The Sun.
London, England, 1849-09-20 00:00:00

. -
per 61bs. Suckling Ca.. 18. to 255; Quarter•ola
Store Pisa, 16s to 20s; and Milch Cows with their small
Cult. 161. to 181. each.
LEWES, SEPT. 18.—Our market was steady, on the
foPowing terms:—Beef, from 3s 6cl to 4s 4d; Mutton,
3,6 d to 4s 4d; Lamb, 4s to 4s 81; Pork, 35 4d to
per 81b3.

CORN AVERAGES.
GENERAL AVERAGE PRICES OF BRITISH CORN* _
for the Week ended Sept. 13, 1849, made up from the Returns Dim.,
Impectors in the different Cities and Towns in England andWitlss
per Imperial Quarter.
WHEAT. BARLEY. ' OATS. RYL. BEANS. I rIAS.,
PRICE .. I 43s Od I 27s Id 188 6dl 26s 7dl 30s 8d 1305 1"
DUTIES ON FOREIGN CORN.
WHEAT. 1 BARLEY. I OATS. I BEANS. I rug.
Is Od Is Od is Od Is Od is Od Is Od

BANK OF ENGLAND-( THIS DAY•)

A half-yearly general court of the proprietors was
held this day, at twelve o'clock, for the purpose of
considering a dividend. This also formed a quar-
terly general court appointed under the charter. The
attendance of proprietors was large. Mr. Prescott,
the Governor, took the chair.
The minutes of the preceding meeting having been
confirmed,
The GOVERNOR said—l have now to inform the
court that this is one of the quarterly meetings of
the proprietors appointed to be held by the charter
also a half-eearly general court appointed by the byes
laws to consider of a dividend. I have further to
inform the court that the profits of the half-year
have exceeded the usual dividend of 3i per cent. by
14,5221.; that the amount of rest, out of which the
dividend is to be declared, is 3,567,328/. 7s. 101;
and that the court of directors propose that a diva'
dend of 31 per cent. be made (if this court think fit),
out of interest and profits for the half-year ending
the 10th of October next, without any deduction on
account of income-tax. After the payment of a
dividend of 3f per cent., the amount of the rest will
be reduced to 3,057,973/. Upon the preceding state..
ment I beg to move that this court do order a dill,:
(lend to be made of 31 per cent. interest and pro"''
for the half-year ending the 10th of October nest,
without any deduction on account of income-tax.
Mr. DE WINTON rose to move an amendment, and
in doing so said he would state some facts /rr'
could neither be disputed nor controverted. Whati
he wished to prove was this—that three millions c
rest, in the present altered position of the Bank, was
neither required as capital nor as a protection ne
any loss which might have to be sustained. What,
in the first place, was the position of the Bank pre-
vious to the passing of the 7th and Bth Vic., in Jill
1844. The capital was 14,553,000/, out of whic
was to be deducted the loan of 11,000,000/. to the.
country, upon which they received interest at 3 Per.
cent. There was then left a working
only of .3.553,0001., which, added to the res
of 3,000,0001., gave a result of 6,553,000kr
That was not, however, their position 111'," d
the Act of 1844, which he might saY,
been passed by the first of statesmen, and
enabled them, under a liberal Government, to bear
up gloriously through an ordeal of unparalleled difh...
culty, whilst the whole continent of Europe the'e
capitatt
convulsed. What, then, was their position under
Act? They could issue 11,000,0001. banksne,esi;o
td:
which was in fact so much capital, and te
issue 3,000,000/. more upon security on their
of
that, with the rest, made a working capital
17,000,000/. Now, was so large an amount of rest
required? He should show that during the
months it was not required, and had not
ilsbt.e,_esile
employed. The average Government and otntes
securities for the last six months weee
15,000,000/. Now, as an old banker, and eo,
was sure that all bankers would be
the same opinion, that at least one•thiso
of the liabilities ought to be kept in the till, and
..
they had convertible securities which were east*:
disposed of in the market, he thought they did But
want any more for this purpose than 500.0001.
IP
what was the amount of capital unemployed during
the last six months ? No less a sum, in notes and IF
cash, than 10,000,000/., which, be submitted,
was 5,000,000/, too much. The highly effleie°
board of directors was the best guarantee against axe
loss being sustained in the working department. 1°-
thought, therefore, the two great points, that this
surplus sum was neither required for capital nor for
loss, bad been proved. Under these circuit''
stances, why could not they agree to dol
that which belonged to them ? and he would remark
that they were not only acting for themselves, but
that they had to protect the interests of widows and
orphans, whose existence depended upon their receipts
from the Bank. Having then alluded to the
operations of free trade, the Honourable
Gentleman observed that corn was cheaper
in our markets than in any part of the
continent or in America, the consequence of which
would be that no importations would be made into
this country, and no diminution of bullion would
take place in the coffers of the Bank. Exchanges
were in favour of this country at New York and on
