The Sun.
London, England, 1849-05-24 00:00:00

REPORT

Of the Directors of the National Bank of Ireland, made
to the Proprietors at the Fourteenth Annual General
Meeting, held at the Office of the Company, No. 13,
Old Broad-street, London, on Wednesday, the 23d of
May, 1849.

" The Directors have the satisfaction of placing before
the Proprietors the usual statements of account for the
past year.
"In 93 doing they deem it useful to direct attention
to a few of the leading circumstances which have in-
fluenced the progress of the establishment during that
period, and which have induced the Directors to exer•-
cise extreme caution in the employment of the resources
of the Bank.

" The crops were for the most part under the usual
average, the potatoes were again seriously affected,
while the prices of produce, including those of cattle and
other live stock, had fallen below those realised in ye-ais
of much greater abundance.
" The pecuniary pressure caused by these circum-
stances on all classes, has been one of unusual severity.

" Contemporary with this state of things as regards the
agricultural resources of Ireland, commerce and credit
have been seriously aff,icted owing to the disturbances
and consequent excitement which prevailed during a
part of last year, unsettling public confidence, and in-
terfering injuriously with the usual operations of trade.
" Under these difficulties and disadvantages it is not
to be expected that largo profits could be realised from
prudent banking operations.
" The Directors are, however, gratified in being
enabled to state that, after paying the usual half-yearly
dividends, amounting to 22,5001., and writing off all
ascertained bad debts, there will remain a surplus of
3,9901. 12s. 10,1. to be carried to the credit of the profit
and loss account for the year 1849, viz.:—
The undivided profits at December,
1817, were £61,105 4 4
Net profits for the year ending Decem-
ber, 1848 ..

Deducthalf-year's dividend
to Midsummer, 1848 £11,250 0 0
Ditto to Christmas, 1348 11:250 0 0
Bonus of 103. pc: share on
20,000 shares
Amount paid T. Lamie
Murray, Esq., according
to the provisions of the
Deed of Setthment l,OOO 0 0
Balance of profit and loss
carried to that account
for 1849

87,595 17 2

37,490 12 10

Leaving amount of undivided profits to
the credit of Reserve Fund at De-
cember, 1848 .C50,105 4 4
" Since the last annual general meeting the Court of
Directors have appointed Anthony O'Flaherty, Esq./
M.P., as a Director to fill a vacancy in the direction oc-
casioned by the retirement of Charles Bianconi, Esq.,
and which appointment will require the confirmation of
this meeting.
" Since the last annual general meeting a vacancy
has occurred in the direction by the retirement of F. C.
Brown, Esq., who, had he continued in office to the pre-
sent time, would have gone out of office by rotation at the
meeting; the vacancy thus occasioned it has not been
deemed expedient to fill up.
" There are now to bo elected four Directors, viz.,
ono Director in the room of F. C. Brown, Esq., and
three Directors in the room of John Joseph Keene, Esq.,
Christopher Fitzsinion, Esq., and Colonel the Honour-
able Leicester Stanhope, who retire by rotation, all of
wilom are candidates for the office, and eligible to be re-
elected.

