The Sun.
London, England, 1805-09-20 00:00:00

B. 1.71 K OF E.VGI4,IIVD.

A General Quarterly Court of Proprk.tora was
held yesterday, pursuant to Charter, at the Ban!: ;
as also a General Court,, in conformity with the bye-
laws of that Corporation, to couiider of the Di-
vidend for this half year. The Court met precisely
at,twelve o'clock, when the proceedings of the last
General Court were read and approved of.

_
;The GOVERNOR _then- informed the Court, that
It was a General Court of Proprietors, convened ;
agreeably to.theirßye-LaWs, to consider of the Divi-
dend,for the present half year;',l The Court of Di-
re6tors- had already taken that subjeCt into their
~
. consideration, and on • inspeCting the Accounts of
the Corporation, felt themselves Justified in recom-
mending to the General-Court; - that the Dividend
for the-half year ending the iOth of 06teber next
should be eight, and a half per cent..that: is, 4 per
cent: -the usual dividend, and a participation of fiVe
per cent. out of their undivided surplus. Whether
the ordinary dividend and the participation should
be made by :separate warrants, or the whole
eluded in one warrant, it would be for the. Court of,
Proprietors to d cidc. The Court of DireClor,
though not without some , 'difference of opinion, re-.
commended the latter; course. :This was the deci-
sion of the majority, and of' course of the Court,
which also recommended' that a General Court
should be held on ,Thesday, the 124th instant, from
eleven o'clock r till four, to take a ballot respeCt-.
ing, the amount of the dividepd, and whether it
should be • included in one or two warrants.—
He felt it his- dtity't6'exoain to the :Court, betbre,
they should go to the ballot, .soine• ciretunstances
which had given' rise to the difirence, of opinion
respecung the question of „the wtmant.• A partici:l
pation had been issued last year, in addition to the
regular dividends ; and as some doubts were enter-
tained whether such participation belonged to the
tenant for life or reversioner,: a suit bad been insti-,
tined,' in which, after the question had been ably
'argued by Mr. Rominvy- and other eminent
sional Gentlemen, the Court of Chancery d6cided:
in favour of the reVersiener, allowing: the interest
to the tenant for life'. The Court of Direoldrs did.
not concur in this opinion. They thought, that:
~any dividend on the profits of their.stock belonged_
to the parties in possession..' When the bonus was
issued in stock, it had been decided by the 1..,01tp.
CHANCELLOR, that sada stock was the property,of
the reversioner, with the. interest only to the tenant
' tor' life. The Court of Directors then thought,
'that-it the participation were given in money, the
question would be altered ; the Loan CHANCELLOR,
when it came before him last year, declared he. saw
no reason to alter his former decision, The Court of
Direaori, therefore, propoSed, that the partici-
pation .should tte issued under --the-head of diVidend
on interests and.profits of the, stock ,of the-Corp:
ration. He thenght:it necessary to state thus much,
in explanation of the motives for proposing to vote*
a diVidend.of eight:and*a; per cent. for the pre-
sent half year. The Gaeta' Conn of. Proprietors
•erould'decide, Whether this dividend SheUld be made
by out., or by separate Warrants. •
DAL FOSTER 01'01-ti without the' Bar) enumerated
sqtne,4itficulties that. might- result :from, separaste
warrants being 01104,0.
