The Sun.
London, England, 1841-03-04 00:00:00

THE SUN, LONDON, THURSDAY, MARCH 4, 1811

A meeting of the Shareh riders of the abeve Bank was
held yesterday at their premises in Throgmorton-street.
P. M. Stewart, Esq., the Chairman, and the Directors,
entered the Court-room at one o'clock.
The CHAIRMAN sail that was their seventh anniversary,
and the Directory had great pleasure in meeting the Pro-
prietary on that occasion. Indeed the taf,ener the Proprie-
tary of a prosperous inst!ta ion like theirs met, the less
they would have to say to each other, except through the
medium of the Report and the balance-sheet, which they
were prepared to lay before the Proprietors. However, on
the present occasion there were orre or two points to which
he felt it his duty t 3 call their atter& on. It was exactly
on the 10th of February, in 1834, that tae London and
Westminster Bank was first fcrinded, then leading the way
in London as the parent institution of Joint-stock Banking.
It hal always been useful for them to bring to their re.
collection the obstacles and hindrances which had been
thrown in their way as a banking establishment. The Le-
gislature encouraged them to go on, conceiving that the
principle upon which they asked to be established was
safe and sound. But the haste with which their Bill was
necessarily hurried through Parliament, they found to their
cost, hod occasioned the leaving al;ve some snake?, in the
grass which they had to contend with. He was happy to
say, that although they had attacked their .c: stale,
and they had not succeeded in altogether strangling
them, they had scotched them wad rendered them harm-
less.—( Cheers.) He would mention three of the greatest
obstacles which had come in their path, and most f)rmi-
d&ele opposition they had given. When the narrow
limits of banking were broken up, when they were told
chit they were to have no limits is the numbeis of their
proprietors, they had no idea of the hindrances which they
had thrown in their way. The Legislature said they
g news ats d
and they pureued tht it busi_
manner. When they applied to
misou chh2s iinne a haziness a
as tion beakers,4
Parliament for the powers necessary to do so, for the power
of sui ing and being sued, they could net obtain it. The
House of Commons granted the privilege, but those con-
cerned fie. the Bank soon found that i, would be a per_
fectly useless expense to carry it further, for they
would have met v. ith obstacles that would
have proved instirmount Me. The next privilege they
exercised as bankers was that necessary one of accepting,
bills. Now, did any one ever suppose that they could ex-
ercise th i• cf bankers without the power of ac-
cepting the bills of their customers? They had exercised that
privilege, but at last an old statute was found out
which was against them, aid they were prohibitel from
doing so any longer. Upon that the common sense of the
country came to their aid, and though it has a hindrance
of some account, it was not such a great one as was to he
expected. The next hindrance to their business was
the ir exclusion from the clearing-house. At every mece-
ing that point hal been mooted. They had done their
best—they had exerted the utmost perseverance, yet with
the utmost peacefulness. They had tried by their con-
duct to prove that it was not only prudent, but that it was
just, that they should be admitted to the privileges of that
House. He belieted that there was some difference of
opinion among the body on that point. Still they were
excluded from all the benefits of the clearance. It was
a most unexpected hindrance, and the more so because it
showed a littleness of spirit that could not have been anti-
cipated by any one. That house was established for the
private advantage of banking, and was, if anything, rather
ag inst the interest of the public—it was a sort of
breathing house for bankers ; a place by the means ef
which they were enabled to transact the immense amount
of their aggregate business with a comparatively small
capital. That being the case, any ba .k in London con-
ducted on a respectable footing, and doing business in a
fair manner, ought to be admitted to all the privileges of
that house ; yet that priti'ege had .been denied them.
These Vere the principal points of disadvantage they had
laboured under, and he had thovg'et it right to mention
them at the time when the whole state of the banking busi-
ness was unchr consideration. With respect t 3 the other
disadvantage ender which they had been labouring, viz.
the extreme pressure in the money market—that pres-
sure had been very hard during the last year, and indeed