" Rowand Ronald, Esq., having signified his intention
of becoming a candidate for the office of Director, his
name is submitted to you accordingly.
" Approved by the Court.
(Signed) "F. B. HENsaaw, Chairman."
The CHAIRMAN having stated that he was ready to
reply to any questions that might be asked by the
proprietors, proceeded to address the meeting as
follows :—Since, gentlemen, no proprietor wishes to
put any question to the directors as regards the trans-
actions of the past year, it now becomes my duty to
move that the report which you have heard read be
approved of by the proprietors, and printed for
circulation. In doing so, it may be worth while to
allude to the disturbing causes that have interfered
with all banking operations, not only in England
and Ireland, but throughout the whole of the con-
tinent of Europe.—(Hear, hear.) Within the last
half century or more there has not been such a state of
political excitement, depression, and derangement of the
laws which regulate profit and credit as during the
past year. As regards Ireland itself, I may say that it
has not been free from those political commotions to
which I have referred. Fortunately they were,
however, of short duration ; yet the madness of some
of the attempts made kit summer to disturb the
peace, which happily was very soon put down, had
no doubt their corresponding effect upon the fears
and feelings of individuals, and so far must have in-
terrupted all banking operations.—(Cheers.) In addi-
tion to that there was the failure, I may say a general
failure, of the potato crop. That failure, however,
if it had been unassociated with other evils, or rather
if it bad not succeeded the failure of former
years, would have been only partially felt ; but suc-
ceeding as it did the failure of the crops of three
successive years, it was felt with redoubled effect, and
weighed heavily on the state of Ireland. In addition
to that Ireland has suffered from the measures of the
Government connected with the abolition of the
corn-laws and the consequent introduction of free
trade, since the value of the produce of the country
was affected by the change, for Ireland may be said
to be entirely dependent upon her agricultural re-
sources—particularly the parts of Ireland with which
this bank is mainly connected. There are (us you
are aware) no local manufactures to sustain the indus-
try and employment of the country; and, in fact, it
may be said that the part of Ireland with which
we are connected entirely depends upon its agricul-
tural produce, and the price which it may realise in
the market. These things have had a similarly serious
effect upon the operations of all institutions like our
own. A considerable pressure has also been felt as
regards the poor-rates. Indeed, I may say the means
and resources of every body in Ireland have been
affected by the high amount of these rates. And in
addition to all these evils, the price and value of
landed property has fallen considerably, as s
or
some
estates which, a year or two ago, were worth 25
26 years' purchase, could only, such is thedeparetsslesd
state of the country, be sold with difficulty
yi as
nros't pi
nutrecnhdaesde:
inT h es
such
echar
se
briefs e i o unsd
dmreastste rass ;
mhi
nuet
to you on this occasion must necessarily be,
to allude at any length to the political and
other causes which have brought Ireland to her pre-
sent state, yet it is necessary, in calling your attention
to the state of the bank's operations, to briefly glance
at these causes. Indeed, I may say, that a body of
gentlemen like you are quite capable of appreciating
these difficulties. With regard to the operations of the
bank during the past year, I may say that the direc-
tors—seeing allthese things, because of the experience
which we have acquired in the management of bank-
ing affairs in Ireland, the ample and important in-
formation which we constantly receive from the local
directors, inspectors, and managers, and other persons,
interested in the condition of Ireland—early last year
came to the determination not to make very large
ventures—(Cheers)—not to advance a large amount
of capital in the excited state of the country at that
time.— (Cheers.) I may say that the principle which

