The Sun.
London, England, 1834-09-18 00:00:00

BANK OF ENGLAND.-(THIS DAY.)

A meeting of the Proprietors of Bank Stock took place to-
day, in the Court-room of the Bank of England, for the pur-
pose of considering of a dividend, and other business. There
was also one of the Quarterly Courts under the Charter.
The minutes of the last meeting having been read,
The GOVERNOR (R. M. Raikes, Esq.) stated that the pre-
sent was one of the Quarterly Courts appointed by the Char-
ter, and also one of the Half-yearly Courts, for the purpose
of. declaring a dividend.
The 'Court of Directors, after considering the state of the
Bank account, thought it would be expedient that a dividend
of 4 per cent. should be granted, if it met with the appro-
bation of the Court, for the half-year ending the 10th of Oc-
tober next.
Mr. SELWYN wished, before the question of dividend was
put, to know whether comparing the rests of the present' year
with the rests of the last the result presented an increase or a
decrease ?
The GOVERNOR—An increase.
Mr. SELWYN wished also to know whether there had been
during the last year any extension of the branch bank establish-
ments ?
The GOVERNOR said there had been a Portsmouth branch,
that Plymouth was open, but Exeter was closed.
Mr. SELWYN also wished to enquire whether by comparing
the accounts of the Branch Banks they presented in their re-
sults a profit or a loss ?
The GOVERNOR said, that upon taking the average of the
whole, they presented a profit.
Mr. YOUNG, before the putting the question of Dividend,
wished to inquire of the Governor as to the state of the affairs
of the Bank. Very important measures had taken place with
the approbation of a speeial Meeting, and he wished to know
how thoie measures hud been carried into effect ?
The GOVERNOR stated that they had been effected by the
purchase of annuities for'6 years, to the amount of 212,7831.
per Annum.
Mr. YOUNG thought, that on reference to the Minutes that
had just been read, it would be found to have been the inten-
tion to have purchased 3 per cent. Consols at 90.
The GOVERNOR said that it certainly had been the intention
to purchase in the 3 per cent. reduced,. but, upon consideration,
it had been thought best by the Court that the investment
should be changed into annuities, which would not be subject
to the fluctuation of the funds.—( Hear, hear. )
Mr. YOUNG thought that the Court ought to take care that
its capital should be kept entire.
The GOVERNOR said that that had been done, as a redeem-
ing fund would be set apart for that purpose.
Mr. YOUNG thought that the capital would not be so easily
acquired again as if the money had been invested in three per
cents. He thought that the fund might have been invested
more advantageously. •
The GOVERNOR said that that had been a subject that
had taken up a considerable portion of the time of the
Court. It was possible that in the next twenty-six years
the fund might be much more advantageously invested, but at
present he did not think it could be.
Mr. YOUNG hoped the legal gentlemen of the bank had
taken care that every difficulty had been cleared away, and that
the Bank had only done that which legally they had a right to
do. There was a question agitated before the Court last
March with respect to a loan to the East India Company, on
which interest.was paid; he wished to know whether the inte-
rest continued to be paid upon it.
The GOVERNOR said that it did upon one million, but that
would cease in October next.
Mr. YOUNG wished to know whether the issues and deposits
advertised comprehended the issues and deposits of the Branch
Banks ?
The GOVERNOR said that the publication of the issues,
deposits, and bullion of the Bank included the deposits, and
circulation, and bullion of the Branch Banks.
Mr. FIELDER wished to know whether the sum set apart for
redemption would be sufficient to redeem the whole of the
capital ?
The GOVERNOR observed that it would.—( Hear. )
Mr. FIELDER enquired whether in setting apart the fund for
the redemption, they had taken into consideration the fall or
rise of the funds. He wished to know the opinion of the
Directors as to the probability of the funds being higher or
lower at the end of 26 years.
The GOVERNOR could not give any opinion upon that point;
he thought they probably would be higher.
Mr. FIELDER—But, in all contingencies, the fund set apart
will be sufficient.
The GOVERNOR.--It will.
Mr. BLACKBURN thought that, with respect to the question
of dividend, some general statement ought to be made to the
Court as to the condition of the Corporation, that they might
know the grounds on which they were recommended to vote a
half-yearly dividend of 4 per cent. Since the Court had last
met., an Act had passed by which the whole revenue, instead of
being paid into the Exchequer, would be paid into the hands
of the Bank. He thought it ought to be stated to the Court
whether that was a benefit or a detriment to the Bank.
The' GOVERNOR observed that the Corporation felt it their
duty as bankers to title Government to afford every facility to
the transaction of public business.
The GOVERNOR then put the question whether the Court
would agree to a dividend of four per cent., when—
Mr. WINTER rose for the purpose of moving a resolution
declaratory of the approval of the Court of the conduct of the
Directors in opposing the London and Westminster Bank
Bill, and that in its opinion it was an infraction of the Bank
Charter. In doing so, the Honourable Proprietor stated
that the conduct of the Directors had been most praise-
worthy, and that if any doubt was entertained of the mea-
sure being an infringement on the Bank Charter, that
doubt was set at rest by the admission of Lord Althorp
in the House of Commons, and Earl Grey in the House of
Lords, where the measure died a natural death. The present
Premier had also admitted the measure was an infraction of
the Charter. As he wished that the conduct the Directors had
Pursued should be known to the public, he would move the
following Resolution :
" That this Court considers the application of the London
and Westminster Bank to Parliament, to enable them to sue
and be sued in the names of certain persons, to be an infraction
of the charter, and that this Court therefore approves of the
conduct of the Directors in resisting the application, and
trust they will persevere in their resolution."
Mr. YOUNG, in seconding the motion, thought it the duty
of the Court to remonstrate very strongly on such infringe-
ment being made. As large responsibility had been cast upon
the Bank, he thought what privileges they had left should not
be taken away.—( Hear, hear.) If your stock banks were
to have the privileges that had been tried for on the
case of the London and Westminster Bank, then adieu to all
protection to the Bank of England. He had no doubt that
that measure had been introduced with the spirit and for the
Purpose of putting an end to their protection. He was glad
that it had been defeated, and cordially seconded the motion.
Mr. SELWYN thought the Court, by adopting the resolu-
tion, would be taking too much upon itself without time for
reflection. The resolution, as it at present stood, was cer-
tainly a most harsh one. If the former part was omitted, and
the commendation of the Directors only retained, he should
have no objection. He would conclude by moving that the
former part be expunged.
Mr. FIELDER in seconding the motion, stated that if there
was any censure attributable to any one, it must be the House
of Commons. He was as much against Joint Stock Com-
panies as any man, not only for his own interest, but for the
interest of those unhappy creatures who got into them.—( A
laugh.)
But he thought the Court had no right to censure
any set of men for asking the Legislature for that which they
thought they had a right to obtain.
A PROPRIETOR considered it high time for the Bank to look
about them, when such large majorities had voted against the Bill
in the Commons. It was was probable by and bye that House
would vote their heads off.—( A laugh.) He could not but
express his surprize at what had been stated by the Hon. Pro-
prietor below him (Mr. Selwyn).
Mr. SELWYN did not feel at all astonished at the surprise
expressed by the Honourable Proprietor, when he re-
collected that things were done now with a sort
of steam engine dispatch. He considered the resolu-
tion calculated to throw an imputation on the proprietors of
the London and Westminster Bank.

