The Sun.
London, England, 1834-09-19 00:00:00

THE SUN, LONDON, FRIDAY, SEPTEMBER 19, 1834

NATIONAL BANK OF IRELAND.

(From the Waterford Chronicle.)

GREAT MEETING IN CARRICK-ON-SUIR.
Decidedly the most important and influenti d meeting ever
held in this town, or perhaps in t' e country, o.i the subject of
Banking, was held on Friday las!, pursuant t) public adver-
tisement, at the Bessborough Arms Hotel, for the purpose of
establishing a branch Bank in connection with the National
Bank of Ireland, in Carrick-en-Suir. At a little past one
o'clock, the Hon. John Ponsonby, eldest soil of Lord Duncan..
non, arrived, and the business of the day was immediately pro-
ceeded with. The Large Ball-room was crowded almost to
suffocation. The principal landed proprietors of the entire
neighbourhood, and the commercial wealth and respectability
of Carrick-on- Suir, were in attendance. We particularly no-
ticed Major Curry, Belline ; T. E. Lalar, Cregg House; H.
Briscoe, Tinvane House ; J. Walsh, Fannigstown ;
O'Donnell, Cottage ; J. Power, Mount Richard ; J. Cant-
well, R. O'Donnell, Maningstown, &c. &c.
On the motion of W. O'Donnell, Esq., seconded by T.
E. Lalor, Esq., the Hon. John Ponsonby was called to the
Chair.
The Hon. CHAIRMAN said, he felt grateful for the honour
conferred on him, by an assembly so respectable and nume-
rous, and only regretted that the unavoidable absence of Lord
Duncannon had deprived them of the advantages of that ex-
perience and knowledge of the matter which they could not
expect from him. However, any assistance he could render
he would do so most cheerfully, as he would be always happy
to see the interests of the country advanced and the town of
Carrick, in particular, prosperous and happy.—( Loud cheers. )
P. HAYDEN, Esq., moved that W. O'Donnell be requested
to act as Secretary. The motion was seconded by T. E.
Lalor, Esq.
Mr. O'DONNET L said he had been at various times endea-
vouring to get a branch of the Bank of Ireland established in
the town,—but, he was sorry to say, without success.
He had communications with several influential persons
on the subject, who- would be ready to afford any co-
operation in their power. He felt great pleasure in being
able to say, that the father of their honourable and worthy
chairman (Lord Duncannon) at the time took an active
part in endeavouring to promote that object, and was foremost
then, as he had ever been, to advance the public interests, in
the attempt to increase the welfare of Carrick and its neigh-
bourhood. He also felt it his duty to state, that in conjunc-
tion with many respectable inhabitants, he waited on Lord
Duncannon, and consulted him as to the propriety of intro-
ducing a branch of the National Bank of Ireland into the town,
and that the pi oject met his entire approbation. He also
mentioned to Lord Duncannon that the inhabitants of this
town felt particularly desirous that his Lordship would preside
at this meeting. His Lordship stated that he would feel
great pleasure in doing sa, but that he was unavoidably
obliged to leave home for Dublin on Monday ; however, that
he would take care his eldest son (the Hon. John Ponsonby)
should preside in his absence, and represent his feelings on the
occasion.--( Cheers.) Mr. O'Donnell said he deemed the
co-operation of wealthy and extensive landed proprietors of
vital importance to the welfare of the institution, and begged
to read a letter he had received from one, whom he believed
possessed a landed property of about 8,0001. per annum. Mr.
O'Donnell then read We following letter :
Rossenarra, Sept. 10th, 1834.
Dear Sir—l regret that an engagement for Friday next will
prevent my attendance at the meeting to be held in Carrick-on-
Suir, but I beg you will consider that it has my best wishes for
success in the attainment of its valuable object, as it is obvious that
a branch of the National Bank establishment, opened in a town
situate in such an important district, would greatly facilitate our
progress towards commercial and agricultural prosperity, and prove
to every individual an important accommodation.
I have the honour to be, Sir, yours faithfully,
William O'Donnell, Esq. WILLIAM MORRIS READS.
Mr. REYNOLDS read the prospectus of the National Bank,
which having concluded, he said, that he congratulated that
numerous, highly respectable, and influential meeting, on
having so amiable and promising a member of ti:e aristocracy