guided the board was to keep the capital and reserve
fund intact, rather than make large apparent profit,:, 1',,1*
lvhiht probably incurring at the same time large gui-5.1
~.
serious losses.—(Hear, hear.) If, iherigki*Yfirtt4,...t..,
merit is due to the directors -sortripiiiti.q."/ ./
•7 .._.,.
occasion, it is, that they foresair'•ifig t'll 7
.11..,.......
,
state of the country, and managelf---Tw' b.
the
er
pr
emannersen t ai ns
operations,o notm en atn,
dtaon
and after
ocao:, mt :::pe re
writing
mrrcett gi
safetyidnhi
dseune
dividend
netigyoouffr
the bad debts, leaving a handsome surplus to be car-
ried to the profits of the next year. I may say con-
scientiously, as we have the pleasure of seeing before
us the directors of several of the local boards in Ire-
land, and speaking in the presence of my colleagues,
_and enunciating their sentiments, that this fact of the
extreme caution which we have used will be assented
to by them.—(Cheers.) I.'should also mention to you
that last year w e undertook an important and a
responsible step with regard to an institution in Ireland
that was about to give up business—l mean the
London and Dublin Bank, which had branches in the
very best parts of Ireland, namely, the eastern dis-
tricts, throughout which, as we found by experience,
property is of more value and the agricultural classes
are in better circumstances. After a great deal of
discussion we took the business of that bank ; its
securities were transfered to us, and we took upon
ourselves the responsibility of paying their depositors.
The responsibility, as I have said, was apparently great,
but having become well acquainted, after minute in-
quiry, with the nature and extent of the resources
of that bank, we did not hesitate to do so ; and I am
happy to tell you that the result turned out as we
calculated. The anticipated responsibility andsecurity
turned out to be no responsibility at all.—(Cheers.)
I am the more happy to mention this, because I in•
dividually took a zealous and an active part in its
accomplishment. There is another topic which has
occurred within the year upon which I will say a
few words. To the movement with regard to
savings' banks we had paid much attention, but
we had done nothing to influence the public mind
with respect to them ; but the gross mismanage-
ment of some of the savings' banks of Ire-
land, during the past and former years, had
shaken public confidence in them. Under these
circumstances the leading nobility, gentry, and
clergymen, in the various localities in which our
branch banks are situated, entreated us to take
deposits in small sums. We consented, and made
such arrangements to carry out their views, and at
the same time not to increase the expenses of manage-
ment. The progress these small deposits have made
leads to the inference that in the future we shall
derive benefit from them, although not undertaken
with an interested motive ; but it being the desire
of a large and influential body in Ireland, we felt,
as a public institution, that we ought to facilitate
their wishes by every means in our power. I think
all that remains for me to do is to say that, as
regards the future prospects of the bank, I cannot
conceive that anything worse can happen to Ireland
than what is past.—(Hear, hear.) There may be
something in the dispensations of Divine Providence
with which we are not permitted to be acquainted ;
but I think if any country has gone through sufferings
—sufferings of the most extreme, and awful nature, it
is Ireland. It is, however, impossible to anticipate
that anything more can happen to that unfortunate
country. I think we may reasonably come to the
conclusion, looking at what has occurred in the
past, that we are at the bottom of the gulf.
There is something, I trust, in the recuperative
state of Ireland, which may work for good.
—(Cheers.) Her crisis, I trust, is past. We are
not, however, trusting to mere hopes—we are watch-
ing every operation ; and, though ready to help the
commerce of the country, we are doing so with the
utmost caution.—(Cheers.) The Chairman con-
cluded by proposing the motion, which was adopted
unanimously.
The CHAIRMAN moved the election of John Joseph
Keene, Esq., Christopher Fitz-Simon, Esq., and
Colonel the Hon. Leicester Stanhope, who retired
from the directory by rotation, and who were elegible
for re election.
The motion was carried unanimously.
Upon the motion of the CHAIRMAN, the election
by the board of directors, of Anthony O'Flaherty,
Esq., the Member for Galway, was confirmed by the
meeting.
The CHAIRMAN moved the election of Rowand
Ronald, Esq., in the room of F. C. Brown,
Esq., also retired. There was no other can-
didate for the office and his name was pro-
posed with the approbation of all the direc-
tors, being a large shareholder in the bank, and
having been formerly a director.—(Hear, hear.)
The motion was carried unanimously.
Sir B. ArNAMARI said he could not allow the
proceedings to terminate without thanking the Chair-
man and directors for the very cheering report which
had just been read.—(Hear, hear.) The Chairman
had very properly stated that the worst had been
passed through; and they all knew when a storm
cave to the worst there was always some prospect of
its speeedily mending.—(Hear, hear.) Now he
did think that their report would bear compa-
rison with any report which had recently been
made.—(Hear.) He was a proprietor of another
bank which had been established a considerable time,
and from his knowledge of banking affairs generally,
he thought he was justified in saying that this was
on as good a foundation as any other bank established
in Irelanil.—(Hear, hear.)
Dr. MAGEE proposed a vote of thanks to the
Chairman and directors for the assiduity which they
had shown in managing the affairs of the bank during
the past year. lie hoped God would spare them long
to continue their services on behalf of the bank.
The vote was unanimously carried.
The CHAIRMAN said it was his pleasing duty, on
behalf of himself and the other directors, to return
their sincere thanks for the honour which had been
done to them. It afforded him great pleasure to see
on that occasion so many large proprietors present,
many of them having come great distances from
different parts of Ireland. He could assure the pro-
prietors that they had tried to meet their approbation,
and he trusted that would not be the last occasion on
which they would receive such an unanimous vote of
thanks from them.—(Hear.)
Mr. SMETHWICK moved a vote of thanks to N
S. King, Esq , the Secretary, for the efficient way
in which he bad discharged his duties. He was
much esteemed and regarded by every one who knew
him in Ireland.—(Hear, hear.)
The CHAIRMAN intimated that the board entirely
concurred in the estimation in which the services of
the secretary were held.
The motion was then carried unanimously.
The SECRETARY said he was much gratified by
the honour which had been conferred upon him, and
assured the proprietors that his utmost endeavours
would be devoted to the interests of the bank.
The meeting then separated.

