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MORNING► ED►ITIO

ESTAIINSTER LOAN SOCIETY.

On Saturday a public meeting of the Proprietors and
D,-,henture-holders of the Westnaioster Discount, Loao,
and Investment Society was held at their offices, No.
10, Buckingham-street, Strand, for the purpose of
considering the expediency of converting the Institu-
tion into a Joint Stock Company. At the hour ap-
pointed for tilting the Chair (when the Board-room was
crowded, there being upwards of thirty members pre-
sent), the Secretary real a letter from the perpetual
Chairman of the Company, Mr. Cornelius O'Brien,
M.P., to the effect that he. regretted to be unable to
come to London to attend the meeting, but having
read the Report of the Managers, whi,th was submitted
to the Proprietors on this occasion, he considered it
most satisfactory. He was gratified at the continued
Prosperity of the Institution, and he highly approved of
the Proposed formation of a Joint Stock Company.
Mr. CROSSE (the Barrister), was then voted to the
Chair.

The SECRETARY read letters from the Honourable
E. BYng and Mr. Bridgeman, M.P., expressing warm
neerobation of the management, and a deep interest in
the Prosperity of the Society, which they considered
e9°4lle advantageous to the Proprietors, and bene-
ficial to the industrious classes ; but they at the same
time apolcgised for unavoidable absence. A similar
letter from Sir Robert Duplale (dated from La
Rochelle, the -)3d of March) was read, in which the
lion.l3lronet requests his debentures from the pre-
sent Society, to he converted into shares in the new
Company.
The CHAIRMAN said—Gentlemen, the success which
has attended this institution from its commencement,
the magnitude of its operations in a short period, the
tepidity with which they have recently increased, have
induced the mrnagers to call this meeting for the par-
13°se stated in the notice, in order that the business of
toe Society may be enlarged to an amount proportionate
t° the demands made upon it by the wants and the
f 'yetis of the public. The chief manaecr (Mr. Charles
Kerry Nicholls) has prepared a report of the progress
present condition of the Society, which will now
he read by the Secretary, and will enable the meeting
te decide upon the proposition which we are assembled
t 0 consider.
The Secretary then read the following Report
The Westminster Discount, Loan, and Investment So-
st,l,as established in the month of May 1839. The in-
-3‘itl.Y wasution originated with a few enterprising gentlemen of
uhitantial property, who carried the undertaking into
ne',ect entirely upon their own capital and resources, with-
6-lit any assistance from the public. In this respect, the
l'st steps of the Society were dii.tinguished from the preli-
fl'iliary course of most Companies. In the establishment
°f such companies it is acneraily the case that nothing is
certain to the shareholders hut an enormous outlay in the
first instance In the formation of this S )ciety the expen-
ci'tore for advertisem. nts, offices, clerks. came trom
the pockets of the founders, and no part of the amount was
?ter
charged upon those who have since united with them
41 raising the Institution to its present higa and important
a'lon. Our operations began with a loan of only 5/..
et, in the course of eleven monthQ, up to the time of the
general meeting, we had put into circulation a capi-
tal of 20,0001. ; and now, in less than two years, our
1
'a'zactions have amounted to more than 80,000/. The
P_ortion of that capital contributed by the public in the
711 Y of investment has been comparatively small, amount-
-41,g. to about 2,0001., but it has been productive
4(l' great advantage and acknowledged gratification to the
.ePositors themselves. For they have received in every
instance an unexpected bonus of two per cent. in addition
the agreed interest of five per cent. The advant ages
e°oferred upon the working classes by this Institutim form
44 important consideration in this Report. They are
Pre'vf d by the fact, that in almost every instance the bor.
t'tver haying paid up his or her loan, has applied for and
Obtained another. In most cases the improved circurn-
:tances of the borrower justify the Society in granting,
nU his friends in guarante ,inn, a larger loan, and in every
,
-ristance the parties have acknowledged a benefit conferred.
„ Our succseis in this department is mainly produced by
~"e care taken to ascartain that the applicant for a loan is
:13erson likely to turn it to good account, and by allowing
u'l entire month to the borrower to make the hest use of
thes money before any part is repaid. In the mean time,
'e turas the whole amount is his trade at leas-t twice, and
:11()'-netimes oftener. The repayments are made in the
antler most easy to himself, and the interest is paid in
::114 so small in proportion to his gains. that practically
15 never felt, and the effect to hint is the same as if the
Zturn of the principal by instalments were the only pay-
opt required of him.
'n the discount department important Resistance has
been rendered to small trmiesmen, and sometimes to men
extensive business, by discounting bills of low amounts,
11
tr'h otherwise must have remained until due in the desks
Of the holders, for bills of 15/. and even 201., are nearly
~:marketable, and rarely find their way into circulation,
the Pt by such facilities as this Institution afford:. Trades-
sfr: of high respectability are frequently put to great
sf,;,tts whilst bills of that description are lying by them
ledr,ess, and such persons have experienced and acknow-
sed the advantages of this Society to a very large
of ea' vast results which have been obtained with funds
Joie Society hitherto employed, suggest the formation of
48 th's ‘ Stock Company, with a capital of 100,000/., and
th Would, in effecq, circulate as 400 000/. in two years,
40-4 Public will readily appreciate the importance of the
4 ,'ertaking. Nor is it matter of speculation that there is
demand for the employment of that sum. The progres-
.vg
e increase in the amount of our transactions has ex-
ceeded the most sanguine expectations, and it is impossible
to calculate what may be its limits.

