The Sun.
London, England, 1850-01-18 00:00:00

THE LIVERPOOL CHAMBER OF LONDON JOINT-STOCK BANK.
COMMERCE. The hall-yearly general meeting cf the proprietors
LIVERPOOL, JAN. 17.—This day an influential and was held yesterday at the company's offices in Princes-
numereusly attended meeting of the merchants, street, Mansion-house. Mr. George Scholefield oc-
hankers, and tr.desmen ( f Liverpool was held in the cupied the chair.
Town-hall, for the purpose if receiving the report of The SECRETARY read the following report :--
toe committee appointed to draw up the rules and "It will be seen from the annexed accounts that the
regulations for the Geverntnent of the new Chamber
hammor.uynetaroefnndeintgp3rlesfittpreeceelimsebderblyartth, e talk
is2s ,13eri
2linlon!
stdh.e,
of Commerce.
which, with 15,4331. 14s. DI., carried fcrward from June,
The worshipful the Mayor presided; and amongst
makes a total of 40,5661. 4s. 9d., which is appropriated
those present were Messrs. Laarence Hey worth, in the following manner:--18,0001. for a dividend a: the
M.P , Alderman Horsfall, H. Hornby, C. Holland,
rate of six per cent. per annum; 22,500/. as a bonus of
A. 11. We lie, R. Shell, G. Holt, C. Robertson, V. seven shillings and sixpence per share; and 661. 4s. 9d.,
Higgins, C. E. Rawlins, jun., F. Boult, &c. to the credit of the guarantee fund, now amounting to
The report of the committee was read by Mr. 132,7231. 3s. 80. rho dividend and bonus, free from
Thomas Beath, one of the joint secretaries. income-tax, will Le payable on and cf:er Friday, tl o
Mr. HUGH HORNBY then rose to propose the first i 25th instant. The directors who retire by rotation are
A.risibliraoinse
sllhlcalrbeo,i,EFlli: JohnfTiNmVhoiltihiaym3olxDi Icit ce
El
Hastie,f ci, .
,Eja.riq,.
and,
resolution. He said he 1173 S happy to have the oppor- I Archibald Hectic, Esq. M.P.,
tunity of expressing his warm concurrence in the
observations contained in the report of the desirable- "
Moore, Mr. Oxley. and Lir°. Shwadobinolt only ;tier their-
selves of establishing a Chamber of Commerce in
selves for re-election. The directors regret, that owing
Liverpool. He had long thought that the interests
t ) il!-health, 3tlr. Mitcalfe is unable to tender to the
of this great commercial community—second to none shareholders a renewal of his services. To supply this
in existence, or he might, perhaps, be allowed to say,
vacancy, the only a! areholder duly qualified, who 1 at
second to none that had ever existed in the history of given rwtice tl as ho is a candidate, is Alden( al Sir
the world—had suffered very much by not having an James Duke, Bart , Mr.P."
association by which commercial views on general The CHAIRMAN moved the adoption of the report.
subjects might be ascertained. The speaker then The resolution, seconded by Mr. G. TATLER, was
referred to the great use which the association would unanimously adopted.
be of to the town council in arranging local matters Mr. BORRODALE wished to know whether the dif•
connected with commerce, more particularly as re- ference between the profits on last half-year, which
garded the docks. He was aware that they would were 23,0001., and those of this, being 25,000/., arose
have many difficulties to overcome, bat if they came out of the difference of interest, or in consequence of
to the subject with a determination to carry it out, bad debts not having been written off at the time ?
he was sure that the Liverpool Chamber of COM' He said he put this question because a neighbouring
merce would tend to promote the permanent pros- bank had held their meeting the day before, and he
i perty of the town at large. Mr. Hornby then re- had read in the papers of that morning that the share-
ferred to the necessity of the chamber being consti- holders were then told that 60,000/. of bad debts had
tuted on equitable principles, and the importance of not previously been written off; whereas, if he had
its including all classes of merchants and tradesmen been a proprietor of the same bank, he would have
interested in the prosperity of the town. Unless that expected them to have been written off a year ago.
principle was carefully carried out it would be After hearing of such things, and now seeing the dif-
powerless in promoting the ends in view. If the ference on the profits of the half-year, he thought it
executive body was to consist of a few merchants, just possible that in the calculations made by the
however high their standing and character might be, bank of their bad debts they had not written off
the chamber would fail to exercise that influence on enough, or had perhaps written off more than enough.
the Government of the country which the important He submitted it to the chairman, and left him to
interests involved in it demanded. His own wish answer it or not, as he thought fit.
was to promote the establishment of en association The CHAIRMAN had no hesitation in stating that the
which should increase the prosperity of the town and difference alluded to by the Hen. Proprietor arose
the commerce of Liverpool. Ile moved— almost entirely from the depreciated value of money
"Ti at tee report of t e committee comprO- ended in the —(Hear, hear)—and with regard to the amount
laws and re4ulations e.f ti.e Liverpool Ci ainter cf Com- written off for bad debts, he had reason to beieve