almost ever since they had been established--the Proprie-
tors would be pleased to hear that they had been able to
steer their way pretty clear. At that period, it was
iieedless for him to say much in favour of the princi-
ple of joint-stock banking. In 1834 they had
hpgun, and since that period there had been eight stop-
pages of banks founded upon that principle, from only two
of which were the public likely to sustain any loss ; that
was a proof that the London and Westminster Bank was
founded upon fair principles. In 1834 there were in the
country 32 joint-stock banks, now there were nearly 100.
In London, in 1834, there were two joint-stock banks, now
there were sixteen, including the branches. There had
been no disaster in London fom joint-stock banks; it was
his painful duty to allude to two instances which hal oc.
curred during the past year which showed the false,
hollow, and decepttve system of private banking It wag
but fair that he should allude to those instance—( Hear,
hear)—for it proved the soundness of their own principle.
In one instance, from the system of secrecy pursued with
regard to the proprietorship, in place of six men being en-
gaged with their respective capitals lodged in the bank, it
turned out that there was only one solitary individual in the
Company, and be without any capita all.—( Hear.)
In tLe other instance, the principle on which they were
established was fully proved. That failure had arisen
from private partners being allowed to use the funds of
the bank in various speculations. Joint-stock banks could
do nothing but bank.—(Cheers.) He mentioned those
facts, because the time wes now at hand as hen the hin-
drances under which they laboured were to be remedied ;
therefore he was anxious to show that there could be no
denial of the soundness of the principle upon which they
acted. There was now a Committee sitting for the pur-
pose of taking the evidence of witnesses respecting
banking, and there would be Committees sitting now
until two great questions were settled, viz., the settle-
ment of the Bank of Ireland charter, and the renewal
of the charter of the Bank of England. With
regard to the evidence given last Session, he
could only say that it filled a large, a long, and e
very blue book —it contained nothing of the
slightest v due. He had looked it through most carefully,
and he could find in it nothing but the philoSophy and, he
would add, all the folly of the present system of banking.—
( Hear, bear.) He could find in it no practical evidence
whatever. He admired the theory of the evidence, but he
would scout its practical bearing. He alluded to these
matters because it would now become their duty to offer
witnesses to give evidence before the Committee, and now
was the time for them to effect the removal of the hind-
rances to which he bad alluded. .Notwithstanding all
those hindrances they had gone on their way in a quiet
and peaceful spirit; latterly they had met with more cour.
tesy, but that courtesy had led to no practical results.
However, notwithstanding all these things, the Directors
had been doing all in their power to maintain the in-
terests of the Proprietors, and to prove that position he
would come to a consideration of the Report which was
laid before the Proprietors. It wag well known that a
great deal of the pressure of 1839 existed in the money
market in 1840. and although money was what was called
tight," the interest of money was not proportionably
high; they had, therefore, totusband their resources, and.
he hoped the result which would be shown in the
Report would justify all the Directors had dont
in the eyes of the Proprietors. In the year 1835
the first meeting took place at which he bad the
honour of appearing before them as one of their
Directors. It the year 1835 the profits of the concern
were 8,400/. ; in 1836 they were 15,0001. ; in 1837 they
were 32,000/. ; in 1838 they were 35,000/. ; in 1839 they
were 46,000/. ; in' 1840 they were 48,000/ ; and in the
present year they were 48,900/..'or 49,0001.—(Cheers)—
and during the last two years the 2,0001. a year allowec
to the Directors might be added to the profits of those
two years, which would make the profits upwards of
51,000/. Then with respect to their dividends, up to 1839
they had paid 5 per cent., and now they paid 6 per cent.
1n1835 the reserved fund was 12,000/., in the present yea
it was 46,0001.—(Cheers.) All these results had beer,
obtained from the pure banking principle.—( Cheers.)
There were two points in the Report to which he wishes
to call the attention of the Proprietors, and to obtain tbei