The reading of the Report was frequently inter-
l'l'Pted by loud applause.
iMr. J. W. BRYANT then rose and said—Sir, 1 have
taken a deep interest in the prosperity of this Institu-
tion from its commencement ; perhaps more from a
regard for my more enterprising friends with whom it
°riginatNl, than from any expectation of great emolu-
ment to myself; but certainly not from any anticipation
Zet the results in respect to public good and private gain
.1114:11 their judgment and energy have produced. It
,3 been m good fortune to observe from time to time
1;111' y
Practical proofs of their sound principles, and of the
ill, ability, bil
Witt, and integrity, and consequent success,
,f 7 Which those principles have been carried into ope-
-1,". It has also been a part of my experience to oh-
Crte the fatal consequences which have elsewhere fol-
'wed from the absence of such principles and the
R,le‘ct of such practices.—( Hear, hear.) The Society
+3 formed with two objects, neither of which has ever
;en lost sight of in the course of its proceedings, and
l),thnah these might seem, upon a superficial view, to
th- Indeoenclent of each other, I am fully convinced
at their connexion is so close—at least, in an
pastitution of this kind—where the one is not
beer the other will never be attained.—( Hear,
O) The first was a greater profit than could be
ott;4'ned by the employment of money in any
seoq
er novel undertaking—the second to obtain that
t With the greatest possible benefit to the Indus.
inP°!'s classes. These were the objects for which such
fr:titutions were designed by the Legislators who
titeed the law for their enrolment, and who, as their
oti,'"quent acts have shown, understood, like some
Sfl'Zl: designers moral and artistical, very little of the
It? hi‘; in taste or usefulness, which their own works
Q,4 produce, when completed.—( Applause and
utt'r.) The first Loan Societies' Act. was passed
%ill. the best intentions ; and, wherever it was fairly
thtludiciously acted upon, it answered the purpose of
th: legislature. It served to a great extent to take
btLl'idustrinus classes out of the hands of the pawn-
trh-"rs, and of those persons in the legal profession
14' before that Act, made it a business to discount
44°.1 low amount for the sake of the costs, which en
th• in the event of their not being taken up. The
ta'he'ts of the Act were thus Far in many instances at-
ci.l:red ; and those uncertain and often disastrous asso-
nit,ns called money clubs were discouraged, if not
11;1 Vier given up as lonr, as the Act of 5 and 6
414 IV. cap. 23,. was in' force. But
ti
as that Acte
j4(lw "
erY other must depend for its working upon ,
tai.'4l"rot and good faith of those who undertake to
IlildrY it into operation, the success of the Societies formed
then 4riit has been various.—( Hear.) In sonic cases
ihoie `ins been on the part of the Managers gross in-
-41)(i ce--in others gross indiscretion—( Hear, hear.)—
ttiri a large number of the Societies are at this %oh-
aidttl„tiankrupt, after public proceedings at law which
the —ern no credit, and inconsiderate loans which did
chit thriftless borrowers no good—( Hear, hear)—
tofiniquitous conduct, I am sorry to sty not al-
