The Sun.
London, England, 1848-03-16 00:00:00

COAL MARKS'

'..,-YESTERDAT.

Buddle's West Hartley 15s Od!flettoa ... Ws 01
Carr's Hartley
Charlotte .. .. ...... ... 14s 3dlLambten
Chester Main l4s 6dMerton ..„
Davison'sWestHartley 15s Od;Morrison l4s 9d
Dean's Primrose ...... las 6di Russell's Hettisa
Hasting's Hartley lss OddShotten
Original Tanfield lls 6d Stewart's
Tasleld Moor ...,
South Pontop
Ilse
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Wylam
West Wylam
Wall's End, &c l4s 6d!Thornley
Adelaidel Tees
Bell and Brown ...... ... 15s Od Seymour 'lees
Bow icke sad Co.
Hedley
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Walker
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Eden Main • l6s Od Newton Main
Belmont l6s Od Sidney's Hartley
Bell

Haswell IY 3cl

BANK OF ENGLAND—(THIS DAY).
The half-yearly Court of the directors and proprietors
of the Bank of England was held this day, at twelve
o'clock, in the large room. The attendance of proprie-
tors was large.
The minutes of the last Court having been read,
The GOVERNOR (James Morris, Esq.) said—l beg to
inform the Court that this is a half-yearly general Court,
appointed by law to consider a dividend. I have plea-
sure in stating that the Court of Directors, having con-
sidered the state of the Bank accounts, are of opinion
that a dividend may be made, if the Court think fit, of
4/. 10s. per cent. interests and profits for the half-year
ending the sth of April, without any deduction on ac-
count of income-tax.—(Loud cheers.) I may state that
the amount of rest on the 29th of February, 1848, was
3,946,5241. The rest on the 31st of August, 1847, was
3,925,634/., making a surplus gain in this half-year over
the last half-year of 20,8901.—(L0ud cheers.) The
rest that will remain after the deduction of the dividend
of 4/. 103. per cent. for the half-year, will be 3,291,639/,
—(Cheers.) After the payment of the dividend the
surplus I have mentioned-20,890/.—will be carried to
the rest.—(Cheers.)
Mr. FIELDER, who was very indistinctly heard, pro-
posed as an amendment, that a half per cent. should be
added to the dividend for the half-year, on the ground
that the profits, which were gradually on the increase,
were well able to bear it. The Bank could well afford
to pay Si. per cent. for the half-year. The Honourable
Proprietor was proceeding to show that they might de-
pend in the future upon a gradual increase in their
profits, when
Mr. CLARKE rose to order. He thought that it would
be greatly to the inconvenience of that or any other
Court if Hon. Proprietors were to argue from prospec-
tive accounts. There was a period and limit to each
account that was presented to them, and if they were to
sit there to consider prospective accounts, it was not
unlikely that some other gentleman might rise and
enter into a disquisition of their resources six months
hence.—(Laughter.) The Hon. Proprietor was intro-
ducing several matters at a time when there was but one
before the Court.
Mr. FIELDER went on to show, by reference to figures,
the purport of which we could not catch, that the Bank
could well afford to accede to his proposition.
The GOVERNOR explained in reply, that the rest
made up to February appeared larger than the amount
published in March. The rest made up to the 29th of
February included, of course. the profits calculated up
to that day, after all expenses had been provided for,
consequently, if the subsequent account pnblished on
the 6th of March, was taken as the net profits up to
that time, it would give erroneous information on the
point.
Mr. DE WINTON seconded the amendment. He con-
sidered that the dividend ought to be increased. It
appeared that after the payment of the dividend and
bonus declared at the last meeting, the " rest " then
amounted to 3,300,000/., or, as stated by the Governor,
to 3,390,0001. Deducting 5 per cent. as dividend from
that sum, it would still leave the "rest" amounting to
3,120,5001.; adding to that the accruing revenue between
this time and the sth of April next, take it at 100,0001.,
that would then leave, with the payment of five per cent.
a " rest" of about 3,350,0004 He trusted, therefore,
considering the great losses which had recently been
sustained, arising from the effects of the recent panic,
which he believed to be solely attributable to the con-
duct of the directors.--(Cries of " No, no.") Ho re-
peated that it was so, and could prove it, if allowed to
do so, by figures which ho thee had before him. The
Hon. Proprietor then proceeded to state that they were
never in a better position to pay fire per cent. than they
were in at present, that they were now better able to
pay five per cent. than at the last meeting they were able
to pay four and a half. The amount of reserve
notes was then 6,000,0001., where it was now 9,000,0001.
(so at least we understood the Hon. Proprietor to say).
The circulation in 1847 was 19,000,000/., at present it
was only 18,000,000/. He should therefore give his
support to the motion for receiving 5 per cent. dividend.
Mr. CLARKE said that he should oppose the motion,
not because he did not recognise in its fullest force,
viewed as an abstract principle, that the proprietors
should enjoy as much division as could consistently be
given to them for the time being out of all the profits
made up. With that abstract principle ho did not in
the least disagree. Last year he supported the motion
for increasing the dividend, and it might be asked why
he did not support a similar motion upon the present