presiding as their chairman, and mingling with them on an
occasion of such public importance and utility, and he was the
more gratified, as it was rather unusual for the aristocracy to
take a lively and sincere interest in the concerns of the people,
particularly in Ireland. But it was not a matter of wonder
to see him connecting himself with the people, and presiding
at a meeting, having for its object the improvement of
the country, inasmuch as the name of Ponsonby had
ever been identified with the best interests of Ireland. And
looking on the Hon. Gentleman as the representative of Lord
Duncannon, and remembering the high official situation
so lately entrusted to that nobleman, he could not forbear
regarding the circumstance with feelings of peculiar gratifi-
cation and delight. Though the principal objects of the bank
were very fully detailed in the prospectus which they had heard
read, from which they must be aware that it is purely and ex-
clusively a mercantile speculation, having for one of its especial
objects the improvement of the agricultural and commercial
interests of the country, by the establishment of a sound and
improved system of Banking ; yet he felt it necessary to make
a few observations, in order to obviate some objections that
had been made to it. The " Commercial and Agricultural
Bank" had accused them of a want of patriotism. He could
hardly conceive on what solid grounds such a charge would be
brought against them. Indeed, he had heard a silly remark,
-that their scheme was unpatriotic, inasmuch as their head-
quarters were held in London. Now, he thought this was one
of the chief recommendations of the National Bank, andthe very
essence of patriotism. He had been in the habit, for the last ten
years or more, of reading the opinions of what were considered
wise men, and they all, without exception, seemed to concur
in this—that the result of all patriotism and the great conse-
quence of the tranquillity which necessarily follows successful
agitation, was the introductifin of a-Mai; and he believed
there were few individuals among the wealth and respectability
that surrounded him who were not agreed, at least upon one
point, that available capital was the grand desideratum in Ire-
land. Now, here was an offer of the introduction of One
Million to the people of Ireland. With these broad and un-
deniable facts in his favour, he was astonished to hear the
charge of a want of patriotism. On the contrary, it was evi-
dent that the Bank was calculated to confer the most substan-
tial and lasting advantages in the country, and that the objec-
tion raised against was the very secret of its stability and
success. Isolated stock was not the thing. There should be
connection and credit, as well as wealth—for wealth, without
respectable commercial connections, and the credit ne-
cessarily attached to them, lost more than half its advan-
tages. We had an instance, a few years since, of the im-
portance and benefit of stable connections and good credit,
in the case of a run on one of the branches of the " Pro-
vincial Bank." The demand for cash payments becom-
ing troublesome, and finding it impossible to meet the
incessant applications made to them, they had immediate re-
course to head-quarters--to what is objected as unpatriotic in
our system—and were, without the least possible delay, sup_
plied with a quantity of gold amply sufficient to meet every
demand. Thus a prompt and timely reinforcement from head-
quarters re-established the stability of the branch Bank, and
placed it (because tried) on a firmer basis of credit than before.
This is an indisputable case in which a branch Bank, without
the accessory advantage of English connection and English
credit, would inevitably have broken down. The commercial
credit of individuals in this country could not possibly be as
available for the purposes of banking as in England, and for
this reason—that gold was brought into the market there like
other commodities, and was as open to the purchaser; whereas
in this country the case was entirely different. In England
they had an inexhaustible resource in the money-market, which
was tangible only by that credit which we had not, and whiph
they were desirous of extending to us for our mutual advan-
tage ; thereby promoting the prosperity of Ireland, and, by
creating an identity of interest, cultivate and establish, on the
solid basis of mutual benefits, a friendly feeling between the
two countries. _ _

