The Sun.
London, England, 1841-04-05 00:00:00

EV[4:N IN G EDITION
IthB1!:LS IN THE CHURCH.

YORK.—On Thursday th

Archbisilo

's Visitltion

..e p..
/'4,Berfnued In the Minster, pursuant to adjournment.
r
ll'ao was absent, but 'Tiromas Terrell, E'q.,
'lstt'''''-lawi of London, appeared as his advocate.
ratter the names were called over,
ult. TERREL stated that he appeared on behalf of
mean,
.13
„, 4 HILLIMoitE said the Dean was in contempt, and
tv,oo-one could be heard for him until he bad purged his
41: I~P' promising obedience to the Ordinary.
...111.47 IEattELL was anxious to show that he (the Corn-
at)) had no power under his commission to enter into
'th...etquestion of simony, or to put the Dean in contempt.
PRILLImoRE said he had done so, and he could
14trevertedecision. He then stated that he had
Am La,
" a a sufficient opportunity of conferring with the
lrt'ttir on the sever& subjects which had been brought
f
t"re him, and, consequently, he adjourned the Court
oni the following day, at eleven, when he said he
sucald be prepared with his decision.
FRIDAY, APRIL 2.
tre.his forenoon this visitation was continued in the
''s,-siaStical Court at the Cathedral.
During the morning the following notice was posted
0 the south door of the ;Minster :
f j°3ePh Phillimore, Doctor of Laws, Regius Pro-
of Civil Law in the University of Oxford, and
iiilvocate of :he Court of Arches ; Commissary for the
prPL"ie of heldirg a Viiitation of the Most Reverend
Ztuilr in God, Edward, by Divine Providence, Lord
Do-Rcuuishop of York, Primate of England and Metro•
t.ta". Whereas you, the Very Reverend Wro. Cock-
Doctor in Divinity, Dean of the Cathedral and
t2ropr2litan Church of St. Peter of York, on the 23d
da
Match last, pending the proceedings of the said
it:t .
anon, have been pronounced contumacious and
46-"telnpt, and have continued ever since wilfully to
if You, self from the same. We, therefore, in virtue
tA "bet, authority conferred upon us by the said Lord
i'llop, the Visitor, as Commissary, do by these pre-
-1491.""41 Peremptorily monish you, the said Very Reverend
dp,411. Cockburn, to appear before us in the said Cathe-
u.::4 and Metropolitan Church, in the place wherein the
p-I,4tl7.,wi!otion was this day holden, at the hour of half-
to%e'even in the forenoon of to-morrow, then and there
tt,',urge yourself from the said contempt, and to return
the lawful obedience of the Ordinary, on pain of
punishment. Given under the seal of the
yed Lord
Archbishop, the first day of April, in the
f our Lord one thousand eight hundred and
f° °l
tiler the name of the Dean bad been called over,
tideeGnlttissary ordered the Apparitor to call him out-
' stPlidr.e.Jackson, the Apperitor, then called the Dean
Dean, however, appeared, and, after a long discus-
tli!'nore disorderly than any that has yet occurred at
i.O botist meeting, Dr. Plidlitnnre gave his judgment,
tlllel). was to the effect, that the Dean was deprived of
ifi his offices and emoluments. The judgment was
frioa*ards repeated with great solemnity by the Arch-
°P in the Chapter-house.

WESTMINSTER DISCO UNT, LOAN

AND INVESTMENT SOCIETY.

