The Sun.
London, England, 1841-05-13 00:00:00

EVENING EDIT lON

NATIONAL PROVINCIAL BANK

OF ENGLAND.

Under these adverse circumstances, the increase of business
could not fail to be retarded ; but the Directors have the satis-
Lotion of being able to state, that the operations of the
Company have proceeded, during this trying period,
wish the greatest steadiness, and that noth.ng has occurred to
effect its general prospeiity. On the t otitrary, the events of
last year, to which the Directors have adverted, have not beer,
altogether unattended with advantages. By timely precaution
and careful management of their resSurces, the Directoi's were
not only prepared to meat any emergency that might arise, but
were also enabled to avail themselves of any new connexions of
a desirable nature. Accordingly, upon the stoppage of a private
bank at Dcal,and another at Teignmouth,and upon the withdrawal
of the Cimmercial Bank of England atiNewport, the Directors
opened branches at these places, at each of which a safe and
promising business has already been founded.
Another important connexion, nrt arising, however, from
any circumstances of difficulty, but from the generally in.
creasing disposition in favour of Joint Stock Bails, ri•ce ntly
presented itself with the highly respectable banking firm of
Messrs. fryer, Andrews, and Co. of the county of Dorset, which
had been established more than half a cm ury
After'flue investigation and consideration the Directors con-
eluded a satisfactory arrangement, under which that firm has
metged in this establightnent, and an important adisition, both
in character and amount, has thus been made to the Company's
business.

-----
Apart from the eligibility of the business of Messrs. Fryer
and Co., the junction with them had two recommendations.
First, that the field which it embraced had hitherto bnn com-
paratively unoccupied by Joint-Stock Banks, and, seeancV:•
that a link was thus supplied in the chain of connexion'6etween
the Company's branches in Devonshire and Hampshire.
The Directors embrace this opportunity of placing upon re-
cord the expression of their warmest thanks fir the eonfilenee
and support which, with very few exceptions, the customers of
MesSrs. Fryer, Andrews, and Co., Have continued to, their
successors.

.The Directors now beg to call the attention of the Pro2rietors
to the annual statement cf account, prepared in the usual
manner.

1840.
Jan. 1.

Amount of undivided profits at this
date •• •
Dec. 31. Net profits of 1840, after making al-

