The Sun.
London, England, 1834-07-29 00:00:00

proper management. The •emigration of labourers to Australia
had been called transportation, with a view perhaps to ren-
der it disagreeable to emigrants ; but every man of com-
mon sense knew how to draw a distinction between
voluntary emigration, and the transportation of convicts.—( Hear. )
He had found the principle of the Bill unexceptionable, and there-
fore he had determined to support it.
Mr. H. HUGHES thought that at the present period of the
Session it would be impossible to give this subject all the attention
it deserved, and, therefore, that he should vote for the amendment.
After a few words from Mr. Chapman, Mr. Handley, Mr. S.
Rice, Mr. Towers, Mr. Childers, and Mr. Ruthven,
The Gallery was then cleared fora division, when there appeared—
For Mr. Whitmore's motion 72
Against it
_ _

Majority —6s
The House then went into Committee on the Bill, Mr. TOOKE
in the Chair.

It being three o'clock the CHAIRMAN reported progress, and
obtained leave to sit again on Thursday next.

BANK MEETING.-(THIS DAY.)

This morning a Special General Court of Proprietors was held,
and was very numerously attended.
At twelve o'clock, R. M. Raikes, Esq., the Governor, accom-
panied by the Deputy-Governor, and most of the Directors, took his
place, when the minutes of the last' court were read and confirmed.
The GOVERNOR then said the Court had been called in conse-
quence of the termination of a negotiation that had been had with
the Chancellor of the Exchequer relative to the payment of the
fourth part of the permanent debt due to the Bank ; and to consider
whether the proposal should be closed with. The amount of the
capital to be paid in October, with the interest upon it, amounted
to 3,671,700/. ; in lieu of that it was proposed to pay to the Bank
4,080,000/. of Three per Cent. Reduced Annuities. The Court
of Directors had considered the plan, and had resolved to propose
to that Court the following resolution :
" That a proposal from the Chancellor of the Exchequer
to transfer to the Bank the sum of 4,080,000/. three per
cent. reduced annuities in liquidation of the permanent debt
to the
_Bank, which will become due on the Ist August next, be
recommended to the Court of Proprietors, provided the transfer be
made so soon as the Act of Parliament authorising the same shall
have passed, and the interest of the returned capital be paid up to
the day of the said transfer.
Mr. YouNG said, if he understood the case properly, the Go-
vernment were not prepared to pay the money, and proposed to
give the stock in lieu of it, under an Act of Parliament which had
yet to be introduced. The worthy proprietor was entering at large
into the general question of the Bank accounts, when
The GOVERNOR reminded him that the only question before the
Court was, whether it would agree to the proposition made by the
Government or not.
Mr. YOUNG said that depended upon the mode or plan by which
it was proposed to carry the proposition into effect. When the
stock was received, was it to be divided among the proprietors, or
was it to remain as capital ?
The GOVERNOR said, when the'present motion was disposed of,
there was another recommendation of the Court of Directors to be
submitted to the Court.
A PROPRIETOR moved that the Resolution be agreed to.
Mr. FEILDEN inquired whether there was any correspondence
between the Chairman and the Government, and if so, whether
there was any understanding which would prevent it being laid be-
fore the Court.

The GOVERNOR said nothing had passed between the Chair and
the Chancellor of the Exchequer but discussions upon the proposal.
Mr. FEILnEN then inquired whether, if the Court received the
money or stock, there was any understanding implied or agreed to
by which the hands of the Bank would be tied up from using it as
they pleased.
The GovEurroa said there was no understanding of any sort, by
which the Bank was in the slightest degree prevented from either
dividing the produce of the stock, pro rata, amongst them, or doing
what else they pleased with it.
The question was then put and carried.
The GOVERNOR then read a resolution of the Directors, recom-
mending that the stock should remain as capital.
Mr. CAMPBELL said though he agreed with the proposition of
the Court of Directors, he had drawn up a resolution of his own,
recommending the same thing, though in rather a fuller manner.
The Directors resolution was then withdrawn, and the following
one submitted to the Court:—
" That this Court also concur in opinion with the Court of
Directors, that it will be of advantage to the future management
of the affairs of the Bank to retain the proportion of debt when re-
paid by the Government ; this Court do therefore, in pursuance of
the authority for that purpose, contained in the Act of 3 William IV.
cap. 93, determine not to divide or appropriate the sum of
3,638,2501., or any part thereof, amongst the several bodies politic
or corporate, who may be proprietors of the Capital Stock of the
Governor and Company of the Bank of England on the sth of
October next.

It was seconded by Mr. GRIBBLE.
Mr. FEILDEN inquired whether the Court of Directors had been
unanimous in the recommendation ? Being answered in the affir-
mative, he said he cordially concurred in the resolution.
A PROPRIETOR said as the Act had not yet passed, it would be
necessary that a provision should be introduced in the resolution,
by which it should be declared if any limitation introduced into it to
prevent the Bank from using the money as they pleased, the bargain
should be at an end.
The GOVERNOR said that Lord Althorp had been served with a
copy of the Resolution as it stood, and it would be better to stand so.
After a desultory discussion upon that point,
The G ovE R NOR said any amendment was unnecessary, because the
arrangement was that the Bill was to be introduced immediately upon
that Court agreeing to the proposition ; and if the Bill did not pass, the
Bank would stand in the same situation as if no negociation had taken
place. As the law at present stood, the money for the fourth of
the debt was to be paid on the sth of October.
Mr. YOUNG supported the motion, because it would give the
whole world confidence in the Bank, which would be shaken if they
were to divide the money.
After a few words from Mr. FEILDEN, the resolution passed
unanimously, and the meeting broke up.