Cork, Limerick, &c., would be quite distinct from, and inde-
pendent of, each other—each being in separate partnership
with the parent bank, and the subscribers of each, only re-
sponsible for the branch of which they were shareholders. To
prevent the possibility of heavy and extensive losses, an an-
nual meeting of the shareholders would be holden, and if it
hould appear that there was a loss of 25 per cent. on the
subscribed capital, they had the power of dissolving the
branch. No branch would be liable for the losses of the Lon-
don Bank; and the reason, founded on the opinion of the
most eminent counsel who have been consulted on the matter,
is this—that as the branch bank participate not in the profits
of the London Bank, they cannot be made responsible for
the losses. In addition to this, a Secretary would visit each
branch once_a month, for the purpose of investigating their
transactions, and reporting the same to the Board in London
—thereby obviating the danger of more than one month's mis-
.management occurring without detection. They would please,
also to bear in mind that the shareholders of each branch
would have the power of electing their own directors,
who would be the guardians of their property ; and it
was to be presumed that they would entrust that responsibility
only to persons on whom they could place the most unqualified
reliance. It would be unnecessary to remark, that all mer-
cantile speculations were liable to risk ; but it should be ad-
mitted that especial care had been taken by the projectors of
the " National Bank of Ireland," to limit the liability so effec-
tually, as not only to prevent the possibility of any great loss
occurring, but also to inspire a rational hope that the esta-
blishment would not only prove profitable to the proprietors,
but also advantageous to the public. Recollecting that a de-
putation from the " Agricultural and Commercial Bank" had
recently visited their town, and held a meeting, with a view of
inducing the people to sanction their project, which their good
sense and sound understanding rejected, he felt it necessary to
be thus explicit. And he felt great gratification at finding
that this explanation had been deemed satisfactory, and that
that highly respectable and intelligent meeting had sanctioned
with their approbation the establishment with which he had
the honour to be connected ; and had determined on giving to
their important town and district the benefit of a sound bank-
ing system.
It was then moved that the Hon. J. Ponsonby be requested
to leave the chair, and that T. E. Lalor be called thereto.
E. POWER, Esq., said he felt particular pride and pleasure
in having the honour to move a resolution of thanks to their
worthy chairman, who reflected so admirably the virtues of his
noble father. He never regretted so much his inadequacy to
give expression to the emotions of gratitude and respectful
affection► then beating within him, and which he was confident
had a responsive sympathy in the breasts of every individual
in that numerous and respectable assembly.
The resolution being read, the chairman said he could not
sufficiently thank the meeting for the handsome and flattering
manner in which they had received the mention of ais name.
He felt exceedingly grateful for the honour they had (lone him.
After the able and satisfactory expose made by Mr. Reynolds,
lie was satisfied to say that he saw every prospect of success,
and he should be most happy to see the inhabitants of Carrick
in possession of a good Bank, and plenty of money in it—it
should have all the assistance in his power.
This short address was received with repeated acclamations,
and immediately after the meeting broke up.

