The Sun.
London, England, 1847-03-18 00:00:00

for the conditions he annexed to the Bank Charter, or the
probability would have been that they should have been int
the same condition as in 1825 and 6. They should have had
an issue of spurious paper over the country instead of good
gold and silver as at present. He repeated it advisedly, that
the Bank of Eegland and the country there deeply obliged to
Sir Robert Peel. whey were also indebted to Mr. Cotton for
his continued advocacy of these alterations. In proof of the
success which had attended them since that time, he would
just read to the Court the state of the Rest at different
periods until the present time :
The Rest was on the 3d October, 1845 £3,616,685
On the 28th of February, 1846...... 3,689,430
On the 26th of September, 1846
On the 27th of February, 1847. • .... ............ 3,899,222
-And, cn the 6th of March, although the Governor did not
quote it as the bag.; of the dividend, there was an in-
crease, in one short week, of 52,:001. which made
3,951,922/., or nearly four millions of Rest.—(Hear.)
Under these circumstances, he saw no reason why a dividend
of 41. per cent. should not be declared out of the rest at
3,899,3201. referred to by the Governor. The reduction which
his proposition would effect would not be great, as the Rest/
after the payment of 41. per cent. for the half year, would
be 3,330,0001. But he wished it to be distincty understood
that he did not find fault with the way in which the present
Governor and the directors, or their predecessors, hsd ma-
naged the affairs of the Bank; because he considered that
their management had been excellent in the extreme":
(Hear, hear.) Still he thought it Lis duty, wilt.;
out in any way blaming the conduct of thole* ntrustvu"
with the management of their affairs, to persevere in the
amendment he had proposed. In order to show that ttl
capital of the Bank was amply sufficient to pay an incite!
dividend, he might state that the capital stock of the 133",
'.,
on the 10th of October, 1846, was 15,280,0001, including the
issues, whereas on the 27th of February, this year, it had,
fallen to 12,440,0001.—1e5s by 2,387,000!.; but the capital3l
the Banks of England and Scotland was only 5,000.0(04
and yet they paid a fair dividend. He had had considerable
experience as a country banker, and he was therefore ine
condition to state that the Bank Charter of 18.74,'
which limited the issues of country bankers,_ tl3°°-
bankers had been compelled to issue gold and silver
and bank notes to meet any excess over their ordinary" and
culation, but the working people employed on railways, a.... 13
a great many were so employed at the present morneut,w_„l
obliged to be paid in gold and silver; thus a greater utile"'
of bullion had been called into circulation than heretofore,
and great draws were made upon the banks for it. Certainly
in the part of the country with which he was connected, bang
notes were at a premium as compared with gold and save!!
yet as much as 1,000/. a day was paid in gold in wages to
persons employed on the works in his neighbourhood; b"'
whanever bank notes were made scarce gold and silver WO
out from the Bank a England in shoals, but as the working
classes had an aversion to hold notes, they had invariably' 10
be paid in gold. He should persist in his motion.
FIELDEN seconded the motion. He always under-
stood that the three-and-a-half dividend was only to
temporary, and that they might look forward to one of 8 •
per cent:for the year. That time last year, the Governor
came forward and stated, that he had great pleasure to ill;
form them that they would be exonerated from the payment
of the income-tax, and the proprietors thanked him for the
intimation; but at that time the Rest was 3,689,0001 jest
one million more than at the*time the proprietors received 8,
per cent.—(Hear, heal)—ind its increase to 3,899,2224
this year was an additional reason why they should have the
dividend increased to 41. per cent. for the half-year. The
difference between the property-tax and 41. per cent. wi,7
too trifling to be considered as any great advantage belte
the dividend they proposed to declare. The gradual Inc
in the Rest was one of the strongest argtueent,
he would urge in' favour of the amendnlen
What was the difference between four per cent. and the l? be
perty-tax ? it was not so very much ; and he thought it ws
duty of the Executive to allow the proprietors as ballb.
dividend as they possibly could with due regard to the egad
lishment. He thought that it was the duty of the Court
„id
Directors, if the proprietors were satisfied, that they c°,7.t
safely receive a dividend of four per cent., to allow them I
-
dividend, especially when, as he had said, the difference
be-
tween that sum and the property 'tax was so trifling. jaw,
The GOVEILNOR—The Hon. Proprietor said that the 0'; to '
rence was very small. The income-tax would arnotte•so
30,0004 while the difference of one per cent. would utah_ee
increase of 145,0001. Surely such a sum could not be a"
trifling.
