The Sun.
London, England, 1850-05-23 00:00:00

THURSDAY

Mr. NEWSAM did not think it necessary then to
say more about it, but, adverting to the subj‘ct of pro-
fits, he must• remind the director,,, that in
:848, when Mr. Lamle Murray filled the post of
chairman, that gentleman told the propriette:s teat
his calculations led him to believe that the ensuing
year's profits would reach- to 61,0001. Now, to his.
(Mr. Newsam's) mind, the suns now mentioned as
the result of the past year's operations was a most
prodigious decline, and he should therefore be glad if
the Chairman or Mr. Murray himself could give
them some explr.nation on the subject.—(Elear, hear.)
Did not Mr. Murray make that calculation for the
sake of securing the bonus which was declared that
year ?--(Ne, no.)
The CHAIRMAN, in reply to the Hon. Proprietor,
said the bad debts during the past year amounted-to
12,4001., hut that sum had been deducted from the
profits, so that the net profits were 19338/. is. • 3d.
The large amount of debts was to be attributed
to the unfortunate pressure of the times. Their
capita!, 110%c ever, was intact the same as when first
paid into the coffers of tt-e bank, and there IA as, be-
sides, a surplus of 50,0001, which had been at quirt d
in the shape of profits, and now at credit of
11,t•serve Fund. A retoletian had been passed at
a meeting of the bard prohibiting advances being
made by the bank to any of the directors, however
good the security might be which they °tiered. lie
might state with regard to the London and Dublin
Rink, that the amount due by them was 10,0001., but
when he mentioned the name of Sir 11.1pli floward,
M.P., as one of the parties who secured the National
Bunk, they would agree with him that the money was
safe.—(Hear.) There were also 400 proprietors in the
London and Dublin Thiek, on whom they could fall
!...mdodui
nt ito,n ,
stoh e
tdhiarte entoorsdohnebldt
back, if neceeary, and,
remained
ds foras a
to largetL
ultimate payment of
the 10,0001. The whole of the bad debts at the
branch banks, which they had taken from the London
and Dublin Company, did not amount to more than
3001., while the profits upon them were very large.
Mr. LAMIE MURRAY entered into an explanation
of the circumstances alluded to by Mr. Newsam, but
deprecated the practice of making the annual meeting
of a bank, which was so ettensive and intricate in
its operations, and which affects every vein and
nerve, of the society with which it had to deal, the
arena for the discussion of personal questions. He
had stated in 1848 that the bad and doubtful debts
had then been reduced to 19,0001., and he believed
at that period very few could say they had their
capital intact, with a reserve fund of 50,0001., and
only- 19,000/. doubtful debts.—(Hear, hear.) The
statement which he then made was not a personal
one, bat was authorised by the board of directors, and
the matter was net one in which he was personally
concerned. On that occasion he stated what their
profits had been for successive years, and left it for
the proprietors to say what their resources were
likely to be in future years. Of course he could not
prevent the potato rot, or. help commercial failures,
neither could. he find good security for the surplus
money of the bank, in order to make large profits.
But were the present circumstances of the bank worse
than they bad been ? Since the period of which he
spoke the resources of the bank had increased by
230,0001., and yet they had been obliged to be watch-
ful and to abstain from offers to lend money at high
rates of interest, until a more prosperous tide of events
should set in. It might be said he had a personal in-
terest in having a bonus divided ; but if that were I. o,
the course which he had taken must have been detri-
mental to his own interests, for he had always op-
posed every dividend exceeding 5 per cent., though it
was well known he might have put an additional
3001. into his pocket by taking an opposite course.
Considering the position of Ireland, and the depres-
sion.which had visited alike all classes, it was a mat-
ter of surprise, not that their profits should be so
small, but that the capital of the bank should remain
intact.—(Cheers.)
Dr. M`Gree said that it seemed to him that they
were not making as much money us they ought to do;
the management was not carried on as economically
as it ought to be, and .that they incurred more ex-
penses than were necessary.. He had lately been in
Ireland, and, mixing in society there, bad taken the
opportunity of asking men well versed in banking
affairs of the prospects of thiS bank, and he did not
find that it was' considered to be so useful as had
been considered probable. He did not admire
the great number of inspectors which they em-
ployed; he objected to the over-payment of the
directors ; and . he did not think. that there
was sufficient Irbil sympathy manifested in
the board. The greater part of the capital was Irish,
and he should like to see a greater number of Irish
members on the board. He should just suggest to
the directors always to keep in mind that the capital
of the bank belonged to the proprietors. He hoped
that they would endeavour to carry on the affairs of
the bank with as much economy as possible; this was
just the time when the directors ought to try to screw
,up the expenses as close as possible. With regard to
Mr. Newsam having been thrown] out -of the direc-
torship, he thought it showed the great power which
the Irish shareholders possessed. On the whole, he
considered that the bank was in a very good position,
saving only the item of expenditure.
Mr. SMITHWICK said that he had to apologise to
Mr. Newsom for having been instrumental ,in
changing that gentleman's position. The reason of
his (Mr. Stnithwick's) conduct in that particular
Was that he considered there was a great want of
information in the board of the feelings and position
of Ireland, and not sufficient interest taken in Irish
affairs. lie thought that some of the directors ought
to pay an occasional visit to Ireland in order
to ascertain the feelings and wants of that
tcountry
ems ofrreo
from
c cuu rhai
nt ehl.y
t.
formation at present. More business, he was sure,
he aredntdireestlyvedmtinsteriurstiend.
might be done if the gentlemen would only make
themselves a little better acquainted with the of
of Ireland. This was the reason why he had opposed
Mr. Newsam's re-election, in order to change the
constitution of the board, and to infuse a new spirit
into it more in accordance with the wishes and in-
terests of the Irish shareholders.
The CHAIRMAN 'Wished to say a word' in answer''
to the Reverend Gentleman'a (Dr. M‘Gee's)
observations. He had already alluded to the
reason why they had nut made larger profits,
this year. It was not owing to the losses which
they had sustained, which had been much- less
than they might have "been, owing to the. vigilant
superintendence of the directors. The qaestiOn' of the
inspectors had already come undertfie consideration of
the board. • As regarded the direCtor', ;Veiny paid too
much, there, also, he wasliapiiy!lo say,
they had
anticipated the Rev. Gentleana :They-bad effected
a reduction of 1,000/. Gentleman,..:
a year, and he suet say- that I
the remuneration which the directors at IpreSept re-
ceived was not too much for their unbeisieg exertions
in the service of the bank. He did not think 'that
there was the slightest wish on the part of
the directors to underrate' the importance of
the Irish interest in the bank ; he considered
that some'of the Irish branches of the late London
and Dublin Bank were decidedly the -best paying
branches The reason was that these
-branch es had hadhasd. such a thorough sifting, at the ex-
pense of himself and other proprietors of that bank,
they 'could not well be Otherwise. He did not' think
there
complaint
of want of acco-
m; he considered that they
had always afforded satisfactory accomodation to the
to
ish reason
bus
nfo e .fur edreat wasion
an
neighbourhoods in which their branches were. No
application had been refused consistent with a proper
attention to the interests of the bank. Mr. Smith,
wick had said that there was an anti-Irish feeling in
the board:
Mr. SMITHWICR—No, I softened it down to a
want of information on Irish affairs.
The CHAIRMAN—WeII, that gentleman should
have considered the accommodation which they had
afforded to certain unions when other banks had re-*
fused all accommodation. He should conclude by
printed, and cir-
culated Mr. RuinsiG, as an English director, was perfectly
moving
at hman
nt tgh et
he report
shareholders be adopted,
ready at any time to give up his seat at'that board if
he did hot possess the confidence of the Irish proprie-
tors. Be. challenged the inspection of the accounts.
and after having devoted so much time and labour
excessively hurt at having this want of confidence
to the 'affairs of the bank, he
mast say that he felt

