The Sun.
London, England, 1835-03-19 00:00:00

PARLIAMENTARY SUMMARY.

In the Lords the Earl of ABERDEEN, in answer to Earl
MULGRAVE, said that Lord CANTERBURY (the late
Speaker of the Commons) was appointed Commissioner
for Canada, to which country he was to proceed with all
possible despatch.
The 15,000,000/. Exchequer-bills Bill was read a second
time.

In the Commons Mr. HODGES intimated his intention
of presenting to-day a petition from Chatham, complaining
of an interference in that town with the freedom of Elec-

ti on.

Sir J. CAMPBELL remarked, on the presentation by Mr.
HUMPHERY of a petition to continue unaltered the juris-
diction of the Southwark Court of Requests, that no part.
of the machinery of the law in respect of debtor and cre-
ditor required revision more than Courts of Requests. Mr.
HUME was of the same opinion, and stated the number of
persons confined in the Metropolis for small debts, (ad-
judged to be imprisoned for as many days as the shillings
respectively due,) to be more than eight thousand.
The CHANCELLOR of the EXCHEQUER said that the duty
on spirit licenses was under consideration.
Two Bills were brought in by Sir JAMES GRAHAM, rela-
tive to the impressment of seamen, and the consolidation of
the laws affecting the merchant seamen of the United King-
dom, were read a first time.
Sir R. PEEL, said that the Commissioners of Public
Works would advance money to agricultural parishes, on
good security, to aid them in building workhouses under
the New Poor Law Bill. He thought that the question of
Emigration ought not to be mixed up with the operation of
that Bill.

Mr. HUME postponed his motion relative to Light-
houses.

A rather warm conversation on the subject of the Dublin
election took place between Mr. O'CONNELL and Mr.
SHAW, which ended in an extension for one week of the time
for the ballot.

Sir JOHN CAMPBELL moved the second reading of the
Abolition of the Imprisonment for Debt Bill.
.11Ir.
RICHARDS opposed the Bill ; Mr. BARING was also
against it. Sir J. CAMPBELL replied to the objections,
and asked whether the principle of his Bill was not in
operation in France, Germany, and Scotland. He hoped
it would also become the law of England, before the end of
the Session.

[The Bill provides that summary execution shall proceed
on Bills and Bonds ; that the debtor shall be compellable
to swear to the full amount of his property, and give up
the same ; and that Bills of Exchange, money in the
Funds, and Copyhold property, shall become available by
Creditors.]
Mr. CARRUTHERS opposed the Bill. Mr. CLAY, Mr.
EWART, Mr. GROTE, Mr. O'CONNELL, Mr. ROLFE, and
Mr. WARBURTON supported it. It was then read a second
time.

The Imprisonment for Debt (Scotland) Bill was read a
second time ; as was also the Court of Session (Scotland)
Bill.

Mr. POULTEI obtained leave to bring in a Bill to
protect the free exercise of the political franchise.

Lord EBRINGTON moved for and obtained a Select Com-
mittee to examine into the provisions of the Weights and
Measures Bill.

Mr. O'CONNELL obtained leave to bring in a Bill for
the Amendment of the Law of Libel.

BANK MEETING.-THIS DAY.

This day a General Quarterly Meeting of the Proprietors
of Bank Stock, was held in the Bank Parlour. John Pattison,
Esq., M. P., the Governor, accompanied by the Deputy Go-
vernor, and a great number of Directors, entered the Court at
12. o'clock, by which time there was a very full meeting of
Proprietors.
The GOVERNOR said, he had to acquaint the Court, that that
was one of the Quarterly General Courts appointed
by the Bye Laws to consider of a Dividend. The
Court of Directors had come to a resolution,
to recommend to the Court of Proprietors that a divi-
dend of 41. per cent. should be declared upon the capital
stock, for the half year ending in April next.
Mr. YOUNG said, before the question of dividend was put,
he was anxious to inquire whether the money which the Bank
had accepted from the East India Company had all been paid
up ? He had before understood that it was all to be paid up
in October.

The GOVERNOR said that 1,500,0001. still remained at 2f
per cent. The Hon. Proprietor must, on the former occasion,
have misunderstood what had fallen from him. He had, how-
ever, to remind the Court that this was an unusual occur-
rence. The East India Company were winding up their
affairs, and the transaction would not operate as a precedent.

Mr. YOUNG inquired whether the Court were to under-
stand that in future when a loan was offered, the Court
of Directors would refuse to take it until they had taken the
opinion of the proprietors upon the subject. The principle of
so doing was so very important that if no satisfactory answer
was given, he would give a notice upon the subject.
The GOVERNOR could not give such an assurance. If they
acted upon the views of the Hon. Proprietor, they might be
obliged to refuse a very advantageous offer.
Mr. YOUNG said he was sorry that such was the answer.
He doubted whether such transactions were not against their
charter.—(Cries of " Hear, hear, hear.") He gave notice
for a motion on the subject for the next half-yearly Court.
The GOVERNOR trusted the Directors might still receive
any money that might be offered, notwithstanding the notice
of the Hon. Gentleman.

