The Sun.
London, England, 1848-05-26 00:00:00

" REPORT

Of the directors of the National Bank of Ireland,
made to the proprietors at the thirteenth annual
general meeting, held at the office of the company,
.No. 13, Old Broad-street, London, on Wedne: day,
the 24th of May, 1848 :
" On the occasion of the annual general meeting
the duty devolves upon the directors' of submitting
to the proprietors the result of the operations of the
bank for the past year. The annals of banking do
not present a period of greater difficulty or excite-
ment, or one which bas required more anxious care
and attention on the part of those having the respon-
sibility of large monetary establishments.
" the fluctuations in the value of money, securities,
and produce, large importation of grain, and a ten-
dency to undue speculations, with the full prospect of
a nanundant harvest, indicated early to the directors
the danger that the year would wind up with panic
and disaster.

"In the early part of the year, while the country
was under an absolute deficiency of food, the directors
willingly lent the facilities of the bank to its impor-
tation, but they considered it their duty to withhold
undue accommodation from those who were disposed
to push speculation beyond a certain period.
" In acting with in-creased vigilance and decision
on these views, the directors havecustomers
of the bank
the satisfaction of
stating that but few of the
have suffered, and the bank itself
w iwas enabled to pass
through the period of diffi th
culty abundant means
and without much anxiety of loss.
"At the same time the continued deficiency in
the potato crop in 1847, a produce so essential in
present condition of Ireland to the punctualdthe
charge of local engagements, the disease engendered
by the deficiency of Wod, diminished exports, and in-
creased imports, pressed with unusual severity on the
agricultural resources of Ireland.
" The people have met these trials with an admi-
rable coinage and resignation, and it is hoped that
another abundant harvest may restore the country to
its previous condition.
" Notwithstanding these and other subjects con-
stantly before the attention of the directors, the pro-
gress of the bank has been satisfactory, and its pro-
fits have exceeded former years. Public confidence,
iu its ample resources and management is steadily
increasing, and its future piospects are sound and
healthy.
" The bad debts having beeen written off, the
directors have, out of the net profits of the year,
amounting to 33,4961. 9s. ld., paid the two half-
yearly dividends, and there remains a surplus of
10,9961. 9s. Id.

"At the last meeting, the proprietors having con-
curred with the directors in the opinion that a re-
served fund of 50,0001. was sufficient, the directors
have come to the conclusion of declaring a bonus of
10,0001, to be divided rateably amongst the pro-
prietors, and which will be paid them with the next
yearly dividend.
"During the latter part of the year, it having been
intimated to the directors that the London and
Dublin Bank were desirous of dissolving that com-
pany, negotiations were entered into with the di-
rectors, which terminated in this establishment suc-
ceeding to its connexions in the towns of Dundalk,
Carrickmacross, Wicklow, liells, Athy, Mullingar,
and Parsonstorn, with every prospect of advantage
to the bank. The whole of these localities are, with
the exception of Parsonstown, within the circle from
which all banks of issue, except the Bank of Ireland,
had been excluded, until the extinction of the mono-
poly by the Bunking Act of 1843.
" By this arrangement the vacancies in the direc-
tion were tilled up be three of the directors of that
establishment, viz , bir _Ralph Iloward, Bart., ;
Octavius Ommaney, Esq. ; and Francis Carnac
' Brown, Esq.; whoc appointment by the directors
will require confirmation by the proprietors.

" There are now to be elected four directors in
the room of A. P. Johnson, Esq. ; Fowler. Newsam,
Esq. ; F. B. Renshaw, Esq. ; and Charles Bianconi,
Esq.; whose tune of office has expired, but who are
re-eligible, and otter themselves accordingly, and
three other proprietors have signified their intention
of becoming candidates for the office, viz., John
O'Connell, Esq., M.Y.; Augustus Vigne, Esq.; and
Rowand Ronald, Esq., and whose names are also
submitted to you.
" Tne undivided profits at December,
1846, were
" Net profits for the year ending De-

ember, 1847 V 33,496 9 1

£83,605 4 4
" Deduct half-year's divi-
dend to Midsummer,
1847 .
" Ditto ditto to Christmas,
1847