thrown against them.
Dr. .MTTEr: deprecatecrany idea of insulting the
English directors. That was not their purpose--they
family party to
considerwe e
met
carrying on the
affairs of the bank, and
etahlenr)elyas a
the
sobretstofwapyrifv,afte
all that had been stated on
that point was merely to tell them what the feelings
of Ireland were.
Mr. ELIDING again professed his readiness to resign
if not possessed of the confidence of the Irish pro-
prietors.
Mr. READE only regretted there were not more
Englishmen in the board. The present directors were
earnest in the interest they took in Ireland.
most conscientious in the votes they gave, and most

whom he objected to, but he wished to see English-
men Mr. Ssturnwicx said it was not EnglisiTgentlemen
in the board who knew the country better.
Mr. Powaa had a short amendment to move to the
report. He was convinced that the bank was not
properly managed, and that if it were in better hands
the sbares, would be at a premium, instead of being
otherwie. He saw very few English shareholders
present at the meeting ; there were more reporters
than English shareholders. There was scarcely a
month passed, too, but some case of absconding or
embezzlement took place among the officers of the
bank in Ireland, but no reference was made to those
matters in the report.
The.CHAiamAN said, had the bank sustained any
loss from the defalcations of any officer, the directors
would have mentioned the fact in the report. There
had been a defalcation by an officer at Wexford, but