reerce, now submitted and just read, be approved of and that they had written off at least the full amount up
adopted by the
Alderman meetingHoEseaaa seconded the motion. ." to this time. The bad debts of this half-year were
He said he did not entertain a doubt of the desirable-
something more than those of the preceding, but they
Mr.
ness, or, what was more, of the absolute necessity of were not old bad debts.—(Hear, hear.)
some such chamber as this being at once established Mr. BORRODALE did not know what opinion was
entertained by the directors, or whether any wish
to watch over the commercial interests of this town. existed in the meeting to fix any termination to the
After adverting to the various commercial associa- increase of the guarantee fund? Already they had
tions in the town, and admitting their value, he dwelt accumulated 132,656/. under that head, and the
for some time on the importance of the association as board certainly were the best informed as to what
one of a general commercial character. He then amount was necessary in order to cover the amount
alluded to the beneficial effects which might be ex- of deposits and liabilities of the bank. He did not
petted from the establishment of the association, know whether it was desirable to increase it to a much
both local and national. The commercial treaties greater amount; but he admitted, at the same time,
made by Government day by day with foreign that as the responsibilities of the bank increased, it
countries, and in which Liverpool was most would be necessary to add proportionately to the
deeply interested, proved the necessity of such an amount of the guarantee fund.
association as a Chamber of Commerce. In illustra- The CHAIRMAN said, the Honourable Proprietor
tion of this view of the case he alluded to the blunders must know that the proper object of the`guarantee fund
made by Government in arranging their commercial was to provide for an equalized dividend, so that at
treaties with foreign countries in consequence of
their ignorance of many of the details of commercial any time, if they should unfortunately meet with a
heavy loss, the proprietors might feel it less in the
affairs. He expressed an opinion that it would not current dividend.—(Hear, hear.) So far, therefore,
be derogatory, even to a Minister of the Crowe, if
he from being prepared to fix any amount for that fund,
consulted the mercantile body before he entered
he should rather wish to see it increased indefinitely
into commercial treaties with other countries. In in amount.
proof of this portion the speaker cited the case of Mr. BORRODALE thought there was little likelihood
the new Republic of Liberia, with which country a of a loss to such an amount as would entirely sweep
commercial treaty had been made by the Government away the bonus, amounting in the present year to
of this country, the effect of which was that, whilst 195., and therefore he saw less need for an extravagant
the produce of that country was allowed to come Innd.
to England free of duty, there was a duty imposed An Hon. PROPRIETOR asked what was the amount
on our exports to that country of thirty per cent., absorbed by the 1 per cent. payment on deposits ?
which amounted to a positive prohibition. If the Ge-
The Cueleeteet-9,000/.
uernment had consulted the mercantile body before Mr. Archibald Hastie, M P., Mr. Ambrose Moore,
entering into this treaty such a blunder would in all Mr. J. T. Oxley, and Mr. Wm. Shadbolt, were re-
probability never have been committed, for he must elected directors ; and Sir James Duke, Bart., M.P.,
suppose that it had been entered into in igno- was elected a director in the place of Mr. Wm. Mit-
rance on the part of our Government of
calfe, retired from ill health.
the duties imposed by the Government of On the motion of Deputy CORNET and Mr. G 1813.9,
Liberia. The speaker next condemned, in the it was resolved that this meeting cordially acknovv-
most severe terms, the present unequal operation ledge the past services of Mr. Mitcalfe, and their
of the income-tax, as it applied respectively to realised regret at the cause of his retirement from their
and unrealised income. After denouncing in the service-
strangest language the inquisitorial character cf the The thanks of the meeting were then severally voted
tax, he said that as a member of the Council of the to the chairman and directors, and to Mr. Pollard, the
Chamber of Commerce he should take the earliest manager of the bank.
opportunity of bringing it before them with the view The meeting then adjourned.
of effecting an alteration in the tax.
The resolution was passed unanimously, as also
several other resolutions, which were proposed and
seconded respectively by Messrs. G. Holt, Diston,

COURT OF COMMON COUNCIL.
Yesterday a court was held for the dispatch of pub-
ic but iness.

Johnson, Cross, Charles -Robertson, and
Mr. 1.4 tWRBNCE lIEYWORTII, M P., who, after
speaking in the highest terms of commendation of
the evablishme.nt of a Chamber of Commerce in the

:owo, said he regarded this day as a great epoch in

the commercial history of Liverpool.
The rules and regulations were read over and
considered seriatim, and having been gone through,
and the Chamber having been duly establish'd, the
meeting separated after a vote of thanks to the Mayor
and the committee appointed to draw up the rules.