sanction. The Directors now having plenty of good busi-
ness, had conic to the resolUtion of issuing 10.000 more
shsref, for the purpose of raising the capital of the Com-
pany from 597,0001. to 800,0001., and those shares
were to be given to the Proprietors at par, ir
proportion of one share to each three now bele

.
by the Proprietors. _(Cheers.) He thought be was
justified in saying that if this additional capital was raisec,
they would be enabled to do a proportionate quantity of,
good sound business, and that the Diiectors would be en-

shied to reader to the Proprietors as good an account a.
they had done at the present moment.—(Cheerr.)
1636, their profits varied from 15,0001. to 32,0001; by the
power that had been given to the Directors, the capita.
which up to 1836 was 245,0001., was raised in April of
that year to 400,0001., and, by the additional shares, that
capital was further raised to 597,0001., the result of which
was, that their profits, which were before thet period
15,000/., had advanced to 32,000/. in 1837, and from that
peri ,d they had increased gradually. fle was, there fure
justified in saying, that with the prospects they had before
them, if the capital was raised to 800,000/. they would b(
enabled to give a most excellent account to the Proprie-
tors, and they would be enabled soon to give an increase(
dividend.—(Cheers.) With regard to the reserved fund,
he knew
arte6p
in,catstiboteritsinstitutioii principle;a discussionndif any question
had taken
nlaea with
should be put on that subject, he should be glad to answer
it; the Directors had not gone blindly to work with
respect
sound
ountdhe
principle resery f
reserved
oprrofiatrsowfionrg
institutions like no purpose. It
w
the present to have a reserved fend so as to prevent a
fluctuation in the payment of the dividends to the Proprie-
tors--(Cheers)—and that was the principle upon which
the Directors had acted. He had nothing further to trou-
ble the meeting with before the Report was submitted far
their approval. The statements he had made to the meet-
ing were the results of pure banking, in the country, and
he hoped the time was not far distant when all the snakes
in the grass would be destroyed, and the ground made
clear for the unfettered exercise of that great business
which was of such essential impor'pnce to the country at
large.—( Cheers.) The following Report and statement
of the affairs of the Company were then read :
REPORT
OF THF, DIRECTORS OF THE LONDON AND WESTMINSTER
BANK, TO THE SHAREHOLDERS, AT THEIR SEVENTH AN.
NuAL MEETING, HELD ON THE CANE rnEmisEs, LOTH.
BURY, MARCH 3, 1841.
Patrick M. Stewart, Esq., in the Chair.
The Director; have much pleasure in rve._l: ti-e Share.
holders at their Seventh Annual Meeting, mat in reporting
that the business of the Bank has proceeded, during the put

Balance of unappropriated profits 81st
December, 1831.)
Net profits of the year 1840, after defraying
the total expense of management, includ-
ing payment to Directors, and making
provision for all bad and doubtful debts 48,951 810

£82,051 19 11

__—
Balance brought down £46,215 3 11
Mr ISAAC COHEN rose to move the adoption of the Re-
t. He expressed his great satisfaction at the progress
they had made during the last year, notwithstanding all
the difficulties the Directors had to encounter, and not-
e itbstanding the derangement that had taken place in the
mercaptile interests of the country. Uncb.r such circum-
stances he thought great credit was due to them for the
manner in which they had conducted the affairs of the
Bank.—( Hear, hear.) In no instance had the profits of
the Bank been diminished in any ono year. He happened
to have a personal knowledge of very extensive money
transactions, and he was gratified to state that none of
their Directors, or other parties connected with the Bank,
had been borrowers of money.---( Hear, bear.) That was
a great proof of the judgment and discretion with which
they had conducted the affairs of the Bank. With regard
to the increase of capital, he, for one, would have been
far more pleased if it had been increased to one million.
Having already had satisfactory proof of the manner in
6 hich their affairs were managed, it was in itself a sufficient
security that the increased capital would pay an ample
disidend, while it formed a security to the public, which
was so necessary in times like the present. He believed
there would be no dissentient regsrding the proposition of
the Directors, and he was so satisfied of the continued
prosperity of the Bank, that he should have been glad if
the capital wore increased 200,0001. more.
Mr. LUARD seconded the motion, and he could not sit
down without congratulating his fellow-shareholders on
Vie advantage of being connected with so excellent and
profitable an undertaking.
Mr. MAtmst.Ev said, before the question was put be
wished to make a few observations. He fully agreed in
the observations made by their Chairman, whose zealous
and indefatigable exertions in promoting the interests of
the c ancern were admitted by all, as to the benefits and
advantages which were likely to result to the community
at large from the establishment of joint-stock banks pro-
perly conducted. It was equally certain that they might
oecome mighty implements of mischief, fraught with the
greatest danger and inevitable ruin to all those concerned
i t them, unless they were conducted on principles of the
greatest economy and fortnight. Now while he received
with implicit faith all the statements of the Directors (for
he could not call it a Report, it was merely an abstract),
he for one was presumptuous enough to think that it would
have been far more satisfactory if the Directors had laid
before the Prr prietors not an abstract, but a detailed state
ment, of the accounts of the Bank. It would seem from
the Report that the less they knew of their affairs, while the
result was satisfactory, the better. He, however, be-
lieved that the more they knew of them the bean-
-they were all aware that unlimited confidence
begat neglect, and their affairs would get into a state of
confusion. He believed no detailed account of the income
and expenditure had been sent round to the Proprietors
since the year 1835, and then it was obvious that the plan
gave the greatest satisfaction. He had observed in the
Morning Herald a statement. which be thought required
some explanation, namely, that at their Whitechapel Branch
there had been a very considerable defalcation, and that
the manager had been found making fraudulent entries in
the books, and had been engaged in transactions with
a fraudulent creditor, He wished to know whether the
securities of that gentleman had been found sufficient, and
whether he had been removed from the management, be-
cause it was clear that he was totally unfit to be entrusted
vvi'h such a situation?—( Hear, hear.) He should like
also to know if these liabilities with the Northern and
Central Bank, which in 1837 were stated to be sufficient,
had been fully satisfied and discharged ? He wished also
to know whether the debt upon the building in which
they then were had been discharged, or if it was in course
of liquidation? It might be considered impertinent, but
he would wish also to be informed whether they had a
surveyor at present receiving a salary from them ? He
would be glad also to know what was the rent received for
the offices let off from their establishment, as private report
bad it that they were considerably underlet. He was no judge
of these matters and knew nothing about them personally,
but they were questions of serious consideration to the
shareholders.—( Hear, bear.) He now came to another
enportnnt matter—he had agreed to the necessity of
ie.ving a detailed estimate instead of an abstract. They
all knew by experience that a body of men picked out
from the most respectable in society, who one and all,