BASING, BATH, AND BRISTOL RAILWAY.

( Abridged from the Bath Chronicle.)

A public meeting of the inhabitants of Bath and its vici-
nity, was held at the White Hart, in this city, on Friday
last, for the purpose of hearing explanations respecting the
above undertaking, to afford which a Deputation from the
Committee of Management had come to Bath. The at-
tendance was extremely numerous and highly respectable.
Sir T. FELLOWES, K.C.8., was called to the chair. He
said that the efficiency of the Manchester and Liverpool
Railway was well known, and there could be no doubt that
similar benefits would result from the 'establishment of 'a
line of Railway between Bristol and London. Bristol was
at present sinking in importance, but if this Railway were
carried, the traffic from the South West of Ireland, from
Wales, &c., would contribute to resuscitate its commercial
prosperity. The object of this meeting was to promote the
Taking a line of Railway from Bath to London. Its pro-
jectors proceeded on national grounds ; in peace the under-
taking would be of the greatest value, and in time of war
the advantages would be peculiarly great, as Bristol would
then be considered as a commercial port of the greatest
safety. The Chairman then alluded to the two lines which
had been proposed ; and considered that the one from
Basing to Bath, through the towns of Trowbridge and
Bradford, was preferable to that usually denominated the
Great Western Railway. Sir Thomas concluded by hoping
that every gentleman who might wish to address the meet-
ing might be heard with patience and good feeling.—
(Applause.)
The Hon. Mr. Da BLAQUIERE proceeded to claim for
himself the merit of having originally proposed, in 1831, a
line of railway from Bristol to join the Southampton line at
Basing ; and supported his statements on this subject with
reference to the Hampshire Advertiser, of Nov. 12, in the
above year. He then proceeded-- to describe the steps
which were taken at the above time to promote this under-
taking ; and stated, that up to the moment when the Lon-
don and Southampton Railway Bill went to Parliament,
and till the advertisements of the Great Western Rail-
way appeared, the Southampton Company, judging from
the conferences which they had previously held with the
leading interests of Bristol, entertained settled im-
pression that it would be resolved in that city to join
their line with the Southampton road at Basing. He
felt that this question might be frittered away into one as
existing between two rival companies—but it ought not to
be so treated ; it should be discussed as a question having
reference to the public good alone. The terminus of the
London and Southampton Railway was in the midst of a
population of 300,009 persons, which would offer an ad-
mirable market for agricultural produce. No communi-
cation with the metropolis presented the advantages
afforded by that terminus ; and it had been the un-
successful aim of the Great Western Railway Com-
pany to avail itself of these benefits. This com-
pany could not approach that part of the Thames
except by intersecting three of the most valuable pro-
perties in the neighbourhood ; that of Mr. Sloane
Stanley, the Earl of Cadogan, and the Marquis of
Westminster. The Earl of Cadogan had said that on
his property alone the Great Western Company would
have to throw down between 300 and 400 of the best
houses on the estate. The Southampton Company, on the
contrary, would have to throw down scarcely any house
property at all. Mr. de Blaquiere then dwelt at some
length on the local, advantages which would result to Bath
from the establishment of a railway communication with
the.metropolis. He would now proceed to a point on
which it was important that the meeting should be informed
—whether, namely, the estimate for th road was sufficient
to cover the actual cost, and if it was the intention of the
Company that the work shOuld be commenced. The Hon.
Gentleman then read a letter from Mr. Giles, the engineer
of the Company, stating that he had received a tender
(from a person whose name Mr. Blaquiere said he should
refrain from mentioning) for the performance of the road
between Woking and Basing, and stating that the work
would be completed within the estimate, and expressing the
utmost confidence that the execution of the line between
Bath and Basing might be executed for the sum announced
_1,000,000/. The Hon. Gentleman concluded by hoping,
that the attention of the meeting would be given to the in-
formation which would be laid before them. He only
wanted the best line to be adopted, the undertaking was the
greatest ever brought before the public, and deserved ge-
neral support.—(Cheers.)
Mr. REED, of Manchester, after some preliminary re-
marks, said that he represented a capital of 400,0001.,
which had been subscribed in Manchester towards the
Railway now before the notice of the meeting. lie had
well considered the practicability of the line between Bath
and Basing ; its eligibility was in fact self-evident, and it
required no conjuror of an engineer to prove it—it did net
require gentlemen figuring for the first time in their lives in
this capacity 'to pronounce upon its merits. A steam
carriage might pass over it at a rate of at least twenty
miless "which an hour. No part of the country stood so much in
want oafiia Basing
Ivninga)e, asline
is the
e Bristolco ulbdt n s ?,
eaont be
dßath—the only question
was,
H e
exceededivas
anythat
the
Bath, other
which could be selected.
of l‘t
lineß
bTeOtNw,etelui eßn
ag is
inuege r,a ndd
B riessroclr.ibed Theeth fisrescry i
11-1
miles on leaving Basing were level, then came 2 miles with
i
a rise of 1 in 300, then 4 miles level, then 9 miles with a
rise of 1 in 400, then 4 miles level, then 9 miles falling 1
in 300, then miles falling lin 702, then to the terminus
at Bath ?t miles falling lin 1534. The terminus would
be in Widcombe, and it was proposed to approach it
by a tunnel commencing at Monckton Combo, and
emerging
near the fish pond in Prior Park. The tunnel
was not absolutely necessary, the railway might be carried
round the hill, and he preferred this plan, having an aver-
sion to tunnels. The levels of the line between Bath and
Bristol were as follows—from the Depot at Widcombe to
South Hayes a dead level, then 4 miles falling 1 in 754,
then 4 miles dead level, and the remainder of the line to
Bristol falling 1 in 528. The terminus would be -at
Somerset-square, which it was intended to convert into a
Depot for coaches and passengers. From this spot it was
proposed to have an inclined plane (with a fixed engine) to
therefore
be rendered the harbour, for the transport, of waggons with goods.
There would be a tunnel through* Redcliff to •Redeliff
Wharf, and it. was intended that the road should there
thefloat bye meansrea
available_
asbwl
ei swivel
abrliilg sea-goinge
.l'lieroad would
would then p:tss through Queen-square, and branches would
be made arouind each arm of the float, so as to extend the
benefits of the- railway to all classes of shipping whatever.
(Tells:re:es: of the- 3ine would not exceed the estimate.
Dr. 'Wuxi' ;sox thought the Great Western Railway
Company had been treated in a manner which they did not
tantqre entitled
con-
sideration t
0 the public, jje begged to propose that the
object,
andT,l:.re.er.)e- had done to effectto
favourable
thea infalo•

