The Sun.
London, England, 1849-03-15 00:00:00

BANK OF EN GLAND.—(THIS DAY.)
A general meeting of the proprietors of Bank Stock was
held this day, at twelve o'clock, in the Court-room of
the Bank, to consider of a dividend. Mr. Morris, the
Governor, occupied the chair.
The attendance of proprietors was very large.
The minutes of the previous Court having been
confirmed,
The GOVERNOR said he had the honour to acquaint
the proprietors that that was ono of the half-yearly
General Courts appointed by the bye-laws, to consider of
a dividend. He had the pleasure to state that
the interest and profits of the last half year,
ending on the sth of April, exceeded the
funds out of which the dividend of three and a half per
cent. was ordinarily declared by ttl e sum of 35,8131. 3s. 2d.
—(Cheers)—and that the amount of rest, after the divi
dend should have been paid, would amount to 3,843,862/.
2s. 9d. A n opinion had been expressed in that Court for
several year', that 3,000,0001. was a sufficient sum for the
purpose of carrying on the transactions of the Bunk.
The Court of Directors did not feel called upon on the
present occasion to state whether or not a rest
of that amount should be maintained.—(Cheers.) The
directors were of opinion that a dividend of three-and-
a half might be maintained with the present amount of
rest. They, therefore, proposed on the present occasion
that a dividend of five-and-a-half per cent., being the
usual dividend of three-and-a-half per cent. with two
per cent. additional, might be declared if the Court of
Proprietors thought fit, out of the interests and profits
of the half year. After the payment of the dividend
of five-and-a-half per cent., the rest would be reduced
3,043,4471. The object of substituting an additional di-
vidend in lieu of a bonus, was in order that those who
had only a life interest in the stock might participate in
the profits.—(Cheers.) He begged, therefore, to pro-
pose, if the Court of Proprietors should think fit, that a
dividend of 5f per cent. out of the interest and profits of
the half-year, ending on the sth of April next, without
any deduction on account of income-tax, should be de-
clared.—(Cheers.)
The whole of the proprietors voted for the proposition,
which was much applauded.
Alderman SALOMONS said, as he intended to have pro-
posed a motion, with respect to the " rest," he thought
it due to the Directors and the Proprietors, to state why
he had determined to withdraw it. It was most gratify •
ing to find the Directors speaking in decided language
that with a rest of 3,000,000/, a dividend of 71. :per
cent. for the year could with safety be maintained. The
rest formed a new portion of the capital which :pro-
vided the interest out of which they derived their
dividends, and the Proprietors, he considered, would act
most improperly if they urged upon the Directors any
course of policy which might tend to lessen the amount of
the dividends. It was, indeed, most gratifying to find that
the Directors, after carefully examining the affairs of
the Bank, considered that a large surplus might be
divided among the Proprietors without injury to the
Bank. He lieved that they were much indebted for
the announcement the Chairman had made tothe improved
management of the affairs of the Bank. They had this
day learned the gratifying intelligence that not only could
a dividend of 7 per cent. be maintained, but that it could
be increased, whilst the rest was maintained at an
amount amply sufficient for the operations of the Bank.
Mr. DE WINTON expressed his gratification at the
announcement made by the Governor as one who bad for
many years taken a deep interest in the affairs of the
Bank. Had 3f per cent, for the half-year been
proposed instead of 5f for the same period,
he should have proposed an amendment. He
hoped the Governor would promise before they
went further, that the amount of dividends proposed that
day would be continued. (Much laughter.) They
were much indebted for the announcement made by the
Governor to the good management introduced into the
Transfer Office five years ago by Mr. Smee, the chief
accountant, and Mr. Cooper. In his opinion, a rest of
1,000,0001. was sufficient to carry on the operations of
the Bank.—(A laugh and cries of " No, no.")—He was
an old banker, and in his opinion that sum was quite
sufficient for carrying on its operations.—(Loud cries of
" No, no.") At any rate, be begged to propose,
that until the :rest was reduced 4 to 1,000,000/.,
that a dividend at the rate of five-and-a-half per cent.
for the half-year should be paid.
Mr. CLARKE considered that Mr. De Winton should
compliment instead of condemn the Directors for the
proposition they had made.
Mr. DE WINTON said he did not condemn them—he
was perfectly satisfied at the amount of the dividend.
Mr. CLARKE said the Directors had introduced a great
improvement in proposing a rest of 3,000,000/.,
and they deserved the utmost thanks of 'the
proprietors for coming to the determination they had
with respect to the dividend, since they thereby admitted
the great principle that the life annuitant should enjoy
during his life his legitimate share of the profits which
he had assisted, during that period, to create.
To compel them to work with a fixed rest would be an
act of great impropriety. Besides, after such a propo-
sition, it would ill become the proprietors to propose the
reduction of the rest. The affairs of the Bank must at
all times be a matter of great anxiety to the directors.
It would not be well, therefore, to press upon them a
proposition which might add to that anxiety, and pre-
vent them, perhaps, from carrying on their affairs
prosperously. If the rest was not sufficient it could be
added to hereafter, but the present, before the experi- •
ment had been tried, was not the time. The experience
of commercial men was, he believed, with the direc-
tors—that the affairs of the Bank could be carried
on prosperously with a rest of 3,000,0001.—(Hear.)