would scorn to deviate from the strictest principles of in-
:.egrity individually, committed as a body acts which indi-
vidually they would repudiate ; therefore, it was essential
to the Shareholders to know on what principles the in-
'ricate departments of the establishment were conducted.
The Shareholders would recollect that they had a large
number of agents in various parts of the town, and they
required a good deal of supervisi Ai and superihtendence.
N.iw, in order to know what they were doing, he should
iike to know what were the law expenses of the past year.
Looking at the Report made in the year 1835, he found
hat the law expenses amounted to the sum of 2,880/.
In 1837 the law expenses amounted to 2,685/. is., making
n th.i two years, not consecutive—the sum of 5,565/. Is.
,pent in law. Was not that enough to show the necessity
if some inquiry into the expenditure? Since 1837 the
Proprietors had had no statement upon the subject. Now
is did mean to say that he could not understand why in
,uch an establishment there should be more cats than
there were mice to catch.—.(Cheers.) He hoped he was
of trespassing. too much upon their time, but with such
enormous expenses for law business, he would put
it to the Proprietors whether it would not be better to
lilve a solicitor of their own at a fixed salary, who should
do all their business, and so not only control expenses,
but prevent unnecessary ones. Another point to which
widied to direct the attention of the meeting—he
thought it was a most important principle that the Direc-
tors should be prevented from voting away any money to
parities or. otherwise without the direct sanction of the

Proprietors.—( Hear, hear.) He saw by the newspapers
,hat they had voted the sum of 1001. to the Clerks' Pen-
;ion Fund—(Cheers)—and by mere accident he had
arned that they were subscribers to two other charitable
`unds.—( Hear, hear.) One, he believed, was the 80,-
Ington Charity School, to which, they were subscribers of
i/. 2s a year, and the other he:thought was the AdeNside
Bounty Fund for 11 Is. God forbid that he should be
he one to put a stop to cha'ity ! He was only anxious
,hat such an abuse as it might become should not enter
nto their Corporation. Having said so much, he would
feel called upon to move the continuance of the subscrip-
ioni. It was not the money, but the principle that he
contended for, because it was one of which he felt great
apprehension.—(Cheers.) He was about, again, to touch
Apon very delicate ground—he felt great respect far the
Directors, and would not wish to say one word that would
ppear to reflect upon them; but he believed that they
cure self-elected.—(Cries of "No, no.") He did uncle%
:tend there was to be an election that day, and he would
sillingly vote for the re-election of the retiring Direc-
ors, but he had never been canvassed for any vote, and