occasion. The answer to that question was, in
his opinion, sufficiently obvious. They were now
placed in very different circumstances to those in which
they were placed upon the last occasion. The whole of
the continent of Europe was now convulsed, and no
person could foresee in what a chaotic state the affairs
of Europe might yet bo placed.—(Hear, hear.) With
such things staring them in their face, he thought that
it would be most unwise to make any increase in their
dividend and risk, by endangering the amount of " rest."
—(Hear, hear.) Thank God, England was now in a
sound state.—(An Hon. Proprietor—" Amen.") In
consequence of the numerous failures which had recently
taken place every mercantile house had been compelled
to contract their engagements with a view to their being
honourably and faithfully met.—(Hear, hear.) It was
his opinion that in consequence England stood upon a
stronger and firmer basis than ever.—(Loud cries of
" Hear, hear.") He thought that it was the
duty of the Bank of England to avoid increasing the
amount of the dividends, or reducing the " rest."
Taking everything into consideration, he believed that a
dividend of 4i per cent. was a perfeetly satisfactory one,
and ought to be agreed to.—(Hear, hear.) He thought
that it was very inconvenient to discuss prospective
subjects not before the meeting, and it was for this
reason that he had been induced to interrupt the Hon.
Proprietor (Mr.. Fielder). He entertained the most
cordial good feeling for that gentleman, but he certainly
differed with him in his opinions. He thought that they
had nothing whatever to do with any calculations as to
the profits of a future time. He begged, therefore, to
give his support to the original motion.—(Hear, hear.)
An Host. PROPRIETOR said that he thought that the
meeting ought to congratulate themselves upon the
secure manner in which the business had been carried
on, and that they were entitled to divide 3i per cent.,
and an addition of 1/. bonus.
Mr. COOKE trusted that the Court would not adopt
the principle too generally adopted of showing all their
goods in the windows, and leaving nothing in the
cellars.—(Hear, hear.) He was sorry to hear that the
directors had been charged with rendering money cheap
at the time that the bullion was sinking in their
vaults. He did not think that the directors were
to blame, the fault was to be attributed to
the working of the Act of 1844, the friends of which
seemed to imagine that it was a self-acting measure,
and was capable of adapting itself to all emergencies.
When he considered what was promised on the other
hand—that they were to have halcyon days, and that
every poor man was to have 1/. in his cupboard—
(Cries of " Question, question ")—he could not but
think that they had been led astray.—(Cries of
" Question.") As to the statement that the establish-
ment had made money dear, he denied that they had so;
and he would ask, would they not have been blamed
if they had done so when the Chancellor of the Ex-
chequer wanted eight millions of money for the dis-
tresses of the people of Ireland? He had no doubt that
the Bill he had referred to would act with interest to
the country, and in support of the establishment. It bad
secured to the community at least great advantages.
With respect to the dividend of 4i per cent. or 5 per
cent., he thought it became the duty of the directors
not to press too much upon the " rest."—(Hear, hear.)
He trusted, therefore, that the dividend proposed by
the Governor and directors would be unanimously
adopted by the Court of Proprietors.
Mr. Alderman SALoatosts, having set this ball rolling
—(Laughter)—trusted that he should be pardoned if
he said a few words upon the subject. He
did not think that they were justified in
making observations against her Majesty's Govern-
ment.—(Cheers.) lie should give his cordial support
to the proposition before the Court for a dividend of
four-ana- a-half per cent., believing that it would be
found disadvantageous to the company if they inter-
fered with the Governor and directors,- particularly
in so small a matter as ten shillings.—(Hear.)
As to the " rest," it formerly never exceeded
two and a half millions ; it had latterly amounted
to three millions, which he thought was ample for all
purposes, upon a capital of 14,000,000/. He trusted
that the amendment for increasing the dividend would
be withdrawn.
Mr. FIELDER wished for nothing but unanimity on
all sides of the Court, and he would, therefore, with-
draw his amendment.
The amendment was then withdrawn.
The GOVERNOR, in answer to the question of a
Proprietor, said that the " rest" he had stated was after
deducting bad debts.
The GOVERNOR then put the question, that a divi-
dend should be granted of 4i per cent. on the half-
year. In doing so, he stated that the whole had been
put in the shape of a dividend, because had part been
put in the form of a bonus, parties having a life interest
only would have had no claim to it.
The dividend of 4i per cent. was then declared to
be unanimously carried ; and
The GOVERNOR informed the Court that the dividend
warrants should be delivered and paid ce Thursday,
16th of April next. With reference to what had
occurred at the last half-yearly meeting, he felt beund
to state that the attention of the Court of Directors
had been directed to the subject of the system
pursue: ti on the se!‘ etien of
dates to be re-elected, and the proprietors to
be elected as directors and governors. It had been