Mr. BCiANCIVET (from behind the Bar)'. stated,
that 'he Ns'as One of those who thought that the
arhcle shOuld be included u one 'llle de
'vision of the CnaticELL-ou had ribt beengiven on
the 'merits of the' question between the parties, but
on the. wording of the .Resolutions of that Court
If thd participation should be issued under the. head
of a dividend on their interiiSts and profits, no quei-
tion could arise, no doubt Could be entertained of the
right of the parties in possession to it. The objea
of the :participation was to raise:the dividends for
the year to 1,2 per sent It was granted front the.
accumulation Of the profits of the i_orporation, and-
nO matter whether distributed in one, two, or three
NVIIS equally the prepertY of the present
holders, -of the stock.'- If the -dividend voted-last
half year had been 6 ',per cent. -instead of ;36, it
would not.surely -be supposed, that the reversioner:.
had-any-rightlo•any part of it; Neither,cotild he'
have any. claim, ~if G per cent. were now to be voted
as a dividend. Why then ;should he , nov
should not the partieS in posessien be eqnally inti-
tied to the bopus which AV:IS intended to increase
their dividends•• to 12 p cent; this year; as they
would to the whole -12 per cent. if voted in two',
equal half-yearly dividends ? ' His opinion was dear
upon the subject, and therefore, to obviate any fu-
,ture legal difficulties, be Was of opinion,' that the,
whole Should -be issued' as a dividend, and included :1
in one warrant.
VOSTEE bad.before, avoided giving any opi-
nion on the sUbjeCt, contenting himself with sug..
gesting the difficulties- which amieared to him' like-
'
ly to result from granting-the whole
,As dividend,
and separating the parts in the warrants. • Now
that he had. the authority of the Hon. -Direttor;
who had just eonclUded, in his, favour,. he begged
leave to state; that he.; entirely concitrred'in every
sentiment expressed -by him. He could not (!e any
good ground of objeaion against the single warrant.
The sums to he issued were unquestionably the pro-
perty-of the tenants in posi,osion! of the stock,
as
arising put of its prOfits, which must be !twident
any one who considered the it iture and fundamental
constitution of a commercial society.
-
nlr. Lritgu (Dip icy, Goternor), in order to
obviate any improptr i*.‘r i d inipression, which:
might lx produced by its 60ing abroad, -that the
Bank divided eight per cent. felt it peces,
nary to say a low wads; 'in' eiplarnitien of that f.l 6L
:,03S7desirable that this eiretttntafiee ~s.hi•Juld not
go naked and unaccompani—
ed wan tile cause 'of it to
the Public. ,Unquotionably the ,participation.a,se
from the pro3perolii state- of their concerns, and
froth: the extent vi their undivided
hit'"l)ltii3, lint
though it was deemed Oxpedient in the'present in-
starlet:, to Make a ,distribUtien of c tnt pardon
of
ti-i it-surplus, it was Oa to be expected that the
should,he distributed. Circumstances alight arise
which wOuld render it itriptAsible,' or at: ieltst im-
prudent,- to Make any' such' EYety
Gentleman present.would.agree with him; that It
was extremely deslrabl6 that there 61-4oiihrl be always
the, in Bankand
a-very hr,,e 1111CIIVII3OU surplus. .
whilst it should be. shut: `l' he dtvnlend
pnaor,t,ict,urloa.r;y,
ed certainly grew out qt tin, profits or
the Corperatien ;. but 1,1;i it wp.; only a cOnserrionce
of the F.:',;ent s: t.: of tlieir accounts, --itwas not to
I be consld4.red in ::it; than