22,500 0 0

" Leaving amount of undivided pro-
fits at December, 1847 £61,105 4 4
" Approved by the Court,
(Signed) " OCT. OMMANN EY, Chairman."
The CHAIRMAN said it was usual, before moving
the adoption of the report, to ask if any gentlemen
present had any question to put. If so, he should be
extremely happy to answer it.
EDMUND POWER, Esq., here introduced a question
of a personal nature relating to himself, and moved a
resolution thereon, which, not being seconded, fell to
the ground.
The CHAIRMAN said, it now becomes my duty to
move that the report be adopted, printed, and circu-
lated amongst the proprietors, unless any one has
any question to ask in respect to it before doing so.
Since no proprietor seems desirous of asking any
questions, I will now offer a few observations to the
meeting. The report, as you will have heard, refers
to the banking operations of the year, which
ended on the 31st December last. It is almost
unnecessary to remind the meeting that com-
mercial affairs during the period, have seldom
or never experienced such severe trials. It was
also a peculiar year with respect to the staple
produce of Ireland; the failure of the potato
crop for two successive years, caused much
difficulty, and this circumstance alone required
a great deal of attention on the part of the direc-
tors. Superadded to that we had to contend
against the consequences arising from large importa-
tion of grain into that country, and into this. As we
have stated in our report, the directors were enabled
to bring the bank through that eventful period with
scarcely any loss from those perilous circumstances.
—(Cheers.) We early perceived that the conse-
quence of this derangement in the trade of the
country would act in a peculiar manner on the
specie in the Bank of England. We took early
precautions, and as frightful losses have taken place,
bad we not acted with energy, deci,ion, and judg-
ment, this establishment would have experienced
similar disasters. I am now happy to tell you that
we have written off all our losses, not only during the
past year, but all that have arisen since the
commencement of the bank. And here, perhaps, it
may be necessary I should enlarge a:little on the
subject. You are all aware that this bank was first
established about ten or twelve years ago. Like _
similar new institutions difficulties were encountend
at the commencement—want of experience and
knowledge of parties—but the bank early received
the confidence and support of the Irish public, which
has gone on increasing from year to year ever since.
As a prof, however, of the resourcssof trhoehdt
hank
to
k and
its success, I may state that besides providing
the dividend annually, and augmenting the reserve
fund to the sum of 61,0001., we have during the last
ten years written off losses amounting to 175,0001
(Cheers)—of this sum sonic part of it belongs to
preliminary expenses; however, I am happy to tell
you that this year has completed the extinction of all
the bad debts. Su anxious were we to accomplish
this object, that we wrote off out of the profits
of the last year the sum of .29,156/. 4s. 6,1.
Independent of this sum, and after providing for
the dividend, we haves surplus of upwards of 10,0001.
It may be.naturally asked if the bank, in writing oft so
large an amount of bad debts, has done so after due
consideration ? I beg to tell you, entertaining a feeling
of confidence in the soundness of the bank and its
increasing profits, that the most rigid principles have

y been observed in regard to this proceeding. At the
commencement of each year we have a committee
of review (in which the different committees unite)
of the losses likely to be sustained on the securities
held by the bank. The estimate formed by the com-
mittee amounts to 48,7981., and here I should ob-
serve that this estimate is part real and part approxi-
mate ; but, looking at the question fully and carefully,
the sum of 29,156/. is the amount that can be consi-
dered bad, and with this sum we have at once dealt.
—(Cheers.) I may almost challenge any other esta-
blishment in England, or in Europe, to say that any
similar institution, with such large transactions, and
during such periods as it has passed through, to be
able to say that but 19,000/. is the amount of transac..
tions of a doubtful character. I beg to read you what
the profits of the bank have been for the last six years.
Frum this you will be able to trace its progress, and
form some conclusion as to its future prosperity, and
the probable surplus beyond ;our dividend you
may. ( xpect in succeeding years. In 1842 the net
profits Were 31,784/. ; 1843, 28,578/. ; 1844, 30,013/. ;
1845, 36,852/. ; 1846, 48,2921. ; 1847, 61,002/. These
figures will speak for themselves, and on this subject I
will add nothing further. The bank having arrived at
this point, and the reserve fund having last year
reached the sum of 50,C00/., a sum considered suffi-
cient while the bank keeps to a dividend of five per
cent., the directors consider it is time the pro-
prietors should participate is the prosperity of the
bank, and have come to the resolution of dividing
the surplus of the year as a bonus. Some parties
are of opinion that a dividend of five per cent. is
not sufficient, but it must be remembered that every
one per cent. dividend on our capital snakes as
annuity of 4,5001., and also requires a corres-
ponding increase necessary in our reserve
fund; and the dividend once increased it
makes it difficult to recede from it without creating
disappointment and even suspicion. It is a kind of
pledge to continue it when once given ; and if any
one year should be unfavourable, it gives a motive to
avoid looking your affairs so sternly in the face as
directors are bound to do. Entertaining these views,
and the directors being determined to write off its
bad debts on each year when they arise, and looking
at the state of the bank, the directors have come to
the conclusion of appropriating the surplus. Let us
hope that we shall be able to do so in future years,
and, as I have given you facts on which to form con-
clusions as regards profits, and having regard also to
the superior management of the bank, which time anal
experience has given it, you make your own calesie
lation. I have now to move that the report be
adopted, printed, and circulated amongst the pro-
prietors.

