The Sun.
London, England, 1850-06-04 00:00:00

1:11
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I,eld

SUN OFFICE, Seven o' Clock.

BANK OF BRITISH NORTH
AMERICA.—(THIS DAY.)
• - The yearly general meeting of the proprietors of this
ba.nk was held ibis afternoon, at the offices of the cor-
poration, Sr. Helen's-place, Bishopagate-street; William
Chapman, Ee.q., .in the chair. . •
The report stated, that during the past year, the
general state of trade in the colonies did not
warrant any important relaxation of that restrictive
o a which the directors had thought it
right to act during the preceding year. Op-
portunity of profitably employing the capital of the
bank had been limited, and a large portion of the avail-
able capital wan now held at Now York, as well as at
London. Symptoms of increased commercial activity,
however, began to present themselves, especially in
Canada West, which the directors attributed to the re-
turn of agricultural prosperity, and they believed that a
general revival of safe and remunerative trade would, be-
fore long, extend throughout the North Canadian pro-
vinces. The report concluded by stain; that tie di-
rectors would be enabled to declare a dividend at the
same rate as in former years, viz , 51. per cent. The
am,unted to 1,908,467/. 143. 11d., and the assets
to 1,996 8271. 'is. 81., leaving a balance of undivided net
profit of 58,3591. 10s. 9d.
The CHAIR3IAN saki it would only be necessary for
him to make a very few observations upon the report.
The description given of the depressed condition of trade
in North Canada would he confirmed by every gentle-
man present who was commercially connected with the
colony, but it was highly gratifying to the directors
to see evidences of returning prosperity, more pate
ticu!arly in Upper Cannda, where for some time
past a very great improvement had taken place in
the bminess transacted at the different branches of the
bank, and judging from his personal knowledge of that
fine province, be entertained a well-founded hope that
the measures at present under the consideration of our
Government for throwing open the navigation of the St.
Lawrence, and bringing about a system of reciprocity
between Canada and the United States, would do more
towards the rapid and permanent improvement of
Canada than any act of our Colonial Legisla-
ture had done for the last MI years.—(Hear, hear.)
If that expectation should be realised a festering and
encouraging aid would be given to every sound and
commercial undertaking. The directors referred with
pleasure to the gratifying result of their adherence to
that restrictive policy which they had on more then one
occasion asked the proprietors to sanction. It was
owing to that policy that they had been enabled to meet
the proprietors with the assurance that the large resources
of the bank were r..". present quite entettered end
ready to be immediately applied to the extension of bu-
siness at any quarter,or oortort of the province.—(Freer.)
CaptsLin KELLY said- he ceuhl not express thet
cation at the report which he hstd done on former occa-
sion,,. Nearly tae whole of the London joint stock
banks paid a considerably larger dividend than the di-
rectors now declared, and he believed several of the co-
lonial banks, viz., the lonian, the Montreal and one of the
Australian banks gave the proprietors as much as 6
per cen'. The Montreal ban.'; was situated in the stone
province, and he it least hoped they would have a divi-
dend e‘cleal to whet was declared by that undertaking.
He wished, therefore, to know whether the emellness of
the dividend arose from a great portion of their capital
being unemployed, from hot debts, or from wainaaning
a too extensive establislunQnt.
The CHAIRMAN .said safety was one of the groa•e,t
elements iu an institution like this. The directors
to act with great caution and diseernment. The oivideed
might be :mailer than that given by other banks in
Caeaefe, but it wee unfair to snake such a comparison,
13-catL,e there were clauses in their chaster which placed
them at a diiadvarvo,ge, though in ore respect it pre-
veined them encountering very grcat losses. The smn!i_
'less af the dividend did not anise from the amount
of brad debts ineutred during the past year.—
(Cries of " Hear, hear.") Their estiblithrvents
were not too extensive, and the salaries of the officers
in Canada were touch smaller than those paid by the
Montreal Bard:. Tae had debts for the year were
4,000/. The great portion of the capital of the bank
was invested on good securities at New York, which
raid a much high,:g rate of interest. There was about
92,0001. in England, which w;s tearing interest at 14
per eon'. About 100,0001. had been paid into their
brarea. es in Canada by depositors, and upon that the
bank allowed 3 pl. ceut.
In reply to a question from a PROPRIETOR,
Mr. BARNEWALL, a director, said it was the custom
of all banks in Canaria to allow 3 per cent. in Canada,
hut the usual charge for discounts was 6 per cent. It
was necessary they should have a large reserve to meet
contingencies, and the amount 773 S not greater than was
necessary. -
In reply to another PROPRIETOR,
The CHAIRMAN said the prefite for the year amounted
to 77.6121 • 123. Bd.
The report was then received end adopted, and the
retiring directors having been re-elected,
• The meeting separated.

