The Sun.
London, England, 1844-05-13 00:00:00

companied by compensation to the Bank Proprietors for
the injury done to them. There was no doubt that this wee
the battle between the rabbit and the boa-constrictor, but
for his own part he felt bound to say the measure of the
Government ought not to be accepted without compensation,
and he, for one, would not hold up his'hand for the taints
offered.—(Hear, hear.)
Mr. FIELDER believed that the: present was the first time,
that he had felt himself bound to hold up his hand again°
measures approved of by the Court of Directors. Let the
Proprietors look to the letters that had passed between the
Government and the Directors ; did they not' to
man disagree with them, except on one point, and that we!
that no obstacle should- be presented to the course proposed
to be pursued by the Government to put .the currency on
proper footing. He did not admit the question of curreno7
in this ease at all. The question was, what was fair
and what unfair between the Government and the
Mink of England.—(Hear, hear.) It was important for the
Court of Directors to show to the nation at large what the
Bank of England is, and what it was. Now, if he remera"
bered rightly, the Government now paid 248,0001. to the I3ae,
for managing the public debt ; and it was now proposed that
they should have only 120,0001.,- and pay, in addition
11,0001. in lieu of stamps ; with respect to the latter item he
had no objection, but he thought, considering how much the
Bank had done for the Government, it was entitled to recelli.
the 248,0001. Now whatwas the capital of the Bank in 1694?
He believed about 1,200,0001., but that had increased, for the
accommodation of the Government but to the loss of the Bank'
to 14,000,000/. ; added to this, the Bank had been most beer
ficial to the Government; it had lent them money at 3Ptr
cent. when the current rate of interest was 5 per eeel•-k
(Hear, hear.) In 1801, when Consols were at 55, the BO
lent the Government three millions sterling for six Yeal
at 3 per cent., and that too at a time when money was fo,
7 per cent. In fact, when all the springs of private ball f
were dry the Bank of England alone supplied the means °f
carrying on the government and business of the coal";
They had also enabled the Goverment to pay the divide!'
on the public debt ; nay, he believed at one time the Bank 1157
actually lent money to the Government without any interest
at all, and at other periods when Consols were at 100 L, they
had lent large sums to the Government. By this CO
there was a large loss to the Proprietors, not only of thw"
interest but their capital. The Hon. Proprietor tbe!
proceeded at some length to show that every action of 001;
Bank had been for the good of the Government, TA
every act of the Government had been detrimental toll°
Bank. Now, if such was the case—and such, he thought, be
had clearly shown it to be—it would be better to send tbe
charter to the winds of heaven than submit to such injustice
—(Hear, hear)—and then the Old Lady of Threadneedle:.
street would act for herself in spite of the inhabitant
of Downing-street and all their officers.—(A lauga
Why, ho would ask, was not that establishment to be 115 r„
as well by the Government as the East India Compaq, the
had never lent them any money ?—(Hear, hear.) Taking to
whole of the subject into consideration, he felt compeer
to
move the following amendment to the motion submitted
the Court for its adoption by the Directors :
" That this Court of Bank Proprietors, taking into Oar
sideration the risk and charges attending the banking bole:
ness, as relating to the issuing and management departoll;
cannot accede to the payment of 120,000/. for which t
Bank Proprietors will not receive an adequate remuneration'
Mr. YOUNGE seconded the amendment. He did not th!!'
the amount offered by the Government was worthy their 116•
ceptance.
d.
e o Mr.WEEDING could not assent to the amendment propose
The proposition had proceeded from a master mind. Ile did
not consider it any disadvantage that their issues shoo
be restricted to fourteen millions, for they had freqat,,,
v
incurred losses from issuing beyond that amount. He Isaa,:ti
tended proposing a resolution, but an amendment had m'ie
already proposed, and therefore he did not know how far "
should be in order.
A short discussion here ensued on the point of order, at the
termination of which 0
Mr. WEEDING said he would read his resolution atr
part of his speech. (Tfie Hen. Proprietor here read hig tb
solution, which was an expression of acquiescence in vs