P.' HAYDEN, Esq., in proposing the first resolution, begged
to remark, that the establishment of a branch bank in the town
would obviously be of essential benefit to its commercial pur-
suits. The merchants here were often obliged to lay by con-
siderable sums inactive and unavailing, that in a local bank
would fructify to great advantage ; and sometimes when there
was a great unanticipated influx of goods in the market, they
are under the necessity of sending, at great inconvenience and
expense, to Waterford or Clonmel for money ; all which dis-
advantages would be obviated by the establishment of a local
branch bank. Our export trade in corn and butter alone, ex-
clusive of other commodities, amounted to 260,0001. per
annum. In the year 1820, when they had a private bank, the
export trade was 300,0001. He remembered one year when it
amounted to 360,000/. For many years subsequent to that
period, in consequence of the bank being given up, the amount
of the export trade experienced a material diminution. Lat-
terly it had somewhat increased, and is now about 240,0001.
per annum. All which money would, one way or other, pass
through a local bank, and of course afford no inconsider-
able profit.
The other resolutions were then passed unanimously,
with
the exception of the one regulating the maximum amount of
the shares purchaseable by any shareholder, which elicited
some interesting discussion, in which I'. B. Wilson, Esq.,
Dr. Fitzgerald, J. Walsh, Fanningstown, Esq., T.. Wilson,
senior, E' sq. R. O'Donnell, Esq., and T. H. Leech, Esq.,
took part. It was ultimately resolved that 500 should be
the highest number of shares that any one person should sub-
scribe for at Si. each. All other necessary details were re-
ferred to the management of a provisional committee.
E. POWER, Esq. said, that it was 'of the highest importance
that gentlemen of landed property and great wealth should
patronize the establishment of a local bank. He was anxious
that Mr. Reynolds should explain the nature of the liabilities
of shareholders. He was aware that many persons enter-
tained erroneous opinions on the subject which he was con-
vinced it was in Mr. Reynold's power to rectify.
Mr. REYNOLDS said he was glad that he was called on by
his friend Mr. Power on the question of liability. The Lon-
don Bank was called the parent trunk, from which it was in-
tended to spread branches through the various towns in
Ireland. It was composed of men of the greatest commercial
credit and respectability, and with a capital of one million.
In order to form 'a connection u ith the Bank, it was requi-
site to subscribe local stock to any amount that might be
deemed necessary by the inhabitants of any town wishing to
establish a branch ; and to whatever sum was subscribed, say
101., 201., 30/, 401., or 60,000/., the London Bank would be
ready to subscribe a sum of similar amount. They would
enter into partnership with them, and participate equally with
them in the profits and losses of the branch Bank. For in-
stance, if they formed a local stock of 5,000 shares, at 5/. each
share, making 25,0001., they would be thereby entitled to the
same sum from the London Bank, which would create a capi-
tal of 50,000/. for the Carrick-on- Suir branch, toge-
ther with additional credit in the London establishment to
any amount which their local wants might require—
which great superadded advantages also might be ob-
tained without increasing the original shares. The branch
banks in the different provincial towns, say Carriek,traterford,