The Sun.
London, England, 1834-08-23 00:00:00

PUBLIC MEETING at WATERFORD in SUP-
PORTA7f the NATIONAL BANK of IRELAND.

On Saturday last, pursuant to notice, a meeting of mer-
chants, traders, and other inhabitants of this city, was held
at Commins's Hotel, for the purpose 'Ol taking into con-
sideration the propriety. of forming a Branch Bank in
Waterford, in connection with the National Bank of Ireland.
About two o'clock, on the motion of Mr. JOHN REY..
NOLDS,.of Dublin, who is Secretary to the Company in
Ireland, H. Winston Barron, Esq., M. P., was moved
to the chair.
Mr. REYNOLDS then said, he attended the meeting on
the part of the London Board of Management, to explain
the objects which they had in view in • forming a bank, to
be called the ". National Bank of Ireland." The objects
of the Company were two-fold—the first object was, to
make money ; and the second, the improvement of the
agricultural, and trading classes in this country. It is in-
tended that the heaS-quarters of the Bank should be in
London. The present Board of Management in London is
composed of twenty individuals of the first-rate respecta-
bility—men of great integrity and property—some of the
most extensive merchants and bankers in the British me-
tropolis. They have agreed to form this bank, with a ca-
pital of one million, to be subscribed in 20,000 shares, at
50/. each. So soon as the 20,000 shares are subscribed for,
the Board of Management in London propose to the Irish
public—if in any town where the inhabitants wish to esta-
blish a branch, they create a fund of 50,000/. or 100,0001.,
or any sum they fix on, the Board are ready to advance a
sum similar to it, they, the Board, taking half the net
profits. They claim the right of appointing the manager,
the local shareholders having the privilege of electing the
Directors, subject to the veto of the board in London, and
the local directors will enjoy the power of appointing all the
subordinate officers. If a branch be established in Water-
ford, and another in Clonmel, or Cork, or Limerick, or; in
fact, in any town in the kingdom—although all the branches
will be connected with the bank, in London, they will not
be connected with each other, nor liable for the losses, if
any, that may occur in any one of the Irish branches.
Under the Act of Parliament that the provincial bank is go-
verned by, every man holding a share is accountable not only
for that amount, but for all the debts that the establish-
ment may owe. It is also intended, in drawing up the deed
of settlement, that,.if in any one year a loss of 25 per cent.
on the capital advanced should accrue, the local share-
holders will have the power, if they choose, to dis-
solve their own branch, and wind up its affairs ;
thereby preventing the possibility of losing more
than 25 per cent. on the subscribed capital. It is also in-
tended by the board to appoint an inspector or inspectors
for Ireland, whose duty it will be to visit each establish-
ment, or branch, once every month, to report progress to
the board in London. He (Mr. IL) was thus particular
in his explanation, A nothing connected with the establish-
ment could be undeserving of notice. The question for
each man to ask is—" Is such a bank wanted or is it not ?"
There is no part of the British empire so badly off, with
regard to banking accommodation, as Ireland.—( Hear,
hear.) Look to Scotland, with a barren soil, and a po-
pulation under three millions, enjoying a circulation me-
dium of 20,000,0001., whereas Ireland, with a population
of upwards of eight millions has only a circulating medium
of about 7,000,000/. This was a matter in his opinion worthy
of serious consideration. There is no country in the world of
similar extent, so rich as Ireland is in its natural resources

neither is there any country on the face of the globe whose
inhabitants. are in greater distress. (Hear, heat, hear.)
Nothing among commercial men causes such distress as a
want of legitimate banking accommodation: - The Bank
of Ireland began with a capital of 600,0001., and the shares
which originally cost 1001. are now selling at 2241., the
bank dividing 9 per cent. per annum, with a large reserved
fund. Another bank—the Provincial Bank—established
under the Act of 1826, commenced with a nominal capital
of two millions—the shareholders having subscribed only 25
percent. on that sum, so that they paid up only 500,000/.,
or one fourth of the proposed amount of capital. There are
twenty-four branches of that establishment in various towns
in Ireland, and they now had in circulation, it was gene-
rally believed, notes to the amount of three millions—so

that they were now trading on credit to the amount of two
and a half millions. He did not mean to say or insinuate
by these oberservations but that the Provincial Bank was
solvent and well-managed--proper and safe. He merely
mentioned those facts for the purpose of showing the advan-
tages of establishing a bank on similar principles. Some time
ago a run commenced against the Provincial Bank in Water-
ford and other places ; it was then the advantages of having
the head-quarters in London were fully illustrated. To
meet that run, from the respectability, of their directors,
they were able to raise two millions of sovereigns in one
week, without calling in any additional instalment on their
shares. They met e run promptly, and although it cost
them in the first instance a large sum, yet it afterwards in-
creased the public confidence so much, that in a very short
time their shares increased in value to the amount of.about
30,000/. That which was supposed in the first instance
would be destructive, ultimately proved advantageous.
Why not we, said Mr. R., do as well as they ? There is
room enough for us all.--(Hear, hear.) I feel it my duty
to observe, that the highly respectable gentlemen who ori-
ginated this project are not actuated by any feelinc, of jea-
lousy or opposition against existing banking establishments ;
they look at the matter as purely a mercantile speculation.
calculated to remunerate the shareholders, and likely to
prove advantageous to the trade, commerce, and agricul-
ture of Ireland, by developing its almost inexhaustible re-
sources. And to any man acquainted with Ireland it must

