The Sun.
London, England, 1838-02-05 00:00:00

THE AGRICVLTURAL BANK OF

IRELAND.

(radii A tetteetteOreneet).
the 046 i of the ReneWal of the Bank of Ireland
bharter, Which eiipife4 atpoe the Ist ofJanuary. 15:38, is
erelting trieCit interest in the .'inter Country, and gannet
tall iii j;;odifeitra spMethittg like a cortestionding feeling iii
this quarter. Thdt the niorropoly which the Bank of
Ireland has enjoyed for such a nee: her of years Elite been
fft4st nreindicially felt, is a fact which wilt at once be ad,
,
'titan tVefy dispassionate individual pogse'esing the
least knowledge of flue nutter. e;;„: illiberality elf the
Berle of Ireland, and the po'itical bias .wpb :1-aariab:s7
iniluen§ed itt riirecteree converting what should he'•iebeen.
ii 'feat national c6mirtercial. 'lnstitution, existing but ft. 7;
the adiianteg6 aeethirriindatiorrof Th ptsblic, into a sort
of Matte engine; to be erelp‘yed as apoWerfelada?ery by the
Minister of The day inhis fitterngt to carry tincorestittakenal
and oppr&t,i+e. Measures, leave longbeen :1511111.n of popteler
cediplaint. Whenever'' the Irish people Were etigeged in a
stine'gld fo oltain their rights, Or rs resisting tyrannirel
rieon their liberties; they we gore to find the
Bank of Ireland amongst The feretnest; as it always was the
bittefest of their opponents. The Ilfteeu Directors who pre
ildoa the Dank patlour in College-green wefealneesf always
persons connected theceltets with yade, and what tren4erred
the matter still worse, were tdo freVently partisans of tile
tery faction ) so
.that a rival in business, n tic Fielded to his
dime thlit of heiffg & Liberal politician, was likely to re-
ceiVe but very it countenance from them. A spirit
of caprice; generated i).l- monopoly; was a leading feature in
all theif pfeceedinge; and no pe'seir was able to calculate
with certainty thq edurse which they were for any length
of time likely to pursue. A liberality in diecounts one
Month was in all probability folleTiee/ the next by at system
of restriction ettfielt veal certain to greatly injure, if it did
not altogether destroy, the enterprising trader. Some
years ago the Irish Provincial bank was started upon the
Joint [Stools Company principle, and so greet was the want
of banking accortifhteletion in Ireland, and so nitteh did the
community require such an ettfablishment, that it soon be-
came, under good management, one of the most profitable
investments for capital in this country. With ix Capital of
500,000/., only 90,0001. of which was paid up, did the
Provincial Bank commence business in all the considerable
towns in the kingdom, and found that sum amply sufficient
to insure confidence and afford extensive accommodation.
The Bank of Ireland was now startled at its formidable
rival, and jealous of its success, was induced to enter into
competition with it, and extend its branehesover the country.
The prosperity which continued to mark the career of the
Provincial Bank, coupled with the conviction that further
accommodation was necessary, prompted some speculative
individuals to propose the formation of a new joint-stock
Banking Compaq, The Agricultural Bank was the re-
sult of this resolution, and it soon started into existence
with an abundant capital end a proprietory so numerous
and widely spread that unbounded confidence Was imme-
rnediately reposed in it, and its success was Plaeed beyond
the range of doubt. The Agricultural Bank havillee been
regarded as a rival by the Bank of Ireland, and the Vrde
vincial received, as we understand, a very determined op-
position, and had to fight its way through a multitude of
difficulties, all of which it had succeeded in overcoming un-
til the panic of last year, in conjunction with intestine dis-
putes among its proprietors, led to its temporary stoppage.
This was felt as a great calamity by the small traders in
towns and farmers in the agricultural districts to whose
interests it paid peculiar attention, and to whom it rendered
incalculable service. Ireland is at present an agricultural
country, and no place is capital more necessary, or can it be
better employed. The small farmer there often is obliged at a
ruinous prices to sell his cattle or produce to raise a trifling
sum of money, and to this class of persons the Agricul-
tural Bank was of vital importance, as the solvent farmer,
by joining in a note with a friend, could procure, for a few
months, the loan of a sum which, although too trivial to
be discounted at other Banks (not exceeding ten pounds),
was to him invaluable. It gives us pleasure to learn that
the Agricultural Bank has once more resumed business,
with a capital of 278,000/. ; and if it could double that
sum, or even considerably add to it by an increase of the
English proprietary, we consider it would be one of the
most flourishing establishments of the kind in the empire.
We know that some of our Irish friends are not partial to
an English Board sitting in London, instead of Dublin,
otherwise we think that, had this plan at one time been
adopted, the concern would never have been obliged to stop
a single hour.
In conclusion, we have only to state that we trust the
Government will alone renew the Charter of the Bank of
Ireland with a view to the public good, and not in compli-
ance with the selfish view of a few monopolising money-
changers.