. . _......
le was anxious for open election, so that they might ob-
'sin the assistancs; of new and able men, and new princi-
Jles.—( Hear, hear.) There was no corporation in the
City that was not much abused where the election was
close. Again, when such mighty matters were to be set-
tled, and such immense accounts to be made out, was it
lot strange that there should be no auditors? Was it
possible that Mr. Gilbert could make out such complica,ed
iccount4, or was it to he expected that the Directors
could audit them ?—it was too much to expect it
—( Hear, hear. hoar.) He was about to trench upon
even more delicate ground than any he had
yet gone over, but be wished to call the particular atten-
tion of the Proprietors. They would all recollect the
disastrous failures of the two private Banks, and the
causes which led to their ruin. Tney would remember
the disastrous and ruinous consequences which followed
the Guildford bankruptcy—they would remember the
case of the Northern and Central Bank where the Di-
rectors were found to have been accommodating ca,•h
other to the most unlimited degree.—( Hear, hear.) He
would submit, without in the least referring to the pre-
sent Directors, whether it would not be very satisfactory
if the Directors could suggest some means amongst
themselves for the security of the Proprietors, by which
the advances of money to the Directors should be regu-
lated.—( Hear, hear.) He knew that it was a delicate
subject to trespass upon—(Cheers)—but he had thought
it his duty to throw out the suggestion—he ha I only tp
beg pardon for trespassing so long, and be hoped lie had
not said one word which would tend to cause discord
amongst the Proprietors.—( Cheers.)
The CHAIRMAN said it was the feeling of every one of
the Directors, and also of every Proprietor present, that
they were deeply indebted to the Hon. Proprietor for the
questions be had put. H was, because he felt that he
could respond to them !vest f,ati.fuctor,ly, ac:.' that ii
ar,wers would estahusn tae Directors still mote firmly
in the eonfidoneo of the Proprietors. The first question 1

