The Sun.
London, England, 1836-05-26 00:00:00

NATIONAL BANK OF IRELAND.

FIRST ANNUAL MEETING OF PROPRIETORS.
The first Annual Meeting of the Proprietors of the above
Company was held at the City of London Tavern, on Wednes-
day, the 25th instant.
On the motion of L. MURRAY, Esq., the Chair was taken by
DANIEL O'CONNELL, Esq., M.P.
The Requisition convening the Meeting having been read
by Mr. HILL, that gentleman, at the suggestion of the Chair-
man, next proceeded to read the Report of the Directors as
follows :

FIRST ANNUAL REPORT OF THE DIRECTORS OF THE NA-
TIONAL BANK OF IRELAND TO THE PROPRIETORS.
The National Bank of Ireland was instituted at a meeting
which took place on the 21st of June, 1834, but it was not
until February, 1835, that the first branch was opened. The
interval between those two periods-was taken up in making ar-
rangements in Ireland--•in the preparing of the deed of set-
tlement—and obtaining the subscription of the capital in Eng-
land ; and although the shares were allotted on the 25th of
November, 1834, to applications exceeding the number of ten
thousand, yet, owing to the default made by some of the sub-
scribers, that number bad not teen entirely taken at that
period.
The peculiar nature of the connection of the National Bank
of Ireland with its branches intending to divide, in every in-
stance, its profits with a local body of constituents separately
interested in each branch, and the necessary preparations and
consideration of a local deed of settlement, caused, at the
commencement, greater delay than was compatible with the
pressing anxiety of the public and of the shareholders to fol-
low up the resolutions for establishing branches passed at seve-
ral influential meetings, and it was not until a later period of
the past year that these arrangements had been made com-
mensurate with the increased demand to open branches; and,
although the same desire on the part of the public con-
tinues unabated, it is hoped that measures that are now being
taken, will be found adequate to meet it.
Notwithstanding, however, the circumstances referred to,
and chiefly owing to the favour and facilities the establishment
has obtained in Ireland, the Directors have the satisfaction of
believing that a greater rapidity hai attended the developement
of the Bank, consistent with the strictest regard to the forma-
tion of its connections and the perfect security of its transac-
tions than has, perhaps, ever marked the progress of a similar
establishment.
The plan of the National Bank of Ireland, alluded to in
the prospectus, of uniting its interests " with- a large body of
local proprietors, where each branch is formed upon a prin-
ciple which will stimulate their exertions, by increasing their
direct interest in its success," and " each branch providing a
separate capital, proportioned to the extent of its business,"
has in -no instance been abandoned, or unattended with the
most promising results. In most of the towns, the local capi-
tal has been at once paid up.
The existing Branches are thirteen, and the Subbranches
attached to them twenty-two. The amount of local capital
paid up on the 13th of May, was 133,1251.. and the number
of shareholders 1,337, omitting -Cork, Kilkenny, Longford,
Athlone, Galway, and Sligo, whose deeds at that period were
not completed.
Of the thirteen Branches the deed of settlement, on the
10th of May, had been signed at seven ; and a Registry has
since been made, in accordance with the Act of Pailiament,
at the Stamp-Office in Dublin.
Seven of the Branches and fourteen of the Sub-branches
were established before the 31st of December, 1835, to which
dates the accounts submitted with this Report arc made up,
and of these the leading ones had not been put in operation
until the latter part of the year. The amount, therefore, to
the credit of profit and loss, after deducting the current ex-
penses in Ireland, the proportion of charges of the London
Establishment, uncovered by the allowance of Commission
which has been added to the preliminary expenses, and deduct-
ing the proportion of those directed to be disbursed in five
years by the deed of settlement, althoUgh it exceeds the expec-
tation of the Directors, is not considerable, but rather indi-
cates a favourable prospect for the next year, when those esta-
blishments have been twelve months in operation,-and the pro-
fits of six other branches and seven sub-branches commenced
since the Ist of January have been added to them.
The following are the branches and sub-branches, with the
date of opening of each, which now form part of tile establish
ment:--

CARRICK-ON-SUIR, opened 28th January, 1835.
TRALEE, 25th February.
Sub-branches—
Killarney, 3d March.
Cahercireen, Ist April.
Dingle, 10th May.
Mihan, January, 1836.
LIMERICK, 17th March, 1835.
Sub-branches—

Charleville, 20th July.
Kilrush, 4th July.
Rathkeale, 21st November,
TIPPERARY, 2d April, 1635.
Sub-branches—
Roscrea, 10th July.
Mitchelstown, 20th August.
'Fermov, 15th October.
Nenagh, 13th April, 1836.
WATERFORD, 30th July.
Sub-branches-
- New Ross, sth August, 1835.
Dungar von, 24th October.
WEXFORD, 28th March, 1836.
Sub-branch---
Enniscorthy, 26th August, 1835.
CLONMEL, sth October, 1835.
Sub.branches—
Thurles, 9th July.
Cashel, 4th January, 1836.
Coax, 19th October, 1835.
KILKENNY, 16th February, 1836.
LONGFORD, Ist March.
Sub-branch—
Roscommon, 17th March.
ATIILONE.
Sub-branches—
Moate, May.
Ballinasloe, May.
GALWAY.
Sub-branch—
Tuam, May.
Suco, May. .
Sub-branch—
Boyle, May.
So far the Nationalßank of Ireland has been extended. Se-
veral other towns are under consideration, and will be opened
during the present year. The Directors are now engaged
upon the formation of a Metropolitan Bank in Dublin as a
branch of the National Bank of Ireland, with very extensive
capital and objects, including a district hitherto neglected in
banking accommodation, by reason of the privileges of the
Bank of Ireland Charter, and containing a population of
1,500,000 inhabitants ; but the plan of the Bank
_and its con-
nection with the National Bank of Ireland will ,be such, as
not to interfere with any of those privileges, although it will
be prepared to take advantage of any change made in them.
The Directors have satisfaction in informing the proprietors
that the shares are all disposed of, and a considerable premium
realized to the Company thereby.
Two calls have been made upon the proprietors, one on the
13th June, 1835, and the other on the 19th of March, 1836,
which, together with the deposit, makes a payment of twenty-
five per cent. upon the capital.
On the 13th of May, the amount of paid-up capital was
239,6601., and the local Irish capital, 134,4801. 12s. 11d.,
which, together, amounts to 374,1401. 12s. lid.
Notwithstanding, however, that this sum is sufficient for the
present requirements of the Company, yet the Directors taking
into consideration the great contemplated increase of the busi-
ness, and the opportunities they cannot but anticipate the Le-
gislature rill afford in the ensuing year to the more extended
employment of capital, within the present limits of the Bank
of Ireland Charter, have resolved to recommend to the Pro-
prietors, in accordance with the provisions of the Deed of
Settlement, to increase the capital by another million, and to
place the distribution of Shares at their disposal, under the
limitation of a premium not less than 50 per cent., which the
Directors feel satisfied the present position of the Company
can command. The premium on the distribution of the
Shares is under the provisions of the Deed of Settlement, to
be divided as a bonus among the original Proprietors, after
the appropriation of part of it as a Reserved. Fund ; and the
new Proprietors will be entitled to an imMediate participation
in all the profits of the Company, except what may accrue in
the event of a further increase of capital, which is reserved
for the original Proprietors alone.
The Directors have placed to the general profit and loss of
the year ending 31st December, 1835, the sum received as
premium on Shares, and after deducting the charges, the
dividend declared for the half year, and contingencies, there