Mr. M‘MAuorr wished to know whether it was
competent to any of the shareholders, without dis-
respect to the directors, to suggest any alteration in
the report ?
The CHAIRMAN said certainly; but he believed it
was the usual course, if there was any objection to it,
to move that it should not be received.
Mr. M‘ManoN thought it would increase the con-
fidence that was at present placed in the bank if the
10,0001. was added to the rest, instead of it being
given as a bonus to the proprietors. He had had con-
versation with various proprietors of the bank in his
own district, and they had induced him to come there
that day to watch their interests. They and he too
thought that the object of 10,0001., divided among the
shareholders generally, was nothing in comparison
with that which must be the object of all the share-
holders—namely, the upholding the stability of the
bank. There was nothing in his opinion that gave
more security and confidence to the depositors than a
l
e been
that
ti t h
tdhroaswe n
pfarrotmiesthwehosahvaindgsforbmanekrlsy,
argeberest. It must be recollected that the deposits.
apnl da
c t ie
de
believed had
their deposits in the s • avings banks would bring them
to the National Ben k . hear.)
The CHAIRMAN wished to state t o e the
proprietors that
the capital orthe bank was
1,000,0001., the amount
paid up by the shareholders
pledwas 470,0001.; the amount
unpaid was equally
to the public. He
believed that the rest was
as
as large as an
y establish•
ment in proportion to the dividend. He thought a
great error existed with respect to rests ; as regarded
the Bank of England, it was pledged to a 7
dividend, and their rest was only a 2f years' per cent.
The Provincial Bank paid an 8 per cent. dividend, and
their rest was not more than a 2f years' dividend.
The rest ought to be in proportion to the dividend.
of the bank. If, however, the Hon. Proprietor was
anxious to make any motion upon it, he would be
happy to put it.
Mr. M‘MmioN declined to make any motion on
the subject.

The 'CHAIRMAN then put the question that the re-
port be adopted, printed, and circulated among the
proprietors, and declared it to be carried unani-
mously.
The CHAIRMAN then said that the next business of
the day was the motion for the confirmation of thu
three gentlemen elected by the directors during t'ae
past year. lie should mention that their names were
Octarius Ommanney, Esq., Sir Ralph Howard, Bart.,
M.P., and Francis Carnac Brown, Esq. These three
gentlemen had come into the direction by reason of
the contract made with the London and Dublin
Bank. This bank having succeeded to their con-
nexions,_ which he thought would be great service
to the bank, they thought it necessary that they
should come and assist them in the management of
their particular districts. Ile should also mention to
them that there was the election in the room of other
gentlemen who went out of the direction by rotation.
If the meeting confirmed the election by the directors
of. Mr. Ommaney, Sir Ralph Howard, Bart., 111. P.,
and Mr. Brown, they would displace three of the
directors who went out by rotation. In conclusion,
he might say that the three directors who had been
selected were gentlemen of business-like habits,
and Sir Ralph Howard was a gentleman of large
property, and Member for the county of Wicklow.
He would now put the question, that the selection
made by the directors of Mr. Ommaney, Sir R.
Howard, and Mr. Brown be confirmed. The
Worthy Chairman then put the question, and declared
the confirmation carried. The Chairman then said
that the next busines was the selection of three share-
holders as scrutineers, to take the ballot for the elec-
tion of directors, in the room of those who went out
by rotation.