was as to the detailed accounts which were wished to be
laid before the Proprietary, and the Hon. Gentleman al-
luded to 1835, when accounts were presented, That ques-
tion had been mooted at several meetings, and the answer
then given he hoped would prove satisfactory on that oc-
casion. The Directors were responsible for the accuracy
of the details of the accounts laid before the Proprietors,
and they thought it proper that they should net proclaim
to the public and to rival establishments more
of their affairs than was absolutely necessary.
With regard to Mr. Rees, the Manager of their Eastern
Branch, he had purposely abstained from taking notice
of that in the statements he had made at the opening of
the meeting, in order that he might give a moat explicit
statement to the Proprietors on the subject. Mr. Rees,
the Manager of the Eastern Branch, had been a material
defaulter, and when that was discovered, the Directors
took all the precaution, which they always did, to guard
the interests of the Proprietors, and the result, he was
happy to say, was that they had made good their claims
against the securities of that individual, and he believed no
loss would take place from that transaction to the Com-
pany. The moment Mr. Reel's delinquency was detected,
he was suspended, and his transactions suppressed.
He had a melancholy pleasure in adverting to
Mr. Rees's delinquencies, because they acted as a con-
trast to the conduct of the other six Managers, who
had the entire confidence of the Directors, and
had no doubt would always have it.—(Cheers.)
With regard to the northern and central liabilities, be was
happy to say that that had turned out a good investment,
for they had got all their money, together with 5 percent.
—( Cheers.) With regard to the building, the original
demand for it was 48,0001. ; but, by some slight legerde-
main on the part of the Directors, in applying the purchase
of shares to the liquidation of the expense, that sum had been
reduced to 30,000/., and he thought the Prop, ietors would
admit that that was. a good investment of their money.
Mr. MAUDSLEY wished to know if he was to understand
that that amount was not paid; and if it was not, whether
it was in the train of payment?
The CHAIRMAN said that the whole amount was priid
--(Cheers)—and added to which all their tradesmen's
bills acre paid—(Cheers)—and the annual.rent the Dl-
rectors received from their offices was 7701.—(Cheers. )
As to the law expenses, they had been great, be admitted,
ie 1835 and 1836, but that expense had been incurred in
procuring their Charter, in their law suit with the Bank
of England, and in obtaining their Act for sueing and being
sued. note expenses exceed 5,000/. but this he would
venture to say, and it augured well for that,Corepany, that
within the last half year the law expenses had nct exceded
150/. for the present Bank and all its branches.—( Che e.s.)
It was said i a his coanty that a burnt bairn dreaded the
fire—(Laughter)—and acting upon that principle, the
Directors had avoided law at much as possible. It was,
in short, too vulgar for them.--( Loud laughter.) Then
as to the charities to which the Honourable Proprietor
had alluded—they hal certainly emit ibu'ed 100/. to the
Clerks' Pension Fund, and he thong it that every P,-oprie-
tor would admit that they could not have done bet ter wit
their money, because, what was t'.e obj,et of that excell-ht
society? It was to provide for disabled clerks of brokers
in London. The Ba ift of England hal given 5001 to
that Institution, and he believed every Batik in the City
had given the same sum that they had.—( Cheers.) A 3 to
the Directors being self-elected, he believed the Hon.
Proprietor was convinced that such was not the case,
shortly after he had made his statement. The Directors that
went out by rotation were in the hands of the Proprietors,
and any gentleman aspiring to the honour of a s:•at in the
Direction, by giving six weeks' notice would be compe-
tent to be elected. In allusion to the defalcation of Mr.
Rena, the Hon. Proprietor had observed that he considered
some strict superintendence shouli be bad over the different
Managers. Now with respect to that he could-assure the
Han. Proprietor that there was a responsible visitation
every day by some of the Proprietors, to all the branches
connected with the establishment. With regard to au-
diting the accounts, he begged to state that every week
there was a Committee of Directors to audit every ac-
count, and they had in the result of the accounts submitted
to the Proprietors the weekly stamp of the Directors upon
it. As to the list point to which the Hon. Proprietor had
adverted—the advances made to the Directors—he could
assure him that they were treated as the common custom-
ers of the Br.nk were, and no accommodation was given to
tl.em further than was given to the other customers of the
bank. He believed now that he had answered all the
questions put by the Hon. Proprietor, and he trusted that
ibove answers had been satisfactory.:
Mr. MAUDSLEY observed that the worthy Chairman had
satisfied him upon all the subjects he hal adverted to ex-
cept two—one involved the principle of their voting away
money for objects of charity without the sanction of the
Proprietors. He had no objection to the Directors being
charitable, but he thought they ought to make some pre-
position at the gene-al meeting for that purpose, and if
they did so, he should not oppose it; but he did not like
the principle of the Directors giving away the money of
the Proprietors without the sanction of a public meeting.
It appeared also to him, thit as far as regarded their pre-
liminary expenses they ought to have a detailed account,
and not such as had been produced that day.
The CHAIRMAN said, that the items which had been
given away in charity were very small, and he was pre-
pared to justify every one of them.
The resolution for the adoption and circulation of the
Report was then put to the meeting by the Chairman, and
declared by him to be carried unanimously.
On the motion of Mr. SAVAGE, seconded by Mr. MAD-
DEN, the cordial thanks of the meeting were unanimously
voted to the Directors fur their successful governmeut
and management of thelbank:during the last year.
Mr. HARDY moved that the three Directors who went out
by rotation be re-elected, namely, Sir Thos. Freemantle,
Bart., William Haigh, and Jos. Esdaile, Esqrs. He bad
known the Hon. Baronet, Sir Thos. Freemantle, far many
years, and bad the highest opinion of his character and in-
tegrity; and, indeed, the experience they bad already bad
of his zeal as one of the Directors of the Company, was
the best e irnest of what Plight be expected from him in
future, and be felt much pleasure in coupling with him
the other two gentlemen.

Mr. MAUDSLEY said he might be interfering with some
other gentleman, but &ter the observations he had felt it his
duty to make, he should take the liberty of seconding the
motion as the hest praof he could give of his continued con.
fidence in the Directors, and of h►s satisfaction at the state
ment that had just been made.
The motion was then put from the Chair and carried
unanimously.
A PROPRIETOR. then moved the thanks of the meeting
to Mr. Gilbert, and the Managers and other Officers of
the bank.

The motion having been seconded was carried unani-
mously.
General ARMSTRONG moved the thanks oPthe meeting
to their Chairman for his zeal and alention to the interests
.f the concern, and his conduct in the chair that day.
Mr. MAUDSLEY seconded the motion, which was carried
with acclamation.