Government propositions, accompanied by an exprerl;lio
of approbation of the sense, intelligence, and Pe ted
spirit with which the negotiations had been condeo
by the Governor, Deputy-Governor, and Direerfnd
which entitled them to the approbation of the public
of the Court.) He would not wish to encumber the prorocio
sitions now before the Court with any motion as to the in,hs
of conducting elections, but he would recommend to rt,
Directors to endeavour to introduce a clause into the °°)
authorising absent Proprietors to vote by proxy.—(Chro
Mr. SALTER
,thought that it was introducing
gerous principle to permit the Government to have the p
ofall issues above fourteen millions. It bad always been do
policy to keep the Government from having anything whwfal
with the issue of bank notes. They ought to hays a ca-
over the issues, but no profits from them.—(Hear, hear.) ,a
Sir PETER ',ilium thought the gratitude of the Court 70
due to the Directors and the Government. Never halo
charter before been renewed upon such favourable ten:o°' •
hoped they would come to a vote unanimously exprer.
their approval of the proposition which had been mad
them.
Mr. LEVY considered that the Directors approved of Pa
terms, because they had urged a renewal of the chattiefes.
ten years instead oi‘ twenty. No one liked to take a bac, '
for a long term.
Mr. Jonns LOYD, in obedience to repeated calls fro sae
sae
parts of the Court, rose and said, he had not intende", ,„00
dressing any observations to them, but as he him. "„,;ho
called for he would at once state his opinion. Those:;(0,
now opposed the original resolution had at the last oo
nary meeting moved a vote of confidence in the Direct 0
He had at that time thought such a vote unnecessarPoi,
no advantage could be derived from it--but ete
when an adequat,s cause had arisen for such a l'ote.
when it would be most valuable, they seemed to hes or
It appeared to him that those who conducted this .e,
position should recollect, that it was free to them to: it
cept or to reject the Government propositions, he!,)
was not free to them to modify them.—(Loud cher''oo
That consideration would get rid of many of the argunle.,
which had been used by the other side. Irthey were not r-it
pared altogether to reject the Government proposition s 4,
would be better to accept them by a unanimous vote.
questions had all been, no doubt, most anxiously disc
between the negotiating parties, and they had come 0,74
agreement which was submitted to the Proprietors "
acceptance or rejection. If they rejected it, the t 5
silt would be to re-open the whole question, ,111,0
the consequences might be most disastrous ee
question of our monetary system would assume at one 9n , the
feature. The question divided itself into two Parts 'cowfirst,
first, the arrangement of the monetary system 01 •i
/Aegis-
try—a question with which the Government and the
second,
lature were more immediately concerned ; and the k 0
the consideration of the pecuniary condition of the Bainool
question which more immediately concerned the Bank cod,
The two questions, however, were intimately Connia s
The negotiations had been conducted on both sidesbt to
manly, honourable spirit of fair dealing. They e.eg,, thel
feel grateful to the Directors for the manner in whicy'ro of
had met the difficulties which had occurred in the eeil'oeir
the negotiations.—(Hear, hear.) He approved of
not
conduct—(Loud cheers)—and believed that the ogre'? vial
which they had entered into with the Government der
calculated to place the currency of the country upon A soo'f the
footing, and to conduce to the success and prosperity
banks of the country.--7(Cheers.) 1411
Mr. G. W. ROBINSON did. not consider the terms so of
advantageous. He did not disapprove of the enecebetea
made to the joint• stock banks ; but it should be roue!' ~„d,
they had been made at the expense of the Bank of En feat
=(.llear, hear.) He • objected to the Govan:woo,
participating in the profits of the issues above 1,000
teen millione, and he did not think it was advaotseevet
to be tied down to 3 per 'cent. for ten years. In the, Go'
of a war, money would be worth 8 per cent. ''.',„ohlic4
vernment had acted with great ability for the Ile
but they had - been hardly fair to the Ban"' of the
believed, that if they looked back to the transactions, bee
last forty years, they would find that the public had co to
quite as much indebted to the Bank as the Bank had be
the public.—(Hear, hear.) .
Mr. SALA:non urged the necessity of the Court conlirYoottl,
a unanimous vote, approving of the proposition of t"'
vernment.

