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

~5 , ~

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
s honourable proprietor was in earnest, that ho was
really convinced of the wisdom, discretion, and
public spirit of the body on which lie 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
a 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
approaching termination of the Charter, and the
claims of the Bank on national gratitude, the keen
and cutting irony was at once detected, and the
unlucky orator was
thread of forthwith snubbed, and the
his eloquent
minds to endure harangue cut short.
had
The Directorsheavyaprobably made up their
eltudings from the com-
munity in general, but
owriaizztitu.
from one of their was too bad—coming
too
their own
Court, and in the
cutting and intolerable
form.

They did not, however, profit
wholesome, but unpalatable lesson, muchT by the
after the proprietors had separated, "-ranlediately
rate of discount was increased frorr tileto i4imum,
,
cent., an addition of 12 1-3 d per cent. t 2 Per
previously in operation. The two Inoyeonithat
s
were closely connected. It was by stinaul:tinnt:
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 many a hard-working and energetic
man of business, who must now feel himself to have

been very unfairly entrapped and victimised in order
to enhance that dividend. Far better would it

have been for the proprietors to have received 3.111-

per cent., justly earned by aftbrding legitimate

accommodation to trade and commerce, than 4

per cent. accompanied by the tears, aye, and the
murmurs, both loud and deep, of ruined men,
who see that, from the course adopted, that
which might have been a blessing is really an
incubus brooding over the trade and commerce of
the. country. The Directors have, however,
d th.lelibrerately selected their line, and we hope that
Proceedings will not be forgotten when the
question of the renewal
of the Charter comes to be
Ventilated in Parliament.
Those who have attentively considered the work-
ing of the unjust and impolitic Act of 1844, have
long declared that the chief dangerm was that when-
ever speculation was rife and
abundant,
wild ope-
the greatest temptation was affordrcleY
wthoeueNier the
rations ; but that, on the contrary,
tide turned, the reflux was rendered more discs_