The Sun.
London, England, 1861-03-14 00:00:00

BANK OF :EI7OLA:IrD.

HALF-YEARLY MEETING (TINS DAY)

A general court of directors of the Bank of England was
held this morning in the Bank Parlour, Threadneedle-
street; it was also one of tho quarterly courts held pursuant
to the Charter.

BONAMY DOBREE, Esq., governor, presided.
The minutes of the last court having been read and con-
firmed,

The GOVERNOR stated that he had to acquaint the court
that the net profits for the half-year ending 28th of Feb. were
£720,215, making tho rest on that day £3,728,710. After
providing for a dividend at 6 per cent. for the half-year, the
rest would amount to £3,100,060. The directors therefore
propose that a dividend on interest and profits, on the sth
of April, of 5 per cent., without deduction for income-tax,
be declared. He therefore moved a resolution to that effect.
A PROPRIETOR wished to know what was the amount of
bullion in the bank at the present moment ?

The GOVERNOR could not state exactly the amount, but
t was, he knew, over £12,000,000. (Hear, hear.)

A PROPRIETOR asked tho amount of notes reserved ?

The GOVERNOR said it was over £7,000,000 0rL8,000,000,
but he could not in that instant state the precise amount.
It would become public in the usual way on Friday by the
publication of the Gazette.
Alderman ,SALOMONS said, referring to the questiois
that had been asked relative to the capital and the notes
reserved, he should like to know whether there was any
reason why, after the usual meeting on Thursday, some
authorized communication might not be made to the pro-
prietors. They had, by the present arrangement, to wait
for the newspapers on Saturday before they got the infor-
mation.

The GOVERNOR said it was the desire of the directors
that every information on the matter spoken of by the hon.
proprietor should be given, and it had been under conside-
ration, but whether or not it could be carried out he could
not at that moment say. The Governor then put the re-
solution for the dividend formally to the meeting, when it
was carried unanimously.

A PROPRIETOR complained that the present rate of in •
terest was too high, and that there was a strong feeling on
the point by traders generally.
The GOVERNOR said the proprietors had assembled that
day for the making of a dividend, and he did not think it
desirable that a discussion should be gone into with respect
to the rate of interest. (Hear, hear.) it was a subject
that was every day, he might say almost every hour,
under the consideration of the directors, and the proprietors
might rely that imessliately the directors saw it was
prudent to reduce the present minimum rate they
would do so. (Hear, hear.) Their proceedings had shown
that they did not wait for " a court day" to communicate
to the proprietors, in reference to which they took
extra responsibility on themselves, in order that
no delay might take place. (Hear, hear.) He
assured the meeting that when the moment did arrive
for any relaxation the directors would only be too happy to
give the public the benefit of it. (Hear, hear.)
The motion was then carried.

The SECRETARY announced that the dividend warrants
will be declared and paid on the 6th April next.
Alderman SALOMONS said he felt great pleasure in moving
the next resolution. It was true, no doubt, that the high
rate of interest did very seriously affect the trading interest,
but at the same time they must look to the causes that had
produced it. They had not only had a deficient harvest,
but potatoes and fruit had tamed out badly, and if they
got through the present year without a great num-
ber of failures, with only the inconvenience of
the high rate of interest, he thought it would
be matter of congratulation. The resolution was
a vote of thanks to the governor and directors for their
exertions during the past half-year, and he could not re-
sume his seat without saying how thankful they were to
the directors, and more particularly the governor, for the
manner in which they conducted the interests of that great
corporation. As the governor's term of office shortly ex-
pired, he took that opportunity of stating the high admira-
tion in which he was held. No gentleman had ever filled
the chair at the Bank who had been more courteous—(hear,
hear) ; and his whole conduct would favourably bear com-
parison with all those who had occupied the high position

—men who had been most energetic in the commercial
world, and ornaments to society. (Hear, hear.)
The motion, having been seconded, was carried unani-
mously.

The GOVERNOR, in returning thanks, said the only re-
ward a governor of house could receive on retiring from
office was the thanks of the proprietors, and if he received
that he could desire nothing more. He begged to thank
the proprietors for the compliments that had been con-
ferred.
The proceedings then terminated.