SOUTH WALES RAILWAY.
(THIS I)AT.)
At two o'clock this day a special general meeting of
the shareholders of this company was held at the
station of the Groat Western Railway, at Paddington,
for the purpose of taking into consideration the draft of
the following Bill applied for in the present se ion:—
" A Bill to enable the South Wales Railway CrOmpany
to make a new Railway in tho Forest of Dean, in lieu
of the railway already authorised, and to make certain
alterations in the line and levels, and the mode of con-
struction .o: their railway, and for other purposes." Mr.
C. M, Talbot took the chair.
The SECRETARY having read the notice convening
the meeting, the tioucrrort to the company proceeded
to lay bcfure Vle meeting the heads of the Bill.
A SHAREHOLDER wished to know if the Great West-
ern Railway Company had given their consent to the
passing of the Bib?
Tho CHAIRMAN replied that they had to yet received
a formal answer from them, though their consent was
necessary, and that the object of this meeting was partly
to obtain that consent, which there was no doubt they
would shortly receive. The Act could not, however,
become a law until their consent was obtained.

A SHAREHOLDER proposed that the meeting be ad-
journed until the Great Western railway Company had
given their conser.t.
The CHAIRMAN COUU not agree to any such motion,
as they had already left this most important undertaking
to the very last moment. Ho would suggest to tho Hon.
Shareholder, that he should draw up a separate resolu-
tion requiring that the directors of the South Wales
Railway would not proceed with the Bill until the Great
Western Railway ha'l granted their consent. It would,
however, be necessary, according to their Act of Parlia-
ment, to pass, on the part of the directors, the resolution
laid before them.

A SHAREHOLDER wished to know if the Great Weit-
ern Company had had time to reply to the application
made by them?
The CHAIRMAN replied that they had; but in the first
application there were several provisions to which they
dissented. These provisions were not non- in the appli-
cation, end he had no doubt whatever that they would,
as soon as precticuble, grant their consent to the Bell.
A S=AREIZOLDER remarked that th::ir consent was
not quite sure, and if they intended to refuse the appli-
cation the directors of the South-Wales Railway etreat
to be ext:ernely cere fill not to make any slip, which the
Great Western Company might take advantage of.
The CHAIRMAN then moved, as a resolution, that the
Bill laid before them should not bo passed into an Act
until the consent of the Great Western Railway be ob-
tained. He wished to know if that resolution would
not meet with the views of every shareholder present.
A SHAREHOLDER proposed that the following should
be added, "that no further expenses Le incurred until
the Great Western Railway h4d granted their assent."
.The CHAIRMAN sari that was of course understood,
but that when a Bill was taken into the House
of Lords, there were certain expenses which
were unavoidable. Upon a shareholder ask-
ing what time they expected an answer,
Mr. HUNT replied that they would have an affirma-
tive or negative answer during the next week at the
latest.
meTahtetoßteje. SinPEthNeCEs'hßapVieittohf e
ad
petition
otitmioonvteo atnheaHm
of Commons.nu House
T.:!.o'hemeie..ehi,gae,ite;.tealacohnieldd not allow any such proceeding.
epetition li
must either affirm or negative
the Bill. With regard to of the Ron. Share-
holder, he could present it
to the House of Commons
without any difficulty, when and where it would be duly
hadm it could not be put
considered, but at the present
as an amendment to the Bill he
The resolution that the Bill be earned proposed
then tin a-
ninviu ,ly a !opted. After which h
also agreed to, that the Bill 6hould not pass esoliution was
until tile consent of the Great Western Railwatlytobea la
tained.
A vote of thanks to the Cha"raian terminated the pr
ceedings. •

MARKET INTELLIGENCE.
(From the London New Price Current, June 4.)
SUGAR.—To-day the rates paid for West India Sugar
were rather above those of Friday, and both grocers and
refiners were free buyers. The purchases amounted to
920 hhds, &c., including at public sale 150 hhds 14 tra
Barbadoos, which went at 373 for ord yellow, 378 s'd to
404 for mid to good, and fine 418 61 to 42s 6d, being in
some cases rather higher rates. 122 hhds 14 trs Gre-
nada sold at firm prices, mid and good yellow at 37s to
88s,_aid and fine brown 343 to 35s per cwt.
REPINED.—To-day NED.—To-day there were free buyers of Refined
SugarLum for home trade purposes and brown grocery
Pricer'ss
arew were not to ba obtained under 493 6d per cwt.
business was Crushed Sugar, and rather more
bust'
MAURITIT ` •
.—elhis afternoon several parcels of Mau-
rib's Sugar, amounting to 18,150 bags, were submitted
There
trade purposes, and the Wrihoasl a brisk 'demand for home
of
xridaey found buyers at prices 6(1
to Is above those
yellow realised 38s to 4256 d '' ; very fine and good ord
mid 365 61 to 37s 6d, low
33s 6:1 to 36., good and fine br 33s to 355, low to
mid 30* to 32s 63, and rcfluing brawn
iiitnar.et was EAST INDIA.—This afternoon therts 34'
toi. 393'
sold, and but plenti-
fully
supplied with Bengal Sugar, public sale the
per
rmcountEd to 5,500
tout above those
parcels offered were rnoAly
from -37 s to
bags: the rates obtained are 6d
current previ-ously ; white l3enares realiseddoi
41s 6d, soft yellow 323 to 365 62
'373
to yellow-liko
Mauritius 36s 6(1 to 375, small grainy
85
Khlur 2Ss to 2Ss 6d. Of Madras 5,600 bags 6ed;tlow
w
fever prices; soft brown 27s to 31s, yellow 3ts et
•
to 345,
and good 36s to 375. 318 begs Siam went at 28s 6d for
17W dark brown. it