liA
pARRKE.VIETWhisOmF
morning
gCreLs
belonging to the London district, were reviewed in
enrolledENCS PENSIONERS
s IN.
PensionersrE
Hyde•park by Lieutenant-Colonel A. M. Tullock, mili-
tary superintendent of pensioners. At an early hour the
pensioners assembled on the cavalry exercising ground
facing Grosvenor-gate, and took up an extended position
reaching from:the shrubbery abutting the Oxford-road,
to a clump of trees nearly opposite the Marquis of West-
minster's. At ten e
Londono'cloek tdhiestrliiente
anwdassevfeorral generalmed,ad
shortly after Lieutenant-Colonel Tullock, accompanied
,arreired the ,
ananbdwd a3eprlereinceg the Nationalivedbyth
the line
e
liabAn,yindottlihificeepresented
rtrhs
a arms,
very
minute inspection, and having
marched past in slow and quick time, the brigade was
put through the battalion manoeuvre, and tiring by
divisions, subdivisions, sections, and single files fol-
lowed. The greater portion of the men were decorated
with the war medal, and several in addition wore Wa-
terloo and regimental medals. The line having been
again formed, a general salute was given, and the men
were dismissed.
ALARMING FIRES.—This morning, shortly before
one o'clock, a fire happened in the upper part of the
house of Mr. Phillips, broker, Lamb's Conduit-street.
A child had been left in bed, and from an unusual light
haviiig been seen by the servant, she entered the room,
and found the bed clothes in flames. Having snatched
up the child, whose night cl-thes bad already ignited,
she alarmed those in the house, who rendered every as-
sistance in extinguishing the tire, but this was not ac-
complished till considerable destruction of wearing ap-
parel, furniture, &c., had taken place. Another fire
took place about three o'cl_sek in Curtis-street, Dock-
head, also in a sleeping room, which was attended with
great damage to property.
Delicacy and respect are the fruits not so much of
intellect as sensibility. We are considerate towards
others, in proportion as our ow consciousness gives us
universal insight; and sympathies are the best teachers
of politeness.—. Eliza Cook's Journal.