bu° Saturday a public meeting of the Proprietors and
4:dbloture-holders of the Westminster Discount, Loan,
, toeestment Society was held at their officer, No.
te4.., Buckingham-street, Strand, for the purpose of
liet;";ueriag the expediency of converting the Institu-
N,,,,t0 a Joint Stock Company. At the hour bp-
-0,;:° for taking the Chair (when the Board-room wes
eli„"(1), the Secretary read a letter from the
irralan of the Company, Mr. Cornelius O'Brien
P the effect that he regretted to be unable to
? ,to leondon to attend the meeting, but having
loadthe taeb Rep ert of the Managers, which was submitted
Boat
e-ropeietes on this occasion, he considered it
I' satisfactory. He was gratified at the continued
Peeity of the Institution, and he h;grily approved of
Proposed formation of a Joint Stock Company.
Caosse was then voted to the Chair.
-"Re SRearrame read letters from the Honourable
tee -Pig and Mr. Bridgeman, M.P., expressing warm
tii;t°bation of the management, and a deep interest in
tithProsperity of the Society, which they considered
ficiii"Y advantageous to the Proprietors, and bene.
it to the industrious classes ; but they at the same
let 5 apologised for unavoidable absence. A similar
Iloj, from Sir Robe-rt Dugdale (dated from La
tel,"lle, the 03d of March) was read, in :which he
eteZts his debenture from the present Society, to be
a° CHAIRMAN
into shares in the new Company.
114 ige CHAIRMAN said—Gentlemen, the success which
40,441:Wed this institution from its commencement,
.-einitude of its operations in a short period, the
Ptclit
11142 with which they have recently increased, have
Pose' the mrnagers to call this meeting for the pur-
tliesttated in the notice, in order that the business of
tor thnetY may be enlarged to an amount proportionate
I.rvoer,"lllands made upon it by the wants and the
"erry the public. The chief manager (Mr. Charles
:41 j; "icholls) has prepare I a report of the progress
se r:r4ent condition of the Society, which wilt now
d `a,d by the Secretary, and will enable the meeting
ttecule upou the proposition which we are assembled
consider,The Secretary then read the followine. Report e—
ti,te Westminster Discount, Loan, and Investment So-
kitY was established in the month of May 1839. The in-
khtlution originated with a few enterprising gentlemen of
titen'tkotial property, who carried the undertaking into
ttl`t entirely upon their own capital and resources, with-
let4nY assistance from the public. In this respect, the
kfriLltePs of the Society were distinguished from the preli-
oNlTY course of most Companies. In the establishment
tept 91 companies, it is generally the race that nothing is
iNtiIO to the shareholders but an enormous outlay in the
410tance. In the formation of this Society the expen-
Ilie:e for advertisements, offices, clerks. &c., came from
thirockets of the founders, and no part of the amount was
4harged upon those who have since united with them
44:
itig the Institution to its present high and important
!qt. to Our operations began with a loan of only 5/.,
11 the course of eleven months, up to the time of the
ill teneral meeting, we had put into circulation a capi-
ttla.....4l 20,000/.; and now, in less than two years, our
philetions have amounted to more than 80,0001. The
11 or that capital contributed by the public in the
„,
investment has been comparatively small, amount-
%tot° about 2,000/., but it has been productive
tleposeat advantage and acknowledged gratification to the
illttit°rs themselves. For they have received in every
%°111;ce au unexpected bonus of two per cent. in addition
agreod interest of five per cent. The advantages
411 jkiled upon the Working classes by this Institutim form
llto,,,aPortant consideration in this Report. They are
m,sbY the fact, that in almost every instance the or-
ktt:Pieg paid up his or her loan, has applied fora nd