The CHAIRMAN briefly returned thanks and the meei
ing separated.

STEAM NAVIGATION TO THE WEST INDIES.
—On Thursday last, the first of the splendid lie of steam
pa, ka ts, intended to carry the mails betwixt tips country
and the West Indies, was launched from the building-yard
of Messrs. Duncan and Company, at Greenock. This
vessel, which is sixteen hundred tons burthen, has been
named " The Clyc'e," and is described as having a most
perfect model. Her engines, made by Messrs. Caird and
Co. are in readiness, and will be put in without delay.
There are at present six of this line of packets, all of the
same tonnage, building on the Clyde ; tour at Greenock,
one at Port-Glasgow. and one at Dumbarton, and there is
also one at Leith. Glasgow Argus.
Our readers are aware that a boring has been
carried on for several years in the yard of the abattoir at
Grenelle, with the hope; of obtaining a perpetual supply
of water. On Friday afternoon the boring instrument,
after attaining the enormous depth of 560 metres (1,837
English feet), reached the water, which immediately
sprung up in abundance from the top of the bole. The
water, as was expected, is warm, the heat having been
observed to increase gradually as the bore was carried
lower. This operation which has cost the city of Paris
160,000 f., resolves a highly interesting problem of prac-
tical geology, and confers high honour on the engineers
and men of science under whose patient superintendence
it has been conducted. —Galignani.
HORTICULTURAL SOCIETY.--The ordinary
meeting was held on Tuesday afternoon; Dr. Henderson,
Vice-President, in the chair. A' communication was read
from Dr. Horn, on a simple mode of destroying slugs by gal-
vanic action, consisting merely of a plate t f copper and zinc
in contact, and which was found very destructive to them
when they touched either. The show of flowers was very
good, amongst the most prominent being a collection of byte.
cinths in pots, planted in charcoal and sand, which had
been watered by solutions of different salts of ammonia and
other salts. These bulbs which had been supplied with
distilled water flourished well, whilst all the others were
stinted in the growth of their flowers or leaves, showing
that this bulb does not improve under artificial treatment.
A very fine collection of camellias was exhibited by Mr,
Lumsden, gardener to Henry Bevan, Esq. The only fruit
exhibited consisted of some fine lemons from Mrs. Har-
wood, and some of the physa'is eltdis from Mr. George
Dowdeswell.

POST-OFFICE ROBBERIES.—We really know
not what to say to our subscribers, or how to act for our-
selves, in reference to the atrocious robberies of their pro-
perty and ours, perpetrated—and hitherto with impunity_
in the Post-office department. It is true that, ashen we
prefer letters of complaint to the proper authorities, appa-
rent inquiry is made, and courteous reples given ; but the
evil is never checket nor is any satisfactory explanation
afforded, with the exception occasionally that a paper had
been missent. Surely the proprietors of newspapers are
as well entitled to protection as the mere senders of
tell', seeing that we pay such enorroou, sums into the
coffers of the revenue. We really t.,:iuk the n-w-paper
proprietors, in justice to themselves and their subscribers,
ought to hold a meeting in Dubin, and agree: upon a pe-
tition to Parliament, praying relief from tho grievance
Under which they suffer. As fir as this establishment is
concernol, we are c-il,able of ,ig iegnl evidence, and
upon oath, that the paper of evki— subseriuer is regu-
larly put into the General Po,,t-office on the night, of
publication, so that the abi!rac'ion mu,t of n-iics=ity takii
place there or in the provincial booich,s. Wo di 1 not
ceive the Argus weekly paper, due this morning ; the
Standard missed twice last week ; and the Court Gazette
(weekly paper) retches this office about once a month.
We are ourselves fellow-sufferers with our suhs7rib,srg
from the effects of robbery in the Posr-offiee.
Evening Mail.
DREADFUL MURDER.-01: To,,mlay morn-
ing the body or an discoveretl.
near Lord Ely's gate, on the Dodder, shockingly mu.
t lated. His throat was nearly cut across, two stabs in the
jugular, a la'-ge cut on the forehead, and a deep cut on the
top of the head.—Dublin Evening Mail.

c ANOTHER CHALLENGE .m, ---ine Rev. Tresham
Gregg, of platform notoriety, is now in Belfast, and by
way of ooffitw hieowlf into notcriety, he has., tve ender-
Df. COG11:0 to a public discussion, oa 5110
subject of the itteligioas tcoLictiev uatiou4,l
system of education.—Northern Whig. •

MORNING EDITION•

TURKEY.