be admitted that this is a desirable object. Some, perhaps,
have objected to this bank in consequence of its head-quar-
ters being in London, and others have gone so far as to call
it unpatriotic. With great respect. for those who make
those objections, I consider them very silly ; and I look
upon that part of the arrangement as the very essence of
patriotism, inasmuch as the immediate effect will be, the
introduction of, one million of British capital into Ireland,
or any additional sum which may be required, together with
the credit attached to the Board of Management in Lon-
don, which is composed of some of the first men in mer-
cantile respectability in that great metropolis. No man
feels greater anxiety to vindicate the character of his
country than I do ; but still it must be admitted that in
banking or moneyed transactions the English. not -only rank
before us, but before every part of the civilised globe. For
my own part, if the head-quarters of this establishment
were in any place but- London, I would entertain but very
little hopes of success. Hoping that this explanation will
be deemed satisfactory, I have to observe that if any gen-
tleman present feels inclined to ask me any question con-
nected with this subject, I am prepared to answer it to the
best'of my ability. He (Mr. Reynolds) begged to inform
the gentlemen assembled, that Mr. O'Connell intended to
be present at the meeting that day, but his anxiety to get
home prevented himhe, however, previous to his departure
from Waterford, wrote him (Mr. R.) a letter on the subject,
which, he would, with the permission of the meeting, read
to them.—(Hear, hear.) Mr. Reynolds then read the
letter, a copy of which we subjoin as follows :

" Waterford, Aug. 16.
" My Dear Sir—As I -must leave town this day before our
meeting, I wish you to explain my views fully with respect to
the ' National Bank of Ireland.'

" In the first place my objects have been and arc two-fold.
First—l wish to meet the monopoly of the Bank of Ireland,
and to be prepared with an establishment to contest, and I
hope successfully contest, any claim on behalf of that body to
a renewal of exclusive privileges, which are in their nature
abusive, and which that body have abused for party and poli-
tical purposes. Secondly—l wish to extend the accommoda-
tion of banking to every part of Ireland. The Provincial
Bank, as well as the monopoly bank called Bank of Ireland,
arc in many places managed by persons who give improper
facilities to political partisans, and refuse assistance to men
of industrious hilbits for the opposite reason. I would not
have bills discounted, because of the good politics of the
owners, but I would have good bills discounted, no matter
what may be the political' opinions of the parties holding
them ; in short, the great object of my plan is to exclude from
our banking all political preferences and rejections, and to
have it confined to a purely mercantile speculation.
" It must be recollected that there are two other leading
and paramount objects to_ be provided for. The_first is—the

security of the holders of the notes of the new bank ; these
notes will come into the hands of poor people, whose ruin it

would be if there was any Stoppage. of payment. The rich do
not hoard bank notes—the poorer classes necessarily do so to
the extent of their humble means we are bound in conscience

to take such precautions as would render it impossible for the
poor to suffer. This is to be obtained only by a reserve fund
in proper handi acquainted with all the details of business.
For this purpose there must be one million subscribed in Lon-
don ; this will secure a fund to meet every contingency ; it
will give credit in London, and a mode of paying our notes
there, an advantage which no Bank in Ireland at present pos-
sesses in that direct manner. It will do more, because the
superintendance and head management being in London in the
hands of the subscribers of the million, they will, for their own
sakes, watch as the managers of the Provincial Bank do ;
every local establishment will carry on that system of super.
vision and accurate investigation of tho transactions of each
locality as well as secure the concern from improper issues,
waste, or 'spoliation. The 'London head establishment, whilst
it leaves other details to each local branch, will appoint and
take security for the good conduct of all issuing managers,
that is--of all such persons as could injure the concern by an
improper or wasteful issue of the notes. The second is the
security of the shareholder.
" It is to be observed that every shareholder must render
himself liable to all the notes and engagements of the National
Bank to the extent of the connexion with it. Let this be dis-
tinctly understood. Let no shareholder he deluded or de-

ceived—wheever subscribes to the million in London, will be
liable to the extent of his whole property to all the notes and
engagements of the concern all over Ireland—whoever sub-
scribes to the shares of any Local Branch will be liable to the
extent of his whole property for the notes and engagements of
that branch. This must be distinctly understood. lam the
more explicit on this subject, that no person may complain of
_