The Sun.
London, England, 1858-03-18 00:00:00

MARKET NEWS.—(This Day.)

CORN EXCHANGE.
GENERAL AVERAGE PRICES OF BRITISH CORN
For the week ended March 18, 1858, made up from the Re-
turns of the Inspectors in the different Cities and Towns in
England and Wales, per Imperial Quarter.
WLIEAT BARLEY OATS RYE BEAM PEAR
45s la 36s 6d l 23s 3d 31s 3d 4 37s lld 41s 2d

BANK OF ENGLAND.

HALF YEARLY MEETING THIS DAY.

This afternoon the half yearly general meeting of the
proprietors in the Bank of England was held at their
house in Threadneedle-street. The meeting was more
largely attended than on many previous occasions,
owing to the commercial crisis through which the
country has lately passed.

Mr. Sheriff Neave, the Governor, presided. There
were present, the Attorney General, in his capacity of
standing counsel to the Bank, Mr. Thomas Baring,
M.P., Mr. R. W. Crawford, M.P., Mr. Thomson
Hankey, M.P., Mr. Weguelin, M.P., Mr. Bonamy
Dobree (the Deputy Governor), Alderman Salomons,
and others.

The GoYERNOB said he had to acquaint the Court that
the profits of the Bank for the half-year ending the 27th
of February amounted to 808,2941. 9s. 7d., making the
amount of "rest" at that time 3,848,5091. ls. 11d.
After providing for a dividend at the rate of 5i per cent.
for the half year, the "rest" in the Bank would be
3,048,094/. ls. 11d. The Court of Directors there-
fore proposed that for the half year ending the sth
April next a dividend of sit per cent. should be declared
without deduction on account of income tax.
Mr. BORRADAILE asked what it was that accounted for
the rest being 138,009/. less than it was at the close of
the weeks of that period of the year.
The GOVERNOR said that arose from the amount of
rebate which was carried to the next account. The
nature of discount WWI, that the amount deducted for
interest was deducted at the time, and therefore applied
to the whole of the time the bill had to run. The inte-
rest due upon those bills would come irk to the accounts
of the next half-year.

Mr. BORRADILIC urged that the amount was unusually
large.

The GOVIENOB replied, that it probably arose from
salaries and wages having been paid at the time referred
to.

Mr. CLARKE said the profits of the bank would have,
undoubtedly, been greater had it not been for the
late commercial crisis. Taking all the circumstances
into consideration he thought that the present was only
the postponement of a larger dividend.
Mr. BOREADAILE expressed a hope that if such were
the case it would be announced from the chair. It had
been the practice to divide the profits of the Bank up
to a certain point, and be could not imagine Mr. Clarke
was right in what he had suggested in reference to the
postponement.
The CgAIRMAN replied that the bank had taken the
precaution to retain something on the suspense account.
There might be some further losses, and while the direo
tore had written off the direct losses they had reserved
a proportion, which would be sufficient to meet the pos-
sible losses which might be outstanding.
Mr. BORRADAILE thought that a larger result might
have been hoped for from the profits of the bank which
had been announced. He thought the proprietors might
have hoped for a larger dividend.

The GOVERNOR said that the idea in the mind of the
hon. proprietor appeared to be, that the loss upon bills
could hardly have amounted to so much as to reduce the
dividend to what it at present was. Confining himself
to that particular the hon. proprietor might be right ;
but he begged to remind the Court that the bank had
made great sacrifices in the sale and purchase of stock
to assist the commercial world. (Hear.)
Mr. Alderman SALOMONS had the fullest confidence in
the directors of the Bank. He thought that after six
months great anxiety to all who had been concerned in
monetary transactions, it was very desirable that there
should be a discussion upon the abstract question of
dividend. (Hear, hear.)

On the motion of the GoVERNOB, a dividend of 51. 10s.
per share for the ball-year ending the sth of April, free
of income tax, was declared, and the proprietors were
informed that the warrants would be ready for delivery
on Tuesday, the 6th of April.

In answer to a question from Mr. Thompson,
The GOVERNOR stated that the Wet tern branch of
the Bank was successful and was yielding a profit.
Alderman SALomoms proposed a vote of thanks to
the Governor, the Deputy• Governor, and the Court uf
Directors, for their able management of the affairs of
the Bank during the past half-year.
Mr. CLARKE seconded the motion, which was unani-
mously agreed to.
The GOTERNOR, in acknowledging the compliment,
said that, in conducting the affairs of the Bank, the
directors derived great satisfaction when they found
that they were approved of by the proprietors. There
had been consiberable difficulties during the last ball
year, and it must have become well known that the
interests of the proprietors and the public were
combined and nearly interwoven. It was the duty
of the directors not to lose sight of either,
but to keep in full view the interests of
both. The directors bad the satisfaction of knowing
that they had been just stewards. They had been
tried severely during the past ha f-year, but they wero
glad to find that they had passed through the ordeal
satisfactorily, and that they were held to deserve the
`mod of praise which the proprietors had accorded to
The Court then broke up.