Under all the circumstances, and considering that the
Court of Directors had determined to fix the rest at
3,000,000/., he did hope that hereafter no more discus-
sions would be raised upon that subject.—(Hear, hear.)
Sir PETER LAURIE—WeII, I think it is time this dis-
cussion was put an end to, and I shall move at once a
vote of thanks to the Governor, Deputy-Governor, and
Directors.—(Hear, hear.)
The GOVERNOR remarked that the main question had
not been disposed of yet.
A PROPRIETOR wished to ask a question on the
position in which that part of the assets called " Go-
vernment Securities" stood.—(Hear.) At the last Court
it was stated that if these securities were taken at the
then market price there would be a difference against
the Bank of 200,000/.
The GOVERNOR—About that, I think.
The PROPRIETOR took it for granted, then, that the
improvement in the prices of public Stock and Exche-
quer-bills would materially change that position.—
(Hear.) He thought, however, the public anxiety upon
this point would be somewhat relieved if it were stated
now whether or not any such loss would result to the
Bank from the sale of the securities at present prices.
The GOVERNOR was happy to inform the Court that
at the present prices the balance would be in their
favour.—(Hear.) He would take that opportunity of
stating, that as the present rate of dividend exceeded the
last, it was necessary, in conformity with the Act of
Parliament, that the same should be confirmed by a bal-
lot. in the ordinary manner.
Sir PETER LAURIE hoped his motion for a vote of
thanks would be carried by acclamation. Of course, if
there were any dissentients they were at liberty to vote
against it.—(A laugh.) But he would not take up the
time of the Court in speaking, because the direetors,
in proposing an increased dividend, had complimented
themselves and the proprietors, and proved that they well
merited the confidence:of the Court.—(Cheers.)
Mr. DE WINTON would second the motion with much
pleasure, and in doing so he begged leave to protest
against the insinuation that he had censured the direc-
tors in any way.—(Hear, hear.)
Mr. Alderman SeLoemes must be allowed to say a
few words more. No doubt, votes of thanks were most
gratifying and agreeable to the directors, and he for one
hoped they would set them off against the votes of censure
which they must necessarily encounter in the ordinary
course of managing an establishment like this.—(Hear,
hear, and laughter.) He hoped it would be distinctly
understood that the suggestion he was about to make
emanated entirely from himself, while he must at the
same time assure the proprietors that, not only had he
not communicated with the directors on the subject,
but he had not even hinted it to them.—(Hear, hear.)
Now the Governor and Deputy-Governor had most
onerous duties to perform, and considerable responsibi-
lity rested upon their shoulders in conducting this ex-
tensive concern.—(Hear, hear.) The Governor and
Deputy-Governor ought always to be in the house, oc-
cupying themselves in the affairs of the Bank, instead
of attending to their own private business. Still he did not
think they ought to make these salaried offices like
the Chancellor of Exchequer of the Government, where
the inducement for seeking the office was its emolu-
ments, but it ought rather to be looked upon
in the light of an honour conferred upon the individual
who filled it.—(Hear, hear.) The perquisites of the
Governor and Deputy-Governor, however, only
amounted to something like 4001. a year, which he
thought was hardly a sufficient remuneration for the in-
dustry, skill, and ability they brought to their service,
and he wished to put it to the proprietors, whether they
would not have a stronger claim upon the exertions of
those gentleman if their remuneration were more than
4t)o/. a year.—(Hear.)
Sir PETER LAURIE would certainly object to that, be-
cause he did not want the individual who held the
post of Governor to consider it an office of profit. It
was a position of honour—(Hear, bear)—and they never
would get good men to aspire to it unless they got men
to devote their time to it for the sake of the honour it
conferred upon them.—(Cheers.) It would degrade the
office to pay its occupier, and he was sorry that the sug-
gestion had been made.—(Hear, hear.) But if it were
made as a formal proposition, he should vote against
it with pleasure.—(Hear, hear, and a laugh.) Now, then,
no more talk, and let those who thought the Governor,
Deputy-Governor, and the Directors, deserved their
confidence and thanks, signify the same by holding up
their hands.—(Laughter.)
The motion was carried by acclamation.
The GOVERNOR, in acknowledging the compliment,
said I assure you we are extremely gratified to bear the
kind expressions which have been made use of on the
present occasion.—(Hear, hear.) It is perfectly true
that the duties of the Governor and Deputy-Governor
require our most constant attention. Perhaps I may
say that during the time I have had the honour of
filling this chair I have scarcely been able to leave
London for a single day.—(Hear, hear.) At
the same time, whenever I meet with the
kind expression of your feelings of satisfaction I
consider that to be ample remuneration for my services.
—(Cheers.) I beg to return you our best thanks for the
compliment you have paid us, and to move that this
Court do now adjourn to the 20th inst., from 1] o'clock
till 4 o'clock, to take the determination of the proprie-
tors by ballot on the question of the resolution declaring
the dividend.—(Hear, hear.)
The motion was unanimously agreed to, and the Court
adjourned accordingly.

__ --
We have received files of papers from the Cape of
Good Hope to the 10th of January inclusive. They
bring no intelligence of interest, further than that tran-
quillity prevails throughout the colony. "