e were committed without the consent or know.
ledge of the candidateS. p.. 4,,
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