,'`ktie„-.4 another. In most cases the improved circum.
Mc' of the borrower justify the Society in granting,
Ihne,l' friends in guaranteeing, a larger loan, and in every
0 te the parties have acknowledged a benefit conferred.
the titlt success is this department is mainly produced by
toe:t taken to ascertain that the applicant for a loan is '
1t4404°11 likely to turn it to good account, and by allowing
tnre month to the borrower to make the best use of
4te,,°°°Y before any part is repaid. In the mean time,
•ore,t-'s the whole amount is his trade at lent twice, and
,t(ttagallneB oftener. The repayments arc made in the
most easy to himself, and the interest is paid in
.° so
b small in proportion to his gains, that practically
"gtrii"or felt and the effect to him is the same as if the
kstit or the principal by instalmen's were the only pay -
1 -
In required of him.
Qt`tptruo discount department important assistance has
wetteudered to small tvelesmen, and sometimes to men
l'lliehettsive business, by discounting bills of low amounts,
411,2therwise must have remained until due in the desks
ki;holders, for bills of 15/. and even 20/ , are nearly
eygetsble, and rarely find their way into circulation,
Zile P? such facilities as this Institution affordi. Trades-
LnN its. high respectability are frequently put to great
whilst bills of that description are lying by them
be and such persons have experienced and acknow-
mttk the advantages of thin Society to a very large
tilllthntvtlat results which have been obtained with funds
society hitherto employed, suggest the formation of
Pe -.Stock Company, with a capital of 100,0001., and
ee,llebler'llid, in effect, circulate as 400,000/. in two years,
i-eeeraic will readily appreciate the importance of the
elere'ing• Nor is it matter of speculation that there is
..ete ihttad for the employment of that sum. The progres-
Zsdertl(tase in the amount of our. transactions has ee-
eton„,"e most sanguine expectations, and it is impossible
"late what may be its limits.
'l'llA4 reading of the Report was frequently inter-
JY loud applause.
inter-
tl
W. Bay ANT then rose and said—Sir, i have
tklttitel; geee's interest in the prosperity of this Institu-
°4l its commencement ; perhaps more from a
ts;
tkiti e,°l' my more enterprising friends with whom it
t,71114i;111 than from any expectation of great emolu-
e,t)se p_"4Yself ; but certainly not from any anticipation
fleteh tic:tilts in respect to public good and private gain
lh *ir judgment and energy have produced. It
the en al
‘kprttet. 3' good fortune to observe from time to time
%.10, ability,
proofs of their sound principles, and of the
tltit ejil..7tY, and integrity, and consequent success,
ktioe, those principles have been carried into ope-
-Ittte chef has also been a part of my experience to ob-
4*ed f fatal ecnsequences which have elsewhere fol-
Vett 5010 the absence of such principles and the
such praetices.—( Hear, hear.) The Society
eit'e° loot with two objects, neither of which has ever
Lt°4llol Sight of in the course of its proceedings, and
Icede might seem, upon a superficial view, to
at th,riendeet of each other, I am fully convinced
titltetif connexion is so close—at least, in an
rsetd" of this kind—where the one is not
411. the
•./ T, other will never be nttained.—( Hear,
etekied Ze first was a greater profit than could be
ot nov°Y the employment of money in. any
st with°, oudertaking—the second to obtain that
ith"t!'s club greatest possible benefit to the indus•
feltli'ttitiens". These were the objects for which such
se toed the 'were designed by the Legislators who
.
etOltieut all for their enrolment, and who, as their
tact, designers
acts have shown, understood, like some
te t. moral and artistical, very little of the
011 Prod"te or usefulness, which their own works
ett kllter.) ,Int", when ccmpleted.—( Applause and
ha first Loan Societies' Act was passed

