The Sun.
London, England, 1850-05-10 00:00:00

NATIONAL PROVINCIAL BANK
OF ENGLAND.
The annual general meeting of the directors and
shareholders of this compauy was held yesterday, at
the offices of the Bank, 112, Bishopsgate-street ; Mr.
John Laurie in the chair.
The CHAIRMAN said this was the third time that he
had hal the honour of presiding at their annual meet-
ings, and he was glad to have it in his power to state
that during the period of his connexion with the estab-
lishment it had been on the whole prosperous and suc-
cessful. It had been in existence for well nigh twenty
years, and nearly, if not indeed all of the objections
which at first had been urged against it, had now disap-
peared. One of these objections was, the difficulty that
the head office would experience in controlling the dis-
tant branches ; but if ever this was a difficulty the ad-
vantages of speedy communication now enjoyed by
means of steam and the electric telegraph, placed
their most distant branch banks at a distance scarcely
greater than the suburbs of the City. The board en-
joyed increasing powers of supervision, and the objec-
tion of distance which the detractors of the establish-
ment might wish to use to their prejudice, was
greatly diminished. lie was happy to bear his testi-
mony to the complete spirit of impartiality which had
characterised the directors in the administration of
their affairs, instancing himself as perhaps the only
one of their number who had personal acquaintance
with the affairs of their customers, a circumstance
which arose solely from his having disposed of a
private bank to the company. Passing a high en-
comium on the indefatigable exertions of their ma-
nager, Mr. Robinson, the honourable gentleman con-
cluded by calling the attention of the meeting to the
director's report, which was about to be read,
The report commented briefly upon the condition,
in 1849, of the different interests upon which banking
results mainly depend. The increase in almost every
article of export trade, it stated, made the last year
one of prosperity in the manufacturing localities ;
but the exhausting effect upon the financial resources
of the country produced by the undue direction of
capital to railway undertakings, still, to a large ex-
tent, unproductive—the unsettled state of the politi-
cal horizon—the uncertainty attending the operation
of the new commercial laws—the depression in agri-
cultural affairs, have all, in the opinion of the direc-
tors, tended, more or less, to repress the energies of
internal trade, and to discourage local enterprise.
Another distinguishing feature of the year was a con-
tinuous and unprecedented influx of bullion, the effect
of which, operating concurrently with the inactive
condition of domestic trade, had led to an accumula-
tion of unemployed capital, and to its usual concomi-
tant, a low value of money. But, although contend-
ing with the disadvantage of a reduced rate of in-
terest, and with other circumstances unfavourable to
the success of their labours the directors were happy
to state that the general result for 1849 showed an
improvement as compared with that of the previous
year; and they had the satisfaction of adding that
they had never possessed a greater amount of public
confidence, or better prospects of lasting prosperity.
Tle yearly summary was as follows:-
1849, Jan. 1. Amount of undivided
profits
Dec. 3]. Net profits of 1849,
after the customary
deductions

Deduct dividend on company's stock
for 1849

£121,222 6 0

24,649 16 0

Leaving undivided profits at Dec
31, 1849 £96,572 10 0
The CHAIRMAN b:gged to move the adoption of
the report, which was seconded by
Mr. BROWN, who regarded with the greatest satis-
faction the position of the company, and attributed its
flourishing condition to the prudence and attention of
the directors. lie suggested to the board, that in
consideration that theirs was a joint-stock bank, and
every shareholder answerable for the liabilities of the
company, it was not necessary to maintain such a
large reserve fund, or rest, as the Bank of England or
other establishments similarly constituted, which, in
the event of a crushinvloss, would have to throw
themselves upon their Government securities. A re-
serve fund of about 1,00,000/. would, in his opinion, be
sufficient for all practical purposes, and when this was
formed he would' suggest that the surplus should be
given to the proprietors either in an increased divi-
dend or as a bonus.
This suggestion called forth observations from Mr.
A. J. Valpy, Mr. William Bells, Rev. J. Grey, Capt.
Warren, and others, none of whom seemed to regard
the proposal with particular favour ; the more so, as
it was stated that among the country depositors the
reserve fund was looked upon as forming the best se-
curity for their money. Mr. Brown did not, there-
fore, press the matter, resting satisfied with the as-
surance of the Chairman, that his suggestion would
receive all due consideration from the directors.