Mr. FIELDER said that he also thought the mode a 101-
ing the tax was incorrect.
The GOVERNOR said that if the Hon. Proprietor had ants
complaint to make lie had better refer to the Comirdest°lle
of the Property Tax at Somerset House. tat
Mr. FIEDIEste said that, in conclusion, he would state w-ni
he had great pleasurein hearing the amount of 'the rest,
if the proprietors thought it sufficient to warrant a died
of 4 Per cent. being paid, it was for them to take the tsari
st
sibillty, if the proprietors did come to the conclusion .0„,
a dividend of 4 per cent. Should be paid. He hoped no
ther objections would be made.
,noSt
Mr. COOKE said that as one of the proprietors he
beg leave to concur in the opinion of the gentleman ..40
A
had just spoken. When they came to consider the inierSia
of the money which was invested in railways, he really,."
w ~,,r
not think it very immoderate to expect a dividend of ~' n"i
per cent. He as extrt mely sorry to see that Lord Ash'
ton, in his motion on the currency the other evening, seem Act
to find fault with the Governor and company in an itt,u;;se
way, by stating that they had been purchasing (es It
their duty to do if it was for their own interest) a clutt--er-
of railway debentures, and had neglected the Excliegliber
bills on account of their being so very low. There was lino
question also which be wished to ask the Governor, eettb ho
ie
was, whether the corporation had not received consitlc'-tee
injury from the amount of seven-day bills, and whether
_no
Chancellor of the Exchequer bad taken any effectual Swr,
to check the issue of these bills?
The GOVERNOR said that the Hon. Proprietor kne Wjustt ,41:0
much on the subject as the directors did. He had seen
letter which the Chancellor oftheExcheqner had address
to them.
Mr. COOKE—There was another question which be wicalle,
to ask • that was—Whether the Corporation had not been
some degree, injured by a practice which had bean stet: t'7.'
the public papers to be taking place, namely, the secreet,
k to
that establishment crept out of it into the Money r_ 2
Market,
large •
the injury of the proprietors and the public at .n thst
lie wished to know whether there was any thruptil 'ducted
statement ? -If there were, the business must --
ltd zee
in a most inefficient manner,ioaranntdfoifrstuhcelt
itnrateursea settstoitS ‘.•
;,broad, it was rrest important
poration that sonic alteration should take place inolo theemeoui;
and manner of election.

The GM ERNOR .t,stired the Hon. Proprietor that the re'
port was without toundation.
Mr. (:4):,1; was very glad to hear that it was untrue'.
Although he should be very sorry to second any proposing
!or increase of dividend, and it the directors as a hotly thought
it would he Unpr&ent to allow that increase, he should 13"
6upport the proposition of the Hon. Proprietor.
Mr. NATILLIAmsow said that the simple question was, I'll;
ther they could spare a dividend of 4 per cent. On the
of March, 1839, the rest was '2,798,0001., so that if 4 per ce.°,_t:
were to be taken, they would have to take 50,000/. fronr._l!,l
rest, anti if 31 per cent. were paid they would add '0,0;
to it. The 3i per cent. was paid ow that occasion. He ft,.
one of those who considered that the rest should never]
under under three millions, and of late years they had fro;
1,090,000/., and thus it might be fairly asked if theY e,r,bey
in a condition to allow a dividend of 4 per cent. Coui,",:k it
spare the additional 150,000/. that day? He did not tu"4s,..