lon;ance Mad Debt,:, and for a

portion of Preliminary Expenses... 31,593 16 9

76,081 16 6

Deduct Dividend of 6 per cent. for
1840 on Company s stock ...... 24,649 16 0

• Leaving of Undivided Profits on De-
cember 31, 1840 .. .... £53,432 0 6
Whep allowance is made for the increase of divitiend declared
at last meeting, the above statement, it will be observed, pre-
sents an improvement over thy preceding year.
Such is the result of the past. and as regards the future, the
addit,onal experience which the branch managers have acquired
in their several-localities, and the greater perfection wheel the
general_ systl:in of management is (tails attaining, justify the
expectation that, with a return of more prosperous times, the
opt rations of the establishment will be attended with a- still
btrger measure.of success.
The Directors have only further to inform the Proprietors,
that, three of their number go out of office by rotation, viz. :
John Page Reade, Esq., John Hinxman, Esq., and Almon Hill,
Esq. ; but being eligible to he re-elected, offer themselves ac-
cordingly; and that a vacancy occasioned by the retire-
ment of Lord Douglas Gordon Hallyburton is to be supplied.
ROBERT lircintrts, Esq., had great pleasur ein i
the report just read be received and adopted. After doing so
it would be competent for any proprietor to put any questions
he might think necessary. The report rererred to the state of
the money market in 1839 and 1840, and he could say, after
forty years' experience in that market as clerk and principal,
he had never seen any period when so much skill, so much
foresight, and so much ea .e was necessary in the management of
.the affairs of a Company like theirs. To have carried their business
to such a result as was then before them required the most care-
ful, watching day after day of the fiuctuationsof the foreign-ex-
changes, of the prospects of the harvest, the fluctuations of the
Corn Exchange, the state of the manufacturing districts, and the
general prospects of the country. These matters were aggra-
vated very much by three or four deceitful calms or lulls,
and it required no small degree of experience and foresight
to decline taking advantage of what appeared to be favour able op..
portunsties of investing money. Those who did so were compelled
bitterly to regret having risked their capital.--(Cheers.) He
trusted the Directors would go on steadily pursuing the course
of policy they had hitherto adopted, ard that they would trot,
for the sake of adding one4ta.lf or one per cent. to their profits,
rush after business which might not be permanent. The
. question was not one of an addition of one-half or one per cent.
to their profits, but it was the larger amount of property
which was invested in the concern, and which was confided to
the discretion of the Directors. When these cornpasies
first started he cnnfessed that he looked with great suspicion
upon Joint-stock Banks, and he feared that the inducement
to look well before the 'roprietors and the public wood lead
them to run too eagerly af er business, but these fears. had
all, itanished.—( Hear, hear.) He now placed entire confidence
in the Company—they had stood the test of experience, and
that of the two last years particularly should induce the Propri-
tors to place the fullest confidence and reliance upon the Direc-
tors, who evinced great forbearance and sound judgment in not
launching out • so too large an amount of business. —( Users. )
He had c, pleasure in moving the adoption of the Report.
Mr. -Ileowee concurred most fully in the observations
that had !alien from the Honourable Proprietor. His
curiosity had led him to go over the Reports made by
the Directors from time „to time, and compare them
with-the .preient Report. He bad great pleasure in staling,
for the information of the Proprietors, who had not
the same opportunity of making these comparisons,
that the result was most satisfactory.—(Cheers.) It
therefore with the greatest pleasure that he had heard reference
made to these documents, which of themselves showed the
principles on which joint- stock banks had been established,
and that they were calculated to realize the most san
guine anticipations of those who were interested in them.;
He was satisfied that these institutions had conferred greater
benefits upon the local districts than any one not acquainted
with their operation' could possibly, conceive.—( Hear,
kear.) He felt much pleasure in seconding the adoption
of the report. •
The question that the report he adopted, was then put
from the Chair, and carried unanimously:
The CHAIRMAN then moved, that John Page Reade,
John H„nsse, and Almon Hill. Esqrs., the formes Directors
sabo went out by rotat ion. be re-elected.:
This motion was seconded by Mr. WASHBOURNE, and car.
?led unanimously.
The CrraramAts said the next business was to fll up the
vacancy in the direction, caused by the retirement of Lord
Douglas Gordon-Hallyburton, from ill health.
•
GEORGE GOiDON DUFF, Esq., saki the retirement of Lora
Douglas Hallyburton from ill-health rendered it necessary that
the vacancy should he supplied on the present
everyntoec uasio.a;n
had greet pleasure in proposing a gentleman
qualitted, from his high standing in the mercantile world and
his experience and knowledge of busine-s. The gentleman
be alluded to was Archiba'd Paul, Esq., a gentleman con-
nected With their colonies.—( Hear, hear.) From his high
.commercial standing, End his not being connected with
many other public companies, he had no doubt that Mr.
Paul would be found a most • efficient Director,
and that a due portion of his time would be devoted to the
interests of the Institution. The Directors *ere fully sa-
tisfied of the eligibility of Mr. Paul, and it was for the Pro-
Prietors to condom the selection if they approved of it.
P. Cauntattarses. Esq.,
seconded the motion, which was
unanimously agreed to.
Mr. HICHENS moved a vote of thanks to the Chairrran and
Directors for their' great tention to the interests of the So

tuzan The motion was seconded by Mr. Stewart, and carried
imnusly•
• The CH I_,Jit'3lA N returned thanks.
Mr. linowNE then moved and Captain Fritters seconded a
mote of thanks to the Manager, bfr. Robinson, and the other
Offierrs of the Company, for their zeal in promoting its In-
tort:lts. The motion haring been unanimously artopted,
Mr. RostNsoli returned that,ks, and the nvetng, which
was attended by a large number of shareholders frorn various
parts of the country, broke up.