erirt,t-"er unfoided, although made with too little dis-
-1,5, 'nation, were brought in Parliament against the
Societies generally, and the blame was thrown
whiehthe Act of the sth and 6th of William IV., c. 23,
,It in fact, wherever it did fail, failed only because
atm, acted upon with prudence and good faith.—
"It.) The Act of the 3d and 4th of Victoria,
I -;
was consequently passed in great haste, upon
day of the Session, 1840 ; and its effect has
" necessity,to suppress or embarrass most of
it Soe• • • avail themselves of
8 13,0_,
.ieties which attempted to .
Hear.) It was certainly a strange
eat. enel' for the Legislature, which allows 20 per
!Ike ofs Pawnbrokers, who receive a substantial Incort-
i,44 Propert into their hands, for every loan, and
'Oll.l trouble) of irquirv, as to the character of the
wee
Si CCF~t t or the value o`' the security, to allow but 12
to Loan Sacieties.—( 14,ar.) It was impos-
,‘l've ens
lls t° to
upon that law—(Hear)—and those who
93 tt).avnured to do so have found out its worthless-
f
-Pat ""eir cost I am aware that I trench upon
ii(4')i I me which the delicacy of some gentlemen would
B?t cannot think that, in the important
irlr. un of this day, we have nothing to do with
'I lsf,rrrfections of the law, or with the faults and
`(ll~u°es of Societiesprofessedly similar to our own.
••,' it •', think it right to state on this occasion,
that we have flourished, and must conttnue-
4ii ,
and
It •lirt 1147'10—although discontent,
ni loss, and
(ll.iar.)
f4groe.rrittended the progress of
of
t,ilic!st,})jisrhn'Tel t the great, inet..caosei businessof
ortunrnite y
, that tuereis for the
Zl:loliit:illiraebni ~00,t of % capital
lon, inay
alreadyh muchat its disposal ; and by the
Driv e4Ditalist we
. arc, I trust,.a.Ooputonto.innvtihtee
tichtigQ viva s to join with us for parficip.tt
lt34e and public good, which this institu-
Y and which must be c ombined to render
old erQ,3„1,., .
4seftli. "le establishment permanently prosperous
(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 ,cueen is patron,
and Lord J.Rassell, Mr. Slane), and other statesmen
and philanthropists are Directors, and which was esta-
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-
fluence 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. flre 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 )ou all that is
known of its history you may guess for yourselves
what was its ultimate success. In 1781, when he was
in Paris as diplomatic agent for the American republi-
cans, he lent a French gentleman ten guineas on this con-
dition, that the borrower 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.) Inked, there is no
other monetary establishment in the world which
has its funds so well secured. For every 1,0001. which
we lend, we often hold the security of nearly 800 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 ativantlges to the Shareholders are so ob-
vious and so gr,-at, that if we fixed the capital of the
Company at 200,0001. instead of 100,000/., 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 heard with greet satisfaction
the Managers' Report of the progress of the Institution
from its commencement, and of its present flourishing