Mr. YOUNG said, as they considered they were right in so
doing, of course they would continue to act on the same
grounds ; but he still very much doubted—nay, he was cer-
tain, it was inconsistent with their Charter, and also very bad
policy.
The GOVERNOR said he and the Directors thought not—
the transaction had been very profitable.
Mr. YOUNG enquired whether the dividend was to come out
of the apparent surplus capital.
The GOVERNOR said it would, but he was bound in candour
to state that 10,000/. was taken from the rest to make up the
dividend ; he must, however, state that the rest was at least
five times more in amount than it was last year.—( Hear, hear.)
It was also to be remembered that there was a sum of 120,0001.
taken by the Government from the allowance made to the
Bank for transacting the public business.
Mr. FIELDEN said the Honourable Proprietor (Mr. Young)
had made rather a bold assertion. He had read over their
charter, and contended that there was nothing in the trans-
action at all against its spirit.
The GOVERNOR—As the Hon. Proprietor has given notice
of a motion upon the subject, perhaps it will be better to say
no more now.—( Hear, hear.)
A PaopaisToa enquired whether the 10,000/. taken from
the rest had been taken after the 60,000/. diminished allow-
ance had been considered?
The GOVERNOR—Yes.
Mr. WINTER wished to make an observation. It had been
stated that in order to make up the present dividend it was
necessary to take 10,0001. from the rest. Now it should be
known whether this money was in the nature of profit and loss
of capital. It had been treated by the Committee of the
House of Commons upon the Bank Charter as capital. The
difficulty arose from the want of a short statement as to
whether it was profit or loss, for if it went forth to
the country that the sum of 10,000/. was taken from
the rest, many might conceive that it formed part of
the capital which formed the security. It was much to be

regretted that the only information that could be obtained in
that Court was by random questions ; and those questions were
sometimes answered in a manner that was attended with pub-
lic inconvenience. This would be remedied by a short state-
ment of their accounts, disclosing nothing that they should be
ashamed of, and showing out of what funds their dividenps were
made up. If their dividends were made up of anything but
capital, every Proprietor was liable to be called upon to re-
fund; it was, therefore, of the highest importance to the
Proprietary and the public to show that the dividends were
actually and wholly out of their profits. He would take an
opportunity, unless some Honourable Proprietor, more com-
petent to take the subject into his hands should be pre-
vailed on to do so, of moving, at the next Court, that the
dividend should not be declared till a statement of their ac-
counts was laid before the Court.
The GOVERNOR said that the rest was not considered a por-
tion of their capital on which they paid dividends. The rest
was in former times considered available for the purpose of
making up the dividend—( Hear, hear.) Under these cir-
cumstances he considered that they might, if necessary,
apply a portion of the rest to make up the dividend-_
( Hear, hear.) The Court, he was sure, must consider it
extremely unadvisable to vary the dividend.—( Hear, hear. )
It would lead stock-jobbers into speculations and must prove
extremoly injurious to the interests of the Proprietary. For
this reason he thought it desirable to touch the rest. It rested
with the proprietors to determine whether they should appoint
any other portion of the rest to keep up the dividend.—( Hear. )
Mr. WILKINSON wished to have some explanation regarding
certain Annuities, about which he had put a question to the
Governor at the last Court.
The GOVERNOR said that the Hon. Member was aware that
the interest on these Annuities had been reduced by the 23d
of George IL, from Bto 4 per Cent. ; they were afterwards
reduced to 31 per Cent. for seven years, up to the year 1757,
and from that period they had remained stationary at 3 per
Cent.

Mr. WiLansrsoN' made some inquiries respecting other an-
nuities, and contended that the annuity of 100,0001. had been
secured to them by charter, and confirmed by the la,t Act.
The Court received for the management of that annuity the
sum of 4,0001. This was bona fide an annuity, and unless
the Act was repealed, they were bound, an,3 could in all cases
act upon it.

The GOVERNOR said that the subject was at that moment
under discussion. The Hon. Proprietor was perfectly right,
and the Court of Directors was at issue with the Government
on that point.

Mr. FIELDEN must protest against such questions being pui
to the executive body, without notice being given.
The question of dividend was then put, and carried unani.
_ _

Mr. YOUNG said, before the question of adjournment was
put, he was anxious to call the attention of the Court
to a very important question. It was well known that
he (Mr. Young) had always been most anxious for
the publicity of the Bank accounts ; that was now done ac-
cording to the law, and in his opinion a more important
act could not be passed. It was also well known that when
that onus was placed on them, the late Government had it in
contemplation to put some restrictions upon some other banks
of issue. Certainly every one must be aware of the great im-
portance of our knowing as much of the issues of other banks
as we ourselves tell, otherwise it would be impossible for the
Bank to regulate its issues according to the necessities of the
country. Without such information great irregularities would
ensue, confidence would be destroyed, because the public
without such information would fear that some Banks would
issue much more than they had capital to meet. He
very urgently pressed it upon the Court of Directors to
get the question settled as one of the very last importance, not
only to the proprietary but to the community at large. He
disclaimed any private interests, he was speaking for the
public interests. Such a publicity as he called for was neces-
sary for the prosperity of the country, it would place the mo-
netary system upon a solid basis, which was most essential for
the best interests of the country. All banks should be com-
pelled to publish an account of their issues and their assets,
for that purpose he trusted that the Directors would use their
best endeavours to press the subject on the attention of the
Government.

The GOVERNOR-The question was one of very great im-
portance, and had not been lost sight of by the Directors. It
was a question, however, which must of necessity be settled
by the Legislature.—( Hear, hear.) The Court might have
pressed upon the Government, but they had considered that the
Government had so much to do, that they had refrained from
pressing upon them as yet No man could doubt that the ques-
tion was one of the utmost importance, because the Bank in all its
endeavours to correct the evils of the monetary system had been
thwarted by the other banks of issue, who had increased their
issues in the same ratio as the bank had decreased theirs—in-
deed it was impossible for things to go on for any length of
time in their present state. He then informed the Proprietors
that the dividends would be ready on the 15th of April, and
the Court adjourned.