____.......1
MARRIAGE OF THE CROWN
PRINCE OF RUSSIA.
Sr. PErnicsauactr, Aram 28.—0 n Wednegdav, the
2tith ultinto, the ceremony of the marriage of his Im-
perial Highness Cesarewitsch Grand Duke Alexander
Nicheloiewitsch, with her Imperial Highness the Gr: nd
'Duchess Maria Alexandrciwna, took place in the great Chapel
of the winter Pala-e, in the presence of their Aaj st es, the
members of the Imperal lamily, and of the Foreign Prine,s,
r: F•
~, now at St. Petersburgh lhe members of the Council of the
IVI VA, ir *re, the Ministers, the Senators, the Court, the Foreign
nkrr.-.. assodors, and the General Officers and Officers of the
',l4:''''Arml,and Navy, were nisembled in the Palace, to be present
_, e',.. ‘attlealernnicv to ere
h• •
-*se • ' 1 is Alajesty was p'ea-cd to invite tit.-
r-,:. .‘ .„ ~. merchants of the first two clas.es and the toreign
.. t•-",•;."lolReit•rbltits. A grand ratettaLuient full.nved. An Imperial
..,‘ e
... • roit pf.the day
ann".nces.nnmerous promoli, ns in the army.
. g
1 , 011, *till w
15 44414'4 14414inalect un tha 3t11.13,29thi ald
..

TheEfgh,h Annual General Meeting 44 the Directors, and
Proptiet r 3 of Cie National Bank of England took place 3,3-
lerday, at the Company's offices, 112, Bisi.opsgate-street

At 12 o'clock precisely the chair was taken by Josue Met-
♦lttlt, Esq., and the announcement calling the meeting having
been read,
The CHAIRMAN said, since the Directors had last the plea-
sure of meeting the Proprietors, they were all aware that the
emantry had undergone one of these severe monetary
revulsions which he was very sorry to think were
now becoming nearly of annual occurrence in that
country. It was gratifying to him, however, to be able to
assure the Proprietors that the last pressure, as well as the two
preceding ones in. 1836 and 1839, appeared only to hive a ten-
dency of confirming their establishment more and more in the
confidence of the public.—( Hear, hear.) Of that they had the
most gratifying proofs in the different quarters of the country
in which the Company had branches. If the Proprietors would
have the goodness to look at the statements made in
their previous Reports, and then take them in con-
nexion with the Report which ha should have the
pleasure of reading for them presently, they would
see, notwithstanding the adverse circumstances under which
the Company had to labour, that the advancement of its busi-
ness had been steady and progressive.— (Hear, hear.) He
had no doubt that as .commercial and financial matters im-
proved in that country and America, they might look forward
to very flourishing and prosperous times. With their Termis-
sion he should now read the Report.
The CHAIRMAN then read the Report of the Directors as
follows :
The
Direotors have now the pleasure, for the eighth time;
of submitting to the Proprietors their yearly Report ; and
when the eventful times which have recurred since the last
general meeting are taken into consideration, they confidently
anticipate that it will be viewed as a very satisfactory one, both
as regards the statement of account which it contains, and as
famishing additional experience of the soundness of the prim-.
ciples upon which the establishment is founded.
The commencement of last year was marked by some favour-
able symptoms—by an influx of btillion,an abundance of money,
and a slight revival in several branches of trade. But, on the
other hand, it was to.be apprehended that the deficient harvests
of the preceding years, and the unpropitious weather at •the
open ng of 1840, together with the unsettled state of our
foreign relations, might lead to ,a return of derangement.
After weighing .all circumstances, therefore, the Directors
thought it advisable to continue that cautious and restrictive
. policy which, as was stated in the last Report, they bad
adopted in anticipation of the monetary crisis of 18.39.
Subsequent events justified this determination. As the
year advanced, political difficult ies increased, the foreign ex-
changes suddenly became adverse, and the banking. and
trading interests were again placed in a state of
difficulty. The occurrence of these new embarrass-
ments, before the country had time to recover from
the paralysing effects of 'the pressure which had so re-
cently passed away, produced, as might have been expected,
both in the metropolis and the provinces, very disastrous con-
sequences, which, however much to be regretted in their im-
medate operation, have taught a lesson of no small practi-
cal value, by demonstrating the superior security offered by
Joint-;teck Banks. . .