A PROPRIETOR could not but express his surprise
that any such proposition had been brought forward,
as he was convinced that they could not get better
men of business in the direction than those they at
present had. Some of their directors were abroad,
and if it was desirable to have three gentlemen as
directors, whose election by the directors had been
just confirmed, why should they net be asked to with-
draw from the direction?
The CHAIRMAN said that the directors had per-
fcnned the duties that were imposed upon them.
What they had done had been confirmed by the pro-
prietors that day, and the ballot must now take place.
The CHAIRMAN then proposed that Mr. Hardy,
Mr. M'Mahon, and Mr. Short should be appointed
scrutineers.
Mr. NEWSAM, one of the directors who went out
by rotation, was anxious to say a few words before
that question was put. Ile had always done his duty
towards the bank and the proprietors at large, and if
re-elected he should continue to do so.

The scrutineers having been appointed, the election
of directors for the ensuing year was then proceeded
with, and continued up to half•past six o'clock,
when the scrutiueers declared the result of the ballot.
The CHAIRMAN then declared Mr. Henshaw, Mr.
Rianconi, Mr. John O'Connell, M.P., and Mr. Vigne
to be elected directors for the ensuing year.
Thanks were then unanimously carried to tile
Chairman and directors for their able report, and to
the scrutineers and secretary for their exertions; and
these gentlemen having returned thanks, the meeting
broke up shortly before seven o'clock.

AN IMPORTANT NEW HISTORICAL Woltz has
just been published by Mr. Colburn. We allude to "The
Court and Times of James the First," illustrated by
Authentic and Confidential Letters from various Public
and Private Collections, edited, with an Introduction
and numerous Notes, by the Author of "Memoirs of
Sophia Dorothea." These volumes comprise the confi-
dential correspondence of the reign of James 1., writter)
to and from the principal Ministers, Ambassadors, and
other persons, either connected with the Court or emu-
pying positions which afforded them means of obtaining
the most secret information. The work contains
notices of almost every person of celebrity in the king-
dom, so that there is scarcely a family whose members
have figured in the history of this portion of the seven-
teenth century
.that will not find in these pages some
reference to their ancestors.

SUDDEN DEATH OF HENRY FIELD, THE PIANIST.
—We have profound sorrow in announcing the sudden
decease of Henry Field, one of the most celebrated, and
certainly one of the most brilliant, pianists of his day.
According to the Bath Chronicle he expired very re-
cently in that city (his native place) from the effect of a
paralytic seizure which interrupted him (only a few days
back) when in the middle of one of his most effective
fantasias, ou the occasion of a concert given in the
Bath Assembly Rooms. Those who have ever listened
to the extraordinary performances of this very remark-
able instrumentalist hill rcgret his premature and un-
expected demise. .%iid those who had obtained the pri-
vilege of his personal acquaintance will long remember
his many amiable characteristics ns a Math As •
musician, Henry Fickt h;:s occupied throughout his life
a very eminent position, and as a performer on the
piano he was, even during the lifetime of Thalberg,
Listz, Herz, and Cianchettini, almost unrivalled.

FADVERTISEMENT.]—THR EARL OF ALDROROUGH
♦ND HOLLOWAY'S I'ILLS.—An astounding cure by this miraculous
medicine, afler every other means had failed. See extract from his
Lordship's letter, dated " Villa Messina, Leghorn, Feb. 21, 11346.
Professor Holloway—Sir : I beg to acquaint you that your pills have
effected a cure of a disorder in my liver and stomach all the most
eminent of the faculty, at home and all over the continent, bad not
been able to effect; nay. not ever thd waters of Carlsbad or Ma,
rienbad. (Signed) " ALDBOROUGH." These wonderful pills wilt
cure any disease of the liver or stomach.—Sold (also Holloway's
Ointment) at Professor Holloway's Establishment, 244, strand, asl4
by al► medicine vergors throughout the cif iliaod world.

Oa 3/OndaYl 29th inst., will be publ'shed, in Two vols., post Bvo.,
SECOND EDITION