The Sun.
London, England, 1834-12-27 00:00:00

NATIONAL BANK OF IRELAND.

( From the Evening Packet.)
TIPPERARY.

At a numerous and highly-respectable meeting of the inha-
bitants of the town and vicinity of Tipperary, held by public
notice, at the great-room at the Market-house in that town, on
the 20th of Dec., 1834; James Roe, Esq., M. P., in the
c hair. On taking the chair, Mr. Roe addressed the meeting
as follows :—Gentlemen, I congratulate you on the object that
has this day assembled us, as I consider it one of the greatest
practical improvements possible to conceive. Situate as our
town is, in one of the most fertile districts in the world--equi-
distant from the ports of Waterford and Limerick, with a
rental from the surrounding estates of over 100,0001. paid into
it—it ought to become one of the most flourishing in Ireland,
if by a proper diffusion of capital its resources were fairly de-
veloped ; as it is, improvements are rapidly becoming percep-
tible; I believe it is now an incontrovertible truth that na-
tional prosperity depends on the extent of the circulating me-
dium—l mean such a medium as is based on the most un-
doubted security. Now, the.two Banks in this country have
so limited a system of policy as not to be sufficient for the
smallest barony in it, if such resources of trade and agricul-
ture were brought into action ; as it is, however, these Banks
have realised a profit nearly cent. per cent., and is it to be
borne that any set of men should possess the power of dictat-
ing according to their respective leases, as to who should or
should not have the benefit of a just credit to work on ? Bank-
ing, above all trades, should be free from monopoly, and it is
only in Ireland that such an idea could be entertained. From
what our town is, and promises to be, I have not the least
doubt that a Bank, such as we are about establishing, based as
it is on such undooubted security, would not only realise large
dividends to its shareholders, but would diffuse prosperity into
all classes of the surrounding neighbourhood. This being my
opinion, I look upon it as being in every sense the National
Bank of Ireland, entirely adapted for every class of the people,
and as such shall have my decided support.
Mr. JouN REYNOLDS, Secretary to the National Bank of
Ireland, congratulated the meeting and the people of Tippe-
rary on the good taste and sound sense displayed by them in
selecting a Chairman whose great influence and respectability
was so eminently calculated to insure success and reflect credit
on the project now under consideration, and in which they
were all so vitally concerned—( Hear, hear)—and felt it his
duty to say, that he did not attend there from any wish on his
own part, or on that of the highly respectable gentleman whom
he had the honor to represent, for the purpose of forcing on
their consideration the project of the National Bank of Ire-
land—( Hear, hear)—but he did attend there by special in-
vitation from a numerous and highly respectable portion of the
inhabitants of the town, who have long felt the want of a bank
here; and believing as they do, that the National Bank of Ire-
land is founded on a safe and sound principle, they natu-
rally feel anxious that the people of Tipperary should enjoy
the advantage of a bank in connection with the National
Bank of Ireland. The project of the National Bank
of Ireland has been so long before the public, and
its merits have been so minutely examined and discussed,
both in public and private, particularly through the medium
of the newspapers, I would consider it a useless waste of
your time to enter into any lengthened explanation on the
subject at present, being fully, aware that you have given.
the subject all due consideration, the result of which is,
that it is likely to receive yourfirm and undivided sup-
port.-4 Hear, hear, and cheers.) It has been the portion of
the National Bank of Ireland, like all new institutions, to
meet some opposition, and, as a person deeply interested in the
success of the project, I rejoice at this, because it • has been
the means of bringing the subject more fully under the notice
of the public, the result of which is, that it has been stamped
by the approbation of the sensible, respectable, and influential
portion of the people in all parts of Ireland. The. strongest
proof which I could give here in support of this assertion is
this that on yesterday a very respectable meeting of the citizens
of Limerick, was held for the purpose of establishing a bank
ilethat city, in connection with the National Bank of Ireland.
Mr. David Roche, one of the city Representatives, pre-
sided as Chairman, and so perfectly satisfied was he of the
safety and advantage of the institution, that he trebled the
amount of his original subscription for the local stock of Lime-
rick, and also subscribed for the necessary number of English
shares, to qualify himself as a London Director, thereby under-
going the double responsibility of a general and local share-
holder. It is very well known that Mr. Roche iE.not only pos-
sessed of a princely fortune, but he is also a gentleman who
Would not be likely to embark in any project without due con-
sideration. His support of the National Bank of Ireland fur-
nishes the best recommendation which could be given in its
favour to the people of the great-province of Munster. Before
I sit down, I feel it my duty to call your attention to the ex-
traordinary success which has attended the two Joint Stock
'Banking Companies that now exist in this countre_namely,
the Bank of Ireland and the .Provincial Bank. The Bank of
Ireland commenced in 1783, with a capital of 600,000/, Its
shares of one hundred pounds, which were sold in the be-
ginning so low as 801., are now worth 226/. . The Company
now dividing 9 per cent. per annum on the original stock
( Hear, hear.) The Provincial Bank of Ireland commenced
its operations in the year 1825, with a paid-up capital of
500,000/. ; its shares, which cost originally 25/., are nova
selling at 41/., being a premium of 64 per cent., and the Com-
pany divide 7 per cent. per annum on the ppaid-up capital.—
( Hear.) The great success of these two establishments sheuld
inspire the friends and supporters of the National Bank of
Ireland with a strong hope, that they would be equally suc-
cessful; foamy part I have not the shadow of doubt but we
shall be more successful than either of those establishments,
-and for this plain reason, that before a Bank is established in
any town in connection with the National Bank of Ireland, it
will be absolutely necessary that one-half of the capital of that
Bank shall be subscribed by the inhabitants of the town and
neighbourhood ; the result will be, that the gentry, merchants
traders, in fact all classes of the inhabitants, <v ill be parties in
the establishment, and therefore deeply interested in its wel-
fare and prosperity. This is an advantage which was never
enjoyed before by any banking establishment in Ireland. At
Carrick-on- Suir, where all our arrangements are nearly per-
fected, the number of local shareholders exceeds 200 ; in this
number is concluded not • only the most respectable merchants
and traders of that town, but also the dealers in cattle and
other produce, who frequent the fairs and markets of the coun-
try, and who possess the power of giving circulation to the
notes of the Bank. It is unnecessary for me to tell you that
with such support as I have mentioned, it will not be in the
power of any class of men to lower the National Bank of Ire-
land in the public estimation-4 Hear, and loud cheers. )
Several other gentlemen addressed the meeting ; upwards
of fifteen hundred shares were subscribed for immediately after.
Mr. SADLEIR was called to the chair, and than) returned
to Mr. Roe,