Mr. \\TINTER had no intention of throwing any imputation
on that body. They had as much right as any one
to set up a bank, but even Ministers themselves had ad-
mitted that the bill would have been an infringement
on the Bank charter. In the words embodied in his
resolution, therefore, he was only confirming their
statements. He had heard it said—and he wished for
information from the Governor on this subject—that the bank
at St. Albans had drawn bills on the London and West-
minster Bank, and that that establishment had accepted them.
If that was so, it was clearly an infringement of the charter of
the Bank.
Tt
o
said that there were such bills—that the Di-
m as an infraction of the Charter,
thehadhGraeGOdfvelErorßoeNkdOeßdon h
subject to their legal advisers.---( Hear. )
A PROPRIETOR submitted whether, without going into the
seem
points of law, it would be expedient to put such a resolution ?
It e
would to him to imply that the establishment of any
other Company than the London and Westminster Bank would
not be an infringement of the Charter.
Mr. FIELDER trusted the Directors did nothing except the
regular routine business of the Bank, without consulting their
legal advisers.
andrc h
r e s
The GOVERNOR stated they did not.
Mr. YOUNG was afraid that if even there were a shadow of
indifference shown on the subject by the Court, it would be
considered out of doors, that they thought it of no impor-
tance. The Bank of England incurred the whole respon-
sibilities of the country, and it ought to have its charter
po te‘dV.ILLIAMSON moved the previous question.
FIELDER could not suppose that any person could think
so tilnumerous a Meeting as the present could be unmindful pf
their e
own
Mr. SELWYN thought ,the very discussion that had taken
place to-day would convince the public that there was no
indifference on the subject.
A PROPRIETOR could not accede to the statements just made.
Lawyers had always their own interest at heart.--( A laugh.)
rl‘lrre:interest.
If the present opportunity was passed by, the House of Com-
mons would say the Corporation was indifferent to their own
charter. For his, part, he
.would not listen to any interested
lawyers.
Mr. SELWYN said, the honourable proprietor had made a
personal attack on him, but as it had been done in so good-
humouredt than
Thrt
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SELWYN
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he
yymNhit mariner,
anßsd nel
orE,
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on in the matter at all.
not
terest
would not detain the Court longer
Eight hundred a-year.
MPROPRIETOR._.
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He appeared there only