(From the Journal dmne of the 9th ult.) eh,
CONSTANTINOPLE, FEB. 8.--1 here wa.: on Thursday,
4retliigoinAstaffnaitr,sa,
beeontwfeereennctebeat
Ambassadors
bHasosatedlorosf tohie Minister for res:
and his Excellency Reschid Pacha, who is enhuerell'YourrecrEerepcifor
that meeting, but there is every reason to believe
from his indi,position. Nothing transpired as to OS ro.-it
„Lat.
are
,
ferred to the examination of the definitive conditions which v„t
to be imposed on Mehemet Ali, in order to establish in EiCrp
the basis of a wise and moderate Administration, capable, tn`,
word, of ensuring the prosperity and well-being of that coup_
The ceremony of the Kourban-Beiram took place on the 9tr
in Sultan Hamed's mosque with all the customary rinP.
Ma,cnificent weather favoured this ceremony, which attrate.d,
as usual, a prodigious crowd, and at which were present the
Russian Legation and the Consuls of the Four Allied Rovers;
Alexandria, who are at present at Constantinople. The ft
of the Kourban-Beiram lasted four days. es
Allusion has been made for some time past to the meow'
which the Government intended to adopt, in order to pre/f:j
the forgery of paper money, and which were anxiously exPeic'in
by all classes of the population, especially by those engsgeu d
trade. These measures have just been published by mean
-
the following note addressed to the different Embassies :
"TRANSLATION OF THE MEMORANDUM. ADDRESSED TO
DIF'FERF.NT EMBASSIES, RELATIVE TO TREASURY Bows.
" Notwithstanding all the care which has been taken to per"
vent the forgery of Treasury bonds, issued in the shape ofPs„'
forced notes have again begun to circulate publicly. As:COT
siderable injury must arise therefrom, the Porte, wishing e:
suppress that abuse and to prevent the fatal consequene_
thereof, under the auspices of his Highness the Sultan,b;
declared that the Treasury bonds would be printed in another
form, so as nut to admit of their being forged; that the Woe-
diate alteration of the notes in circulation being difficult, thil
would be exchanged for printed ones as they reached t'ir
Treasury ; that as it is difficult in the provinces to make use
those bonds and to distinguish the genuine from the forg_
once, which seriously affects the populations, the *Tido:,
printed notes, whether old or new, wouA net cirCulatein.T.
shape of cash but at Constantinople, and that they would r
paid off at the dates they respectively became due ; but that':
the provinces they would he of no value for the next thhrsof
months, to commence from the Ist of Zilhidje, 1256 (24t

January, 1841.)
The competent authorities have been informed tber
We send the present official memorandum to your Excel
1e in-
as we give one to the representatives, in order that he be
ty
formed of this measure, and communicate it to the merel,o%
in Turk y.—Constantinople, 3 Zilhidje, 12,56 (Jan. 26, 18411

THE TURKISH AND EGYPTIAN FLEETS.. „u
Yager Pacha (Admiral Walker) left Marmorice on the 4thi;
inst., in the Mahmoud, preceded by the other ships of
rea
Ottoman fleet, reached Bisika Bay on the 7th, acrdat the Dardanelles en the Bth, on which day the Tahiri B.P—new.
'
Ottoman steamer, arrived from Constantinople, bringingefter,
apparel for the Turkish seamen, in order that they mays
tine
shifting their clothes and riding out the established guars°
from Egypt at Lapsarus, enter the Golden Horn together.
sot
The l ahiri Bahri continued her voyage to Alexancirial
'
had : n Officer of State on board, bearer of the firma° p
a
firriiiiig upon his Highness Mehemet Ali the hereditary'
chal c of Egypt. t o
fri-
By the last accounts from Alexandria we learn that free
gates, two corvettes, five tran<ports. and stearvers have otE
despatched to Gaza to convey to Alexandria the vonteL .and
baggage of the army under Ibrahim Pacha ; and a corvel—drs'
a brig of war have been despatched to Candia to With
troops from thence.— Malta Papers.