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

REPORT

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

" The Directors have the satisfaction of placing before
the Proprietors the usual statements of account for the
past year.

"In s) 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 fixer.
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 years
of much greater abundance.
" The pecuniary pressure caused by these circum-
stances on all classes, has been one of unusual severity.
" Contemporary with this stato of things as regards the
agricultural resources of Ireland, commerce and credit
have been seriously affected 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 large 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. 10d. to be carried to the credit of the profit
and loss account for the year 1849, viz.:—
The undivided profits at December,

1847, were £61,105 4 4
Net profits for the year ending Decem

ber, 1843

87,595 17 2

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

Leaving amount of undivided profits to
the credit of Reserve Fund at De-

37,490 12 10

cember, 1818 .C50,105 4 4
" Since the last annual general meeting the Court of
Directors have appointed Anthony O'llaherty, 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, Rig , who, had he continued in office to the pre-
sent time, would have gone out of otilca by rotation at the
meeting; the vacancy thus occasioned it has nut been
deemed expedient to fill up.

" There are now to be elected four Directors, viz..
one Director in the room of F. C. Brown, Esq., and
three Directors in the room of John Joseph Keno, Esq.,
Christopher Fitzsitnon, Esq., and Colonel the Honour-
able Leicester Stanhope, who retire by r,tation, all of
whom 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, bis
name is submitted to you accordingly.
" Approved by the Court.

(Signed)

" F. B. liEssuaw, 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
arid 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 last 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 had 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 (as 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 some
estates which, a year or two ago, were worth 25 or
26 years' purchase, could only, such is the depressed
state of the country, be sold with difficulty at 15
years' purchase. These are serious matters ; but
is not intended, in such a brief address as mine
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 budy 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 largo
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,
whilst probably incurring at the same time large and
serious losses.—(llear, hear.) If,. therefore, any
merit is due to the directors on the present
occasion, it is, that they foresaw the probable
state of the country, and managed your affairs
in such a manner as not to compromise the
safety of our operations, and to secure your
dividend at the present moment, and after writing off
the bad debts, leaving a handsome surplus to be oar.
tied 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.) Ishould 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 and security
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 name 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 lion. 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 hoard of directors, of Anthony O'Flaherty,
Esq., the Member for G.tlway, 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-
pAsed with the approbation of all the direc-
tors, being a large shareholder in the bark, and
having been formerly a director.—(Hear, hear.)
The motion was carried unanimously.
Sir B. APNAMARA 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
cane 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.—(llear.) lie 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
inn Ireland.—(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. He 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 fur the honour which had been.
done to them. It afforded him great pleasure to see
on that occasion so many large proprietors present,
nanny 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 had 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 gratifies 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.

REVIEW OF THE CHELSEA PENSIONERS IN HYDE.,
PARK.—This morning the enrolled Chelsea Pensioners
belonging to the London district, were reviewed in
Hyde- park by Lieutenant-Colonel. A. M. Tullock,
mili-
tsry 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 fromitho shrubbery abutting the Oxford-road,
accompaniedand
to a clump of trees nearly opposite the Marquis of West-
minster's.
fteAr
Lieutenant-Colonel ockutlhuneel Tullock, was
formed,
lino
by the staff of the London district and several general
and field officers, arrived, and were received by the line
with presented arms, the band playing the National
Anthem. After a very minute inspection, and having
marched past in slow and quick time, the brigade was
put through the battalion manoeuvre, and firing by
divisions, sub• divisions, 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
having been seen by the servant, she entered the room,
and found the bed clothes in flames. Having snatched
tip the child, whose right clothes had already ignited,
she alarmed those in the house, who rendered every as-
sistance in extinguishing the fire, but this was not ac•
complished till considerable destruction of wearing ap-
pard, furniture, &c., had taken place. Another fire
Look place about three o'clock in Curtue 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 aro considerate towards
others, in proportion as our own consciousness gives us
universal insight; and sympathies are the best teachers
01 politeness.—Eka Cook's journal.