The Sun.
London, England, 1838-04-28 00:00:00

AGRICULTURAL AND COMMERCIAL
BANK OF IRELAND.
On Monday, 16th April, 1638, the Half-yearly General Meeting
of the Agricultural and Commercial Bank of Ireland was held at the
Company's House, Fleet-street, at eleven o'clock.

On the motion of J. DWYZIt, Esq., seconded by S. Pa arzErt, Esq.,
Alderman WILLIAM HODGES (Member of the Board f
Directors), was unanimously called to the Chair, and read to the
Meeting the Report of the Board as follows :
,‘ GENTLEMEN—In compliance with the resolutions passed at
the last half-yearly meeting, the Directors have paid to Proprie-
tors a balance of 9,0001. received on account of third instalment,
and 5,0001. on account of dividend struck in October, 1836. They
have also paid off all remaining balances due to bankers, arising
from the final close of accounts with them on foot of returned bills,
or otherwise—making a total of payments since last meeting, on
these accounts, of 24,3121.

" Your Directors further proceeded with the gradual reduction
of branches in those districts wherein a profitable return had not
accrued, and the resumption of discount business, as well as the
continuance of the ordinary operation of banking, at those branches
which have proved remunerative, and from which past experience
demonstrated that a fair profit might be anticipated. The result
has been satisfactory, and progressive improvement is manifest both
in the business and character of the transactions . The greatest
circumspection has been need in the accommodation granted, and
the issues at the several branches have been regulated solely by the
legitimate action of commerce.
" It is gratifying to reflect that the principle of Joint-stock
Banks has been fully sustained by your Company, which, notwith-
standing the unparalleled difficulties in which it was placed by the
peculiar crisis of the autumn of 1836, aggravated by the unreason-
able conduct of a portion of the proprietary, has, in little more than
one year, fully and entirely paid off all liabilities existing at the
period of the pressure, without loss to any individual, including- the
full payment and cancelling of the note issue then outstanding ; re-
suming the ordinary course of business at the agency in Dublin and
at twenty of the selected branches, with a new plate and issue, a
numerous and wealthy proprietary located in those districts best
adapted for profitable commerce.
Your Directors trust that consideration for the welfare of the
country will induce the other Joint-stock Banks in Ireland to act
without reference to petty jealousies or narrow objects; and that
they will see that the interests of all parties are best promoted by
fairly expanding, in place of unduly cramping, the energies of the
country. Its resources are great, and the manner in which the
agricultural districts of Ireland have paid off the obligations con-
tracted therein to your Company, warrant your Board in asserting
that they are deserving of encouragement and support ; whilst, on
the other hand, improvident speculation should be discouraged, every
legitimate assistance should be extended to develope the resources
of the country, and assist the industry of the people. A Joint-
stock Bank should, to a fair extent, sympathise with the popula-
tion, and not be governed by the merely sordid consideration of
pecuniary profit. The nobility and gentry should naturally support
those institutions which best support the general interest and per-
manent welfare of their tenantry.
" At this crisis your Board consider that such remarks are not
irrelevant, as the subject of the Bank of Ireland Charter (which
has, in date, expired) may now be considered as before the Le-
gislature. Connected as that subject is with the best interests of
Ireland and of the empire, your Directors anticipate that no system
of expediency or of compromise will retard or control the broad
principle involved in freedom of trade ; and that, whilst the Bank
Corporation may fairly retain privileges as a chartered body, yet
that unwise restrictions upon other banking institutions will be
removed, leaving open to all (under such salutary regulations as
the wisdom of the Legislature may dictate) the trade of banking
free, as in Scotland, unimpeded by invidious monopoly, thus in-
viting a legitimate rivalry with an equality of rights, (as far as
legislation is concerned,) whieh must conduce to the well-being of
the community.
" The importance of the subject will naturally challenge the at-
tention of the leading men of all parties ; and your Directors,
fully aware of its importance, deem it their duty to call your atten-
tion to it, and to impress upon the proprietary the utility of exertion
to advance the interests of their property, by zealous co-operation
with your Board.
" In conclusion, your Board feel quite warranted by the progress
made since the last meting, in stating their conviction that the
prospects of the Company are cheering, the best evidence of which
will be found in the statement of assets and liabilities now sub-
mitted to you, which, with the guarantee of a numerous and
wealthy proprietary (registered pursuant to the provisions of 6 Geo.
IV., chap. 42), present a security to the public for the transac-
tions of your Company of an undoubted character. Without enter-
ing into minute particulars as to the nature of your surplus assets
(amounting to 261,1971.) your Board feel justified in giving their
opinion that, making those allowances which are usually incidental
to banking transactions, an available capital, adequate for the due
conduct of twenty branches, with perfect security to the public,
combining safety and profit to the proprietary, may be fairly counted
upon. Your Board refrains from adverting to the pleasing con-
trast which the present state of your Company presents to that
which twelve months age was sought to be imposed upon you, under
circumstances rendered the more peculiar from results since ascer-
tained, the best vindication of the Board is found in the fact of your
present position—with all liabilities then existing paid off, the
security of the shareholders demonstrated, and the property of the
Company (in place of being wasted by litigation) preserved with
the Institution.

" What has passed, however, may be buried in oblivion, and
union, perseverance, and fair reciprocity inculcated for the general
good.
" Signed on behalf of the Daily Board,
"JOHN VANCE (Belfast), Chairman."
Adopted by the General Moeting,
WM. HODGES ( Alderman) Chairman.
It was than moved by WILLIAM EIMONSTON, of Belfast, Esq. ;
and seconded by Mr. JOHN ITCOT, of Clones :
Resolved—That the Report and Accounts now submitted be
received and entered on the minutes.

Moved by JAMES DWYER, Es. '''''' secondedby F. WHITE, Esq.:
Resolved—That we approve of the limitation of Branches which
has taken place, as mentioned in the Report ; and we further re-
commend such judicious curtailment of those existing Branches as
the opinion of the Board, upon full investigation, may point out as
ppr
op r
gloved by FRANCISJt.oHN CHAMBERS, Esq.
WELDON, of Lisburn, Esq. ; seconded by
e and
Resolved—That we recommend that every practicable measure of
prudent economy shall be observed coincident with the judicious lo-
cation and curtailment of branches.
Moved by HENRY WATSON, Esq., J.
Pq:: seconded by W. H. N.
DOWNER, Es
Resolved—That we earnestly impress on the Proprietors the great
advantage which must be derived from strenuous co• operation in
the several localities, to advance the interests of the Company by
judicious and
WILLIAM HODGES, Chairman.
collective exertion.
(Signed)
JosEni R. Pim, Esq., was then called to the Chair, and it was
ER,
Esq., and seconded by P. JONES, Esq.,
resolved unanimously,
M oTvheadt btyheLtv,
alss Darm thais.T:;:d'ks of the Proprietors are due and hereby
given to Alderman Hodges, for his proper and dignified conduct in
the Chair, and his zealous exertion at all times to promote the in-
terests of our native Institution.
Resolved—That the Report and Resolutions be circulated
Ly,Chairman.
General
ne r
Superintendent.
amongst the Proprietors, under the direction of the Board.
( Signed) JOSE R. R.
And then the meeting adjourned.