would in any way interfere with the funds of the estabi
merit by allowing a dividend of 4 per cent. So,ef
Mr. CLARKE said that he was adverse to any incre3;eeo:
dividend, but he was not adverse to a bonus- belog.fiaataa
They were two very different things, for the "i'whirsil
might be considered as a sort of annuittt toe*
might be hereafterwards diminised by adverse cireuol,s.-„ctera
while a bonus was always under the control of the 'lir-dire'
as to its amount. He was sure it was the wish of the con-
tors to give the proprietors as much profit as they ()OIL" Ole
sistently Ilial the proper conducting of the Bank' _,t A
only question for their consideration was, how g"-sorf
suns could then be given to them. It was oe°,e the
thr the Court of Proprietors to consider what ",',,ide
maximum rest which should be kept, in order to Pr° or
against contingencies; and then they would be better
tabled to judge what bonus they could hare. disco'" Mr. D. SALOMONS said that, whatever turn the disc or
might take, they should consider that those who bad 110
terest in the partnership should derive a benefit node
it. It had always been a great mistake to benefit
that the system of keeping a large rest was 11A tba
neficial one. It hindered the parties who enterea,,,eir
concern from receiving, any benefit from it during Woe
lifetime, and the only parties who derived any bencii,t benefit
it were their heirs. The only ey in which any ue,„.-est•
could be derived was by a sale of their i°tr,iyett
when they obtained a benefit in capital, but f°r`rt," of
many others. He wished to press upon the C°ll,iple
Directors the necessity of there being some defined Prillsibe
laid down with respect to taking a review of the affairs oi_.oo
Bank, in order to estimate the profits. He thought that
that side of the bar they ought not to be parties to apt
maneut increase of dividend, believing that it would be
injurious to the establishment. t of
Mr. PARRY DE WILTON, in reply, thought that a rescorr
upwards of 3,000,000 was amply sufficient to meet anY
tingencies of the Bank, and he should therefore perseVere
his
The aendment. eed•
The GOVERNOR then put the amendment to the Courtlas
upon a show of hands, declared it to be lost by 8
majority. bi°ll
The GOVERNOR then put the original motion, unoo,looo
Mr. CLARKE moved, as an amendment, "That in au
to the per cent. dividend the proprietors should !got
1 per cent. bonus." He believed that they had aau t
rest to give a 2 per cent. bonus, but, under the pre se?„ et
cumatances of the money market, he would only put 14
per cent.
Mr. SALOVONS seconded the amendment. Could
PROPRIETOR doubted whether such an amendment
be
The mov e
Gd. E
„
OVERNO said it was perfectly competent ford to
proprietor to move such an amendment, but be begg..fied,
remind the proprietors that, in the event of its being call
there must be a ballot of the proprietors. 00°4
The amendment of Mr. Clarke was then put to the,bf a
by the Governor, and declared by him to be carriea "
large majority, amid much cheering. dtalon
The Govauxon said, in consequence of what h°
place, he must move, in addition to the motion for,ticlb°
dend of 3i per cent., that a bonus of 1 per cent. ai,a°"sdaft
paid, and that a General Court should be held on Lu-pc,loc
the 22d inst., and a ballot taken from eleven to four 0
upon that proposition.
This motion was carried unanimously. ..ereoro
Mr. H. TuosirsoN moved a vote of thanks to the Go'c yet
Deputy. Governor, and directors, and in doing so obser
that such had been their zeal for the interest of ,eceljair
prietors that their salaries ought to be paid free oil°
tax.—(Cheers.)
n mMort;
slyC L.A RK E seconded the motion, which was carried o°ld
11-
The
lastG°viEiine nN°Eli
its his character of Governor
,e returningisnhou should
have
the
thanks,ho nstoautredtothaadtdtrhesiss Wool
be
the
Mr. CLARKE thought under such circumstances th!C°Guer.
ought to come to a vote of thanks specifically to
a to til°
vernor.
A specific vote of thanks was unanimously carrie
Governor, and the Court broke up.

1 --.-----
DIRECT LONDON AND poirr6"
MOUTH RAILWAY.—(THIS DAY-) f
An extraordinary general meeting of the shareholder: o_,
this company, was this day held, at the London Tay 17:„
Bishopsgate-street, for the purpose of considering the dr.aii:
of two proposed Bills, which were submitted to the ineetut
viz., a Bill to enable the Direzt London and Portsmouth BM'
way Company to make an approach to the town of pork the
a deviation in the line, and certain alterations in
levels of their railway, and in the Croydon and EPs° t
Railway. Also, a Bill to unite and consolidate the
Dire
London and Portsmouth Railway Company, with the London,
Brighton, and South-Coast Railway Company-
The chair was taken by C. S. Crowley, Esq. atone n'el°cl'
but some time elapsed before the business of the zneetil
commenced, in consequence of there not being thirty peruri,,
present, that being the minimum number required by t.:
Act to constitute a meeting. The requisite number WO*
bola 9btaiued,