with the best intentions ; and, wherever it was fairly
and judiciously acted open, it answered the purpose of
the Legislature. It served to a great extent to take
the inifustrieus classes out of the hands of the pewn-
brokers, and of those persons in the legal prof, scion
who, before th Aet, made it a leAness to discount
bills of low amount for the sake of the costs, which en-
sued in the event of their not being taken up. The
objects of the Act were thus far in many instances at-
tained ; and those uncertain and often disastrous asso-
ciations called money clubs were discouraged. if not
altogether given up, as long as the Act of 5 and 6
William IV. cap. 23, was in force. But as that Act
and every other must depend for its working upon the
judgment and good faith of those who undertake to
carry it into operation, the success of the Societies formed
under it has been various.—(Hear.) In some cases
there has been on the part of the Managers gross in-
justice—in others gross indiscretion—( Hear, hear.)—
and a large number of the Societies are at this mo-
ment bankrupt, after public proceedings at law which
did them no credit, and inconsiderate loans which did
the thriftless borrowers no good—(Hear, hear)—
charges of iniquitous conduct, I em sorry to say not al-
together unfounded, although made with too little dis-
crimination, were brought in Parliament ugair.st the
Loan Societies generally, and the blame was thrown
upon the Act of the sth and 6th of William IV., c. 23,
which, in fact, wherever it did fad, failed only because
it was not acted upon with prudence and good faith.—
(Hear, hear.) Tim Act of the 31 and 4th of Victoria,
c. 110, was consequently passed in great haste, upon
the last day of the Session, 1840 ; and its effect has
been, of necessity, to suppress or embarrass most of
those Societies which attempted to avail themselves of
its provisions.—( Hear.) It was certainly a strange
inconsistency for the Legislature, which allows 20 per
cent. to pawnbrokers, who receive a substantial mort-
gage of property into their hands, for every loan, and
have no trouble of inquiry, as to the character of the
borrower, or the value of the security, to allow but 12
per cent. to Loin Societies.—( Hear.) It was impos-
sible to act upon that law—(Hear)—and those who
have endeavoured to do so have found out its worthless-
ness to their cost I am aware that I trench upon
ground from which the delicacy of some gentlemen would
forbid me. But I cannot think that, in the important
deliberation of this day, we have nothing to do with
the imperfections of the law, or with the faults and
misfortunes of Societies professedly similar to our own.
—(Hear.) I think it right to state on this occasion,
how it is that we have flourished, and must continue-
-(Hear, hear)—although discontent, and loss, and
fa lure have attended the progress of others.—(Hear.)
It is found from the great increase of the business of
this establishment, that there is opportunity for the
employment of a capital much larger than the very
considerable funds already at its disposal ; and by the
resolutions in my hands, we are, I trust, about to invite
other capitalists to join with us for participation in the
private advantage and public good, which this institu-
tion yields, and which must be combined to render
any mercantile establishment permanently prosperous
and useful.—(Hear.) This latter principle has been
discovered to be essential for the lending of money, use-
ful even by an institution of which the Queen is patron,
and Lord J.Russcll, Mr. Sleney, and other statesmen
and philanthropists are Directors, and which was eita-
blished for the lending of money to the industrious,
without any profit to the capitalists who contributed
the funds in the way of donation. With all their in
floence and resources, their oversight of the true com-
mercial principle brought them to this state, that not
very long ago they were obliged to suspend operations
for five months, until they got in enough of their dis-
persed capital to go on again. We have had no difficulty
or delay in our business for a single hour. I have had
in my hands the last Report of the Society to which I
allude, and I find that they declare the mercantile or
reciprocal principle (on which we have always acted) to
be the only safe one, in lending money so as to do good ;
and they are now acting in other respects upon our
plans in minor detail. They do so as far as they can.
consistently with their institution being carried on,
without profit to themselves, which condition is enough
to prevent their ever making it extensively or perma-
nently useful. The Loan Society (if I may so call it)
established by the great Benjamin Franklin, was also
purely benevolent, and when I tell you all that is
known of its history you may guess for yourselves
what was its ultimate success. In 1781, when he was
in Paris ns diplomatic agent for the American republi-
cans, he lent a Frenchgentleman ten guineas on this con-
dition, that theborrower as soon as he could afford to repay
it, should lend the same sum to another honest man in
distress, upon the same condition—(Hear)—" so that,"
said Franklin, " my ten guineas may go round the
world, doing good, until a scoundrel stops them at last."
—(Great laughter.) Sir, our ten guineas are " going
round the world, doing good"—but we take better pre-
cautions than even the wise economist of the New
World, that " no scoundrel may stop" their circulation.
-Much applause and laughter.) Indeed, there is no
other monetary establishment in the woad which
has its funds so well secured. For every 1,000/. which
we lend, we often hold the security of nearly 300 house-
keepers, each bound in a small sum, compared to his
means. What bank, or merchant, or company, of any
kind, can boast of an assurance so safe as this? But
there is room for circulating with that safety, and, at the
same time, with the good which Franklin contemplated,
even a much larger sum, than we propose to raise by
shares. The advantages to the Shareholders are so ob-
vious and so great, that if we fixed the capital of the
Company at 200,0001. instead of 100,0001., I have not
the least doubt that it would be speedily subscribed.
Thanking you, gentlemen, for your kind attention, I beg
leave to move the resolutions, which have been
placed in my hands. He then read the following reso-
lutions :-
1. That this meeting has beard with great satisfaction
the Managers' Report of the progress of the Institution
from its commencement, and of its present flourishing
condition.
2. That it is gratifying to the Proprietors and Deben-
ture-bolders, that the profitable return derived from their
investments has been attended, to so large an extent, with
benefit end satisfaction to the public.
3. That this meeting, considering the important advan-
tages obtained by the Proprietors aid tie industrious
classes from the proceedings of this Institution hitherto,
and that larger capital, applied to its objects, will produce
the most beneficial results, hereby adopt the recomm,.nda-
tion of the Manager, and resolves that the Society, from
this day, do become a public Joint-stock Company, under
the name and title of '• The Westminster Loan and Invest-
ment Joint-stock Company."
4. That the present Managers, who have conduced the
Institution to its high state of prosperity and security, he
requested to continue their valuable services, to prepare a
deed of settlement, and to take such measures as they may
deem necessary for carrying the foregoing resolution into
effect.