to exiting eircumstance;. Niter this explanation,
he thou° the Whole might be issued as dividend,
tr) which the parties in possession are intitled,
mr, moRGAN (from without the Bar) suggested
tbelprOprietv, for the purpose of removing every
doubt on the subje&, -of stating in thu resolution
that the eight and a half per cent. dig Wend on the
interest and profits of the Corporatieh was for the
half year ending the t oth of 061ober next' only, and.
that the- whole should be included in one warrant.

The GOVERNOR had no- Objection to adopt any:
course Whioh the Court might think proper to 4i
re6i. He had suggested the Tropriety of two war
rants as the More secure course. The' Court, hoW-
ever, :might decide: His view had been to save'
them harinleis; as if the question should be brought.
again before. the CHANCELLOR, and he should persevere in his former decision, he did net: know whe-
ther they might not be compelled to pay the money
over again, unless they guarded against such a con-
sequence•by separate warrants.
Mr. Theawroti- (froth behind the Bar) just,
rose to state the circumstance which convinced hint,!
and he believed had great weight in convincing
loany other Gentlemen, that the whole should lie'.
included in one warrant. This circumstance was the
distovery, since the last participation, of an Aet-
of ParliaMent, -coot:limit a clause which appeared
to him to be imperative upon them. The Ad was
an old one, but it was still M force. (Here he read
the Clause, dlreCted, that at the General Court
assembled to
‘ftz, -the amount (f `dividend, dividend, the Court
shall decifle 64., one dividtnd Only)---Thi3 provision
left thcin no alterhative ; thz.v were b; and to inude
,
the whole in a single warrant.
A PROFE.Ii.ITOR; With every submission to the
authority of tire Lotto CHANcELLon, thought his
decision. exceptionable. They did not meet there to
divide stock, but interests and profits arising from it,
which 'Unquestionably ought to belong to the holders
of the stock."
The recommendation of the Court of Dire&ars
was then read, and the question, ," Tint a General
Cmirt beheld on Toettlay the E4th inst. for a Bal-
lot on these two questions, respeaing the amount of
the dividend" and the warrant," put, and carried., in
the affirmative.

The Governor then informed the Court, that the
Court of areaors had paid the Lx and a quarter
per cent. property duty on the dividends, which the
Proprietors would receive without any decintaion.
It was moved, that the dividends due on the loth
of 06tober next, be paid to the Proprietors without
any dedudion of the six and a third per cent. pro-
perty duty, and carrio.d in'the atlirmative.—The Court
then adjournO.

SPORTING INTELLIGENCE.

SllREWslatttl," RACES.
monnAv, SEPT. 16.

Thu Fifty Pottodt,Purst, given by the Hon. Writ. Bill and
thli, tray.
Thawker's b. C. Royal Oak, 3 yrs old -
Mr. 11,11's b I._Bridf•et, 3 vrs u d
Prown 4 yry old
. Pt:nib-et-tun, b, forester, 4 yrs old
hlr..ttoure b. ft. Slow or.d Easy, ,4 Is old

Itoyat Vt'o.l;

TUKSDAY.

The Gentlem3'n's, Subscription of Fifty Pounds.

1 I
2 3
4
4 2
dr

Swith's hr. 1. tlcle, rs - r s
Sir tip` . tV Wmnc,ll,trt.'s: 0., c. isy Buzzard, 3 yrs old
Mr. i,ircts`, tt. . All Stool, 4yrs (rt.; - - 4. 3
bl, Cltliol'lot.3 yrs old - 3 4

Cor.N-ExcgANcat, SEPT. 20,-The fresh arrivals
of Whe;it to-day are but few,, and prime ft:tipples are
more ready of sal6, and ke'ep their priee ; inferior
qualities very dull ; Barley and Beau in extreme
short supply ; White .I'eatt also, and. dearer ;
there is it inidilliog supply of o:a3, and this irut 1e
has I;w2tter some 'fine new at an odVaw,e on our
(pout ik.rn and terms of 1 at little lludnation.

Wheat ...15s a. 62i a 76s ott !loots - 4 a s4s ott
Fitie ditto - 7:4,. a Szs Tick Beans aOS IA
It4e (New) - ;as a 36$ Cid' ()MI '2Si a 7.Ss a 34s 04
Barley 40S 3 45S od Poland do. 3 is. a 3os od
Malt . 7cs Sts od Rape Seed 371 - 401
White Pease s.ts aOa nd lwe Flour - 65 4 .703 nd
Grey ditto - a —it od. Set:oll4ls bos a 6si 0(1

fainny,SE.PT.2.

The .Market of this tiarwas,tolerahly well supplied
with different kinds of Cattfe the prices vary very
triflingly from Manday's Market; Pork is something
cheaper, and the business was very brisk.—We sub.
jOlu a corrod statement of tilt I).7:u:es and numbers

To sink tilts °ILI per stone of SP".
Beef 0. od •14 4s, tot'. Litton 4s. oa. t, 4i. 6c1.--ITml
Ss. to os,—Potk. 4s. A. to 44,,, IC,. LAW) 0. to ss,
limas sic) S hap and Limbi 7i-to -- t'lgs