FRANCE.
In the sitting of the National Assembly on Tuesday,
in answer to a question by M. Sarrans, M. Drouyn
de Lhuys, Minister for Foreign Affairs, replied that
the Assembly had made known its intentions with
regard to Rome; that an envoy had been sent to that
capital and the French head-quarters ; that he was the
bearer of the resolution of the Assembly, and was
ordered to conform to it. As respected Hungary, the
gravity of events had attracted the serious attention
of the Government. It had addressed remon-
strances on the subject to the Cabinets of Lon-
don, Vienna, Berlin, and St. Petersburgh. He re-
gretted his inability to give the Assembly further
explanations. If M. Sarrans could devise other
measures, be requested him to indicate them, and if
any member was anxious for war he should assume
the responsibility of that calamity by making it the
object of a formal proposition. M. Guichard next
spoke, after which M. Joly rose and said, that it was
impossible the Assembly could be satisfied with the
explanations given by the Minister for Foreign
Affairs. The latter, he maintained, should
be compelled to lay on the table the
replies returned to his communications by
the foreign Cabinets. If those commu-
nications proved without result, or were un-
favourably received, France should adopt energetic
measures. For his part, he preferred war to the de-
gradation of his country and the destruction of its
liberties. He then called en the Government to re-
cognize and protect the Roman Republic instead of
attacking it, to form an alliance with nations, and
break off all connexion with Kings. In conclusion, he
proposed the following order of the day :—" The Na-
tional Assembly, considering that the manifesto of the
Emperor of Russia, and the treaties concluded
between Russia, Austria, and Prussia, are an attempt
against the principle of the public law proclaimed by
the French Constitution, and ratified by the vote of
the National Assembly, protests, in the name of the
French people, against that new coalition which
menaces the liberties of Europe, and enjoins the
Government to adopt immediately the most
energetic measures to enforce respect for the
principle of the independence and nationality
of the Roman Republic." M. Manguin, who
followed, observed, that, although the speech
of M. Joly contained many sentiments he concurred
in, he should vote against it, because he believed that
an expiring Assembly could not adopt so important
a resolution. M. Vaulabelle replied that the Conven-
tion at its last sitting had voted the incorporation of the
Duchy of Bouillon with France, the establishment of
the Institute, of the Polytechnic School, of the Court
of Cessation, &c. General Cavaignac next rose and
said that he would vote against the order of the day,
but was afraid its non-adoption should be misinter-
preted in the country. He had voted against
the expedition, because he did not wish Rome to be
attacked. He thought France should respect the
Roman Republic, without, however, being obliged to
support it. It should not be said that the Assembly
was indifferent to the danger which menaced the
country. That danger came from Russia, whose atti-
tude, and the recent manifesto of the Emperor, com-
pletely altered the situation of affairs in Europe, and
the course of foreign policy to be pursued by France.
He trusted that M. Joly would accordingly con-
sent to modify his resolution. M. Joly acquiesced
in the demand of the General, suppressed the para-
graph relative to the Roman Republic, and proposed
that the measures to be adopted by the Government
should have for their object to enforce respect for the
principle of the independence of nations generally.
General Cavaignac replied that the resolution, as
modified by M. Joly, would stid amount to a declara-
tion of war, emanating from the Sovereign Consti-
tuent Assembly, and suggested the expediency of its
being worded in less explicit terms.
This being agreed to, General Cavaignac, M. Joly,
and others withdrew to one of the Bureaux to prepare
a new draft of the resolutions, and the sitting was
sit! p mded. Shortly before post hour the General re-
ascended the tribune, and read the resolution
he had prepared. It was to this effect :—" The
National Assembly directs the serious attention of
the Government to the events and movements of
troops now taking place in Europe, and pre-oocupied
with the dangers which menace the country, it calls
on the Government to adopt the measures necessary
for its energetic protection." 21. Joly found that
resolution too weak, and persisted in its former order
of the day.

M. Odeon Barrot next rose and combated bath
resolutions.

The Siecle says :—" A report wait current last
evening that a demonstration was to be made to-day,
calling upon the National Assembly to grant an am-
nesty. Every demonstration is a danger and a snare;
an abuse of numbers, a provocation to the employ-
ment of force. Let us, therefore, hope that the Go-
vernment will be sufficiently wise and moderate,
without sacrificing anything that the preservation of
public tranquillity may require, to place completely
in the wrong the promoters and instruments of the
proposed demonstration."
We read in the National:—" A report is in circu-
lation that a manifestation is to take place to-day in
favour of the amnesty. Any demonstration of the
kind at this time could only serve interests hostile to
the Republic. We have sufficient confidence in the
good sense and patriotism of the people, to affirm that
it will not give to reaction the pretext of which it is in
need, and which it has sought in vain since the 29th
of January last."