condition.

2. That it is gratifyin,q to the P.oprietnr and Deben-
ture-holders, that the profitable return derived from their
investments has been attended, to so large an extent, with

benefit and sati,fiction to the

3. That this meeting, considering the important advan-
tages obtained by the Proprietors and ti,e industrious
classes from the proceedings of this Institution hitherto,
and that larger capital, applied to its objects, will produce
the most beneficial results, hereby adoot the recommPnda•
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 conducted the
Institution to its high state of prosperity and security, be
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
eff et.

Mr. POWER seconded the resolutions, which were
carried unanimously.
Mr. HOLT moved the sth resolution, to the effect—

That the warmest thanks of the Proprietors and deben-
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 diFcre-
lien, in the discharge of the onerous and varied duties; ea('
far the kindness and good temper by which he has conci-
liated the best feelings of all who had transactions with the
Society.-e-( 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 so marked by discre-
tion and forbearance combined, that there bad not been
a single occasion to refer to law, in the case of any loan
under 20/., since the establishment of the Society.
Mr. KEY WOOD, in a highly-eulogistic speech, se-
conded the resolution, which, like the preceding, was
carried unanimously, and amidst applause.
Mr. NiCHOLLS them said, Mr. Chairman and Gen-
tleinen—l beg you will accept my sincere acknow-
ledgment for the compliment with which you have
honoured me and my colleagues. Tne 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 have 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. From 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 6th resolution :
That the thanks of this meeting are 11 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., for
their exertions and support in behalf of this Institution.
He said that this Institution was amongst the first
of the kind established in the metropolis, and at every
meeting the members had to congratulate each other upon
its transactions, ‘vlii6i had been alike satisfactory to
them, and to th ose {vho had availed themselves of its
assistance. In an eloquent speech of considerable
length, which was warmly applauded throughout, he
expressed his perfect concurrence in the formation of
the new Company, and, in conclusion said, that the dis-
tinguished and highly honourable 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. MARDENBURGIS seconded the resolution, which
was carried like the others with great applause.
Thanks were then voted to the Chairman, and the
meeting separated.

COURT OF SEWERS OF WEST-
MINSTER, AND PART OF MIDDLESEX.

An adjourned meeting of the Court of Sewers for
the City and Liberty of Westminster and part of the
County of Midilleiex, will he held at the Sewers'-office,
in Greek-street, Soho-square, to-morrow, at Twelve
o'clock. Among other proceedings are the following:—
To receive Report as to the Drainage Bill introduced
by Lord Norrcianhy in the House of Lords.
To consider (at Two o'clock) as to signing warrants
for levy upon the Churches and other newly rated pro-
perty in the Eastern Division of the Westminster
Sewers.

To receive a Report of the Solicitors of the circum-
stances con.nected with the case, and opinio❑ given
thereon by Sir William Horne and Sir John Campbell
in 1833, as to the right of the Commissioners to dis-
train for arrears of rate.

That the present system of collecting the Se xers-
rate be taken into consideration.
That, {or the future, the Sheriff be directed to sum-
mon a S pecial Jury on all occasions.

CIL RISTENING OF THE COUNT OF PARIS.—
" The christening of the Comte de Paris," says the Cour-
rier Francais, " is definitively fixed for the 2d of May.
There is to be a dinner of eight hundred persons, in the
great salon of the Louvre, after which M. Auber's grand
consort will be performed. On Monday evening last,
after the rehearsal of the concert, the King, wishing to
see what effect the salon would produce, had it lighted up
in the same way as it is to be at the christening. The
lights of the rich lustres striking on the pictures produced
a brilliant effect. Extensive preparations are making in
the grand apartments of the south facade of the Hotel de
Ville for a splendid dinner, to be followed by a ball. The
plans for the fireworks for the fetes of May are already
prepared ; they are composed of various allegories con-
nected with the christening. The musical pan of the ser-
vice at Notre Dame will he performed by the singers and
musieian.s of the Grand Opera, the Opera Comique, and
the Conservatoire de Mu,ique." The same journal state;
that for the occasion of the King's fete and the christen-
ing, an extensive amnesty is under consideration for pol'-
tical offenders, which will include Prince Louis Napoieon
(this we much doubt); and that in execution of the Royal
ordonnance of July 6.1834, containing promises of indul-
gence in favour of condemned persona in the colonies, who
have been remark able for their good comb Act since their
condemnation, the Minister of Marine is waiting for the
lists of propositions of grace from French Guiana, Sene-
gal, India, Martinique, and Guadaloupe, in order that he
may place them under the eyes of his Majesty.
LIVERPOOL PENNY TRIBUTE TO Row-
LAND HILL, ESQ.—The plate about to be presented to
Mr. Hill is a splendid silver richly engraved salver, about
twenty inches in diameter, and it is now to bo seen in the
shop window of Messrs. Wordley and Mayer, in Lord-
street, who were commissioned to prepare it expressly for
the occasion It hears the following inscription :—" Pre
sentel to Rowland Hill, Esq., by the subscribers to the
Liv:rp9ol Penny Tribute, in token of their gratitude for
the active, persevering, and successful exertions , to which
the country is indebted for that inestimable boon, the
General Penny Postage, isIDCCCXI.I."