After a few words from Mr. BARRY, hare°
Mr. FIELDER, with the consent of Mr. You GE

his amendment.
~ •Que°'
Mr. Tnompsos, amidst loud calls of « Question,o.o
tion," and other manifestations of impatience, moved,vog
amendment that the Bank should have the power °I
to the amount of 20,000,000/., instead of 14,000,000 L
A PROPRIETOR seconded the amendment.
Mr. BLACKBURN drew attention to the leg al tender cl over
He objected to the money of the country being handed the
to any corporation or individual ; it 'ought to be I_, yr
hands of the Sovereign. acting under the advice vithe
sponsible advisers. Ho objected to the quashing 49,,Qtr5
notes of the banks of issue, and substituting t,ll:„g.theit
of the Bank of England for them, and to the dilwl-005."
Bank itself into two departments. He should vote ¢g
'''n
proposal. in
' res-
The GovErmon then put the atrtendment for in 0000*
,000f*
the amount of the circulation of tii4rTfazik to 20,
instead of 14,000,000 L, which was lost .by a.Ol 6
majority. 1 0( /',
The original resolution for accepting the prol)96B'
Government was then carried:unanimously::
*34,
The minutes having been read, the meeting:W..lor"

•
THE FUNDS-(CLOSING P1e5.1
t-
BRITISH FUNDS. 298 0.
e
-._
Bank Stock
3 per Cent. Red 9S Ditto Bonds . .... . ........ ...
3 per Cent. Cons.
334 per Cent. Itel
New 33 per Cent. lO2, Ex. Bills, 1,000/. PM*" /3
New 5 per Cent...„.— - ..... Ii P
Long Annuities to expire Ditto Small.. .. . .......... io
Jan. 1860 lt 7-16 Bank Stock for A.cct.... g 916
Oct. 1859 .....
....
Jan. 1860 --- India Stock for Acct....

FOREIGN FUNDS. .....
Austrian, 5 per Cent ... — 'Portuguese, sper Cent•••'' -**
„......
Belgian, 5 per Cent 103% Ditto, New Ditt0....... . .
Brazilian Bonds Bl% Prussian, 5 per Cent ••«••• . lia
Buenos Ayres, 6 per Cent — Russian,i 5 per Cent .... ....• ..--,
.... ... Vs
t hlliane 8 per Cent — Ditto, Metallic ...... ...• „.. „a
Vllombian, 6 per Cent
.. i.
Cuba Bonds, 6 per Cent
Ditto, 1824
Danish, 3 per Cent
. . .
_— !DittoDitto
ep ef
er r Cr
eedn. t.
.............................. 1.. ~, .
Greek, 18 5, 5 per Cent -l Exchange •............. ...
...../. --"'
Mexican, 5 per Cent ..
Ditto, 6 per Cent., 18377 —i Dutch, 2% per Cent... 004
Perqvian, 1825, 6 per Cent — ;Ditto, S per Cent ....""

SHARES. 93 `
Birmingham and Gloucester (100 ........... 6
Chester and Holyhead ( 5 paid) ....................... . 14
Eastern Counties (23 paid) ........... ................. 14
Ditto Registered (816 s 8d paid) .....................
Ditto Perpetual, 5 per Cent., 13s. 4d. paid ...... (64
Edinburgh and Glasgow, 59 paid ............ .......
Great Western (75 paid) .................................
Harwich (Braithwaite), 2 paid ............ ....... " 930
London and Birmingham (Stock) ..................... 27
Ditto, Quarter Shares ( 2 paid) .....................
London and Blackwall (161. 13s. 4cli) ..................
London and Brighton (541 paid) ................. 6s
London and Greenwich (191. s. 4d. paid) ........ .
London and South Western (41/. 6s. 10d. paid)... `i's
Ditto Eighths (Iss. paid) .............................
London and Croydon (Trunit)...... ........ ........ 51311,
Manchester and Birmingham . .......................... 41
Newcastle and Darlington Jnnctiou, 18 paid ...... 574
Northern and Eastern (45 paid) ................. 58
South Eastern and Dover (3312 s Id paid) ....••••• 25
Yarmouth and Norwich (18 paid) ... ........... 12
York and Scarborough Branch (2),s paid) ......... 57%
Paris and Orleans (00 paid) ..... .......................

-------- --_—_
Plll..
ME. DUNCOMBE.—In consequence of Mr' net-
. combe's manly conduct, in respect to the defeat of the c-05,
cive Masters and Servants Bill in the House of Cnr,tats
the working men of Nottingham have passed a cote
01 W
to the Hon. Member. „Inei fa
THE WILLS FORGERIES.--It is HOW &Mill u---cl of
that the convicts Barber and Fletcher, under Ee°t4ntroMher
transportation for life, shall be immediately rem and rd the
Majesty's Dockyard, Woolwich, and tl- ere put on °9 for
Government transport Barossa. which is expected 0 lea° '
New South Wales in the course of a few days
--S`•. 0
1) ong
014
WAKEFIELD WOOL MARKET, MAY 1..#
wool trade continues in a state of almost total inact
and prices are nominal. In short vools for b11111:6„
purposes a few sales bare been effected at former 4
tations.