the continent, and the Bank of France had a deficit
of 300,000/. sterling. Then he would ask what
were likely to be the results of the discovery of gold
in California ? He took his information from the
Times, which contained the soundest information,
conveyed in a style worthy the pen of Addison, Steel,
or Gibbon, and with reference to the other leading
ripen, he might say they were contradicted in a way
highly honourable to the country. From a letter
which appeared in the Times, he found that last year
the gold collected in California amounted in value to
50,000,000 of dollars, or 10,000,0001. sterling'
What effect would that have upon the
price of gold in London, which was the
centre of the industrial world ? Why, he shouldo
not be surprised if, instead of 15,000,0001., they vsnu.l?
have to issue 20,000,0001., which of course esoua
make a great reduction in their capital. The arbe,
trary price of gold here was 3/. 17s. 9d., but if reduced .
to 3/. 10s., there would be a difference of 10 per cent
He would not detain them longer, but simply say
that he thought he had shown sufficient grounds
reducing the rest to 2,000,0001., and leaving the of be
1,000,0001. to be added to the dividend, or to
that
of given to the proprietors in the shape of
He concluded by moving an amendment,
of the rest of 3,574 861/ , a dividend of
on the bank capital be paid to the proprietors t
10th of October next.
Mr. DE WINTON, jun. seconded the amendment..
took
discussion
The GOTERNOR said, 'before any d
express an
place on the amendment he begged to
e to the
not agree
earnest hope that the Court would 41 peroncenhte.
the rest, the
division, when 300,0001. was taken
amendment.—(Hear, hear.) At ttlinast
directors at the request of the
their opinion that the rest could n
then brought.
below the amount to which.
The directors con-
') r °c• t be sa fel y expressed
assentduc eodf
That opinion seemed to recesveittirgieetnill
the proprietors—(Hear, hear.)
had then expressed, believing
tinued unanimously to be of thtehaotpiannioyn
• of
duction of the rest would endanger,
see
ly sorrry to 5
the proprietors would be extreme
the re
not be
the dividend below 31 per cent., a circumstance which
furtheruot whichi o nt hdeey-
brought about; indeed it was one which cuolduldo.hserve,
too much deprecated. The rest, he would
for the
was not only a guarantee fund to
important
of possible losses, but constitutedprital aofengot
importaet part of the working of the capital
years
Bank.—(Hear, hear.) It had been so 50
aptastth,earpdretstaientremstonhlaednt.scaßrceetlwyeeenverlBb3eoenoasnodloiowBtbtai
the rest appeared to be lower than atd amount
of
period, in consequence of the estimate .
they
wouldba d
lost notes not having been included; but if th
been added to the published rest, its amount
have reached nearly
the amount of the rest at
hispresent.
He felt that it would be unnecessary to follow
Hon. Friend through all his details. He was wrong
in stating that the Bank had more available means
than before 1844, for the issues being restricted
_neY...
the Act, the Bank had less available means than bo,
fore. The reserve arose from the redundancy
money in the money market ; and all of them were
not
re.a.
doubt aware, from their experience in commercial
redundancy might give place
torioedeerocifty.ttm(elletilisrl
matters, in how short a pe
Most gladly would their d_(
irecHtoernsr,phroepaoose—abuhtigthhoeyr
dividend if they could do so
could not at the prheospeendt
hmyomjeundtioiaosussenttoany
increase, but theymanage-
ment, o
could not say
to propose a
anuetr)r_e_t be occasion,
enabledh e
i7ih—dividend out of the profits of the Bank; but
gehner pL a
(Laughter)—to
to be constantly making up dividends out of capital
might lead to dangerous and disastrous consequences.
--(Hear, hear.) No one, he was sure, who had a due
regard to the welfare of the Bank would propose or
sanction such a proceeding. He hoped, therefore,
his Hon. Friend, whose good intentions towards the
Bank he did not wish in the least to question, would
upon mature deliberation see proper to withdraw his
amendment.—(Hear, lifer.)
Mr. CooKE regretted that Mr. De Winton had not
given the proprietors notice of his intention to bring
on the motion he had to-day, as they would have
been better qualified to discuss it in detail. Ue
.
believed, however, that the statement of the Governor
_
was the best answer that could be given to the speech
of Mr. De Winton. When they bore
high and honourable position whichthe held in
mind in
the eyes of the world, he thought they had much
reason to thank the directors forhavinagition. broughtlie
their affairs to their present satisfactory position.
was decidedly opposed to the amendment.
Mr. DE `PISTON said he had given the directors

notice of his intention.
A PxoPß►Erou said they ought to be glad that they

were enabled to receive 3i per cent.
Mr. CLARK opposed the amendment, and said the
reference of Mr. De Winton to the state of the
continent during the past six months was peculiarly
unfortunate, since there was a stoppage of all cora
roercial intercourse in consequence of capitalists Pre'