The report was then unanimously adopted.
The directors going out of office by rotation were—
Sir John Campbell, Mr. John Kingston, and the
chairman (Ir. John Laurie), all of whom, on the
motion of Mr. Edward Stewart, seconded by Captain
Warren, were unanimously re-elected. The vacancy
occurring in the direction by the death of Mr. Horace
Twiss, was supplied by the election of Lord Ernest
Bruce, M.P., whose nomination was moved by the
Chairman, and seconded by Mr. W. J. Maxwell.
Votes of thanks were then passed successively to
the manager (Mr. David Robinson) and the board of
management, to the directors, and to Mr. Laurie for
his conduct in the chair, after which the meeting dis-
persed.

ROYAL NAVAL SCHOOL.

Yesterday afternoon the annual meeting of the
.riends and supportera of this establishment was held
at Willis's Rooms, King-street, St. James's. Sir
George Seymour took the chair, and there were also
present Sir C. Malcolm, Sir C. Ogle, Sir J. Liddell,
Sir W. 0. Pell, Captains Sharp, Allen, Gladstone,
Drew, Buller, Collier, Stewart, Adam, and other
officers of the Royal Navy. The Chairman having
briefly addressed the meeting, and congratulated the
gentlemen present upon the generally favourable na-
ture of the report to be submitted to their consider-
ation, sincerely regretted that through the indispo-
sition of Admiral Bowles they were deprived of his
able presidency. The minutes of the previous
meeting having then been read and confirmed, the
secretary read the report. It stated that since last
year the annual charge for board and tuition had
been raised from 251. to 311. per annum, and many
new pupils had been entered upon payment of the in-
creased rates, but the council were of opinion that it
was desirable that the school should be opened to other
classes than the Bons of naval and marine officers. The
average number of pupils last year was 161, of
whom 24 were admitted gratuitously ; while in the
previous year there were 174, of whom 28 were on
the reduced list ; showing a diminution this year of 9f
pupils upon the paying list. The limited meanso
Royal
the great majority of half-pay officers of theotbite
eyd.l
Navy preclude their availing themselves f
terms than the council have been able
vantages of this institution, except up
on mtouchcblaorweer
to contribute much to
was not likely to be able
while the diminishing numerical strength of the ser-
viceg
accommodateg 400 pupils,
the paying pupils of the school. The present build-
ianngdetohueldnaevaaslilyprobfesmsiaodnentootafTordin means for this
increase of numbere, it was proposed to admit a cer-
tain number of civilians at an advanced charge, at the
same time insuring all the original benefits of the in-
stitution to the sons of officers of the Royal Navy. If
this suggestion of the council was approved by the
meeting, it would be necessary for the meeting
to empower the council to obtain an Act of Parlia-
ment to carry out the plan. The financial state
of the schools had improved since last meeting,
the disbursements having diminished, while the
receipts have increased. The council had thus been
enabled to purchase 3001. stock, still leaving a ba-
lance at the end of the year of 2861. ss. 9d. The
legacies of the late Alderman Lucas of 2001. and
Captain Simson of 50/. have also been funded, and a
munificent donation from the trustees under the will
of the late Dr. Bell of 4,043/. 2s. 61 has been pre-
sented to the school. It was also determined by the
council to erect during the ensuing vacation a more
suitable school-room than the one now used as such,
the coat of which would amount to about 2,0001.
The uniform good health of the pupils continued
during the past year, not a single case of cholera even
n its most modified form having appeared in the
school, although the epidemic prevailed in the imme-
diate vicinity. The council deeply lamented the death
of her late Majesty the Queen Dowager, whose inter-
est in the establishmentwas evinced shortly before here
demise by a donation of 50/. to its funds. At trh
suggestion of Sir James Duke, M.P.
(who hnasinpthee
urc
Tea naodcif t
propertyo /f. rst tohcek
sented a silver medal annually for compeitlitico
orpora-
school), a memorial was placed before tine
aid of its
tion of London, who voted 100 g
funds. The total receipts for the-nupninetas
sult),ramounted to
ing a balance from the previous ear, i no,cslrawuntchlal
same
5,6871. ss. 11, while the
ce 10 the hanudspoonf the
and
ld.
period, including the purcbheslan.
5,400/. 19i. 4d., leaving a Thea funded
treasurer of 286/. ss. 9d.
adopted, it was
nowtb t
the
school
ln
nruepntoerdt bet o
received 7,994 l.ijasn.
determined, after some discussion, that the report