Mr. POWER seconded the resolutions, which were
carried unanimously.
Mr. HOLT moved the sth resolution, to the effet—
That the warmest thanks of the Proprietors and debPn-
ture holders are due, and are hereby given to the Mana-
gers of the Society, and especially to Charles Kerry Ni-
cholls, Esq., for his able conduct in the arduous office of
Chief Manager ; for his skill, laboriousness, and di,cre-
lion, in the discharge of the onerous and varied duties; sad
for the kindness and good temper by which he has conci-
liated the best feelings of all who had transactions with the
Society.--(Much applause.)
He said that he had had' opportunities of observing the
admirable conduct of Mr. Nicholls in managing the af-
fairs of the Society, which was always marked by dis,
cretion and forbearance combined.
Mr. KEYWOOD, in a highly-eulogistic speech, se-
conded the resolution, which, like the preceding, was
carried unanimously, and amidst applause.
Mr. NICHOLLS then said, Mr. Chairman and Gen-
tlemen—l beg you will accept my sincere acknow-
ledgment for the compliment with which you have
honoured me and my colleagues. The duties of the
office which I have the honour to fill are arduous, and
can only be discharged by my constant application from
morning till night. But in that application lam sus-
tained and encouraged by the success which has
hitherto attended our institution. This Society is well
suited to the wants of the public ; it has been con-
ducted on strictly commercial principles, and carried
on with fairness and prudence, as well as with spirit.
It has been expedient to give occasional indulgence to
persons who were not always able to observe strict
punctuality ; but that indulgence, I am happy to say,
has not often been abused. That we haze had every
success—that we have done great good—that mutual
satisfaction and advantage to us and to our customers
have attended our proceedings, are gratifying truths ;
but it would not be true to say that we have had no
trouble at all. Froin my experience of the past—from
my intimate acquaintance with the wants, feelings,
and habits of the industrious classes of this metro-
polis—l do not hesitate to predict that this Company
will, ere long, be the most important and most useful
establishment of the kind in this country.
Mr. WALTER moved the Gth resolution
That the thanks of this meeting arc h,.reby gratefully
presented to Cornelius O'Brien, Esq,, M. P., Chairman
of this Society ; to the Honourable Edmund Byng, Sir
Robert Dugdale, and Hewitt Bridgeman, Esq., M. P., fur
their exertions and support in behalf of this Institution.
He said that this Institution was amon4st the first
of the kind established in the metropolis, and at every
meeting the members had to congratulate each other upon
its transactions, which had been alike satisfactory to
them, and to those who had availed themselves of its
assistance. In an eloquent speech of considerable
length, which was warmly applauded throughout, said,
the distinguished and highly bount-able gentlemen who
were named in the resolution, and to whom the meeting
owed its most cordial thanks, formed, by their support of an
Institution destined to benefit the industrious classes, a
link in the chain which should bind the latter more
closely to the institutions of their country, of which those
gentlemen were the pillars and ornament.—( Applause.)
Mr. MARDENBOROUGH seconded the resolution, which
was carried like the others with great applause.
Thanks were then voted to the Chairman, and the
meeting separated.

Edward Baines, Esq., M. P., reached Leeds
rom London on Thursday. Mr. Baines, though somewhat
rstorecl, is still far from enjoying his former vigorous health.