The Sun.
London, England, 1844-01-10 00:00:00

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question. _ This was_seconded, but after some farther
conversation, Mr. Hughes' motion was withdrawn,
and the subject dropped.
The following gentlemen were then duly eh cted to
act as Directors, there being no other candidates :
Sir Geo. Carroll, Alderman, John Peter Darthey, jun.,
Esq., John Christopher Lochner, Esq.,' S'r John
3.l‘Taggart, Bart., M.P., and George Scholefield, Esq.
Votes of thanks were then passed to the Board of
Directors, to Mr. Pollard, the Manager, and to the
Chairman, and the meeting separated.

TILE FUNDS-(CLOSING PRICES.)
BRITISH FUNDS.
I3ank Stock 186,4 India 5tack............ 272 pm
3,r Jr Cent. Red.
3 ')er Cent. Cons.
3i pm C...nt. Red ... 1021 Ditto New Annuities...
:New 3i per Cent. ... 1016 Ex. Bills, 1,0001. lad. 67 om
Ivrw 5 per Cen. — Ditto 500/...... 67 put
t..9nei Annuities to expire 1 Ditto Small
Jan. 186 Q ..«..... 12 11.16 Bank Stock for Acct. 187
1F59
Jan. 1860

SPIRIT
-
SPI-RIT of the PUBLIC JOURNALS.
FROM THE EVENING PAPERS OF THIS DAY.
GLOBE.—The evidence taken against the two
individuals who stand charged with extensive for-
gery and uttering of forged wills, and fraudulent
transfer of Bank Stock, will afford proof of the
imperfect security afforded to the public by the
Registration Act, and also by the practice of the
Bank of England officials. With respect to the
latter, the proof required as to the identity of
persons who present themselves at the Bank as
legal representatives of deceased parties, seems
to be very slender, and 'the facilities thus
afforded to fraud are consequently considerable.
We abstain from those references to the evidence
adduced against Barberand Fletcher,:by which the
inefficiency of the precautions at present em-
ployed by the Bank of England functionaries is
exemplified, lest we should. seem to prejudge the
accused. When the trial which awaits them
has been had, an opportunity will be afforded
for directing attention to the necessity of a
revision, with a view to improvenient in the
transfer-office of the Bank of England. The
evidence of Mr. Jordan, the registrar of births
and deaths for the district of Pimlico, is strikingly
illustrative of defects in the registration law, and
fully confirms the incidental remarks of Mr.
Chadwick, in his Report upon the Practice of In-
terment in Towns, recently published. To that
part of the Report, Mr. Clarkson, in the course
LONDON JOINT-STACK BANKING of hisaddress to the Lord Mayor on introducing a
. . COMPANY. new case with which he charged the prisoners,
The half- yearly meeting of this Company took said, " I cannot help calling your Lordship's at-
place in tho Board-room of the bank, in Prince's-
tention to the present operation of the law in re-
street, this morning. The chair was taken at twelve spect to this subject. I hold in my hand a
o'clock by W. Taylor, Esq. book to which, no doubt, your Lordship has al-
The Cutaneous having briefly opened the meeting, ready paid partial attention ; I mean the Report
The SECRETARY first read the notice which had of Mr. Chadwick upon the practice of burying in
been -sent to the Shareholders, and afterwards towns, in which there is a passage relating to the
the Roport of the Directors. In the latter it registration of deaths, and pointing out the faci-
was stated, that although the value of. money lity the present system affords for' committing
during the last half year had been lower than ordi- frauds." The Learned Counsel then prOceeded to
dary, there was satisfactory evidence of the sound and quote the passage; to which, we think; the atten-
prosperous.- condition of this bank. After- making tion of the Legislature should be drawn early in the
next session, with a view to the..atnendinent of
all deductions there remained a net sum of
16,470/.165. Bd., arising out of the profits of the halfthe law :—" It is admitted that some additional
arrangements are yet wanting, for the complete
year, ending the 31st of Dec., 1843, to be applied as
• attainment of the proper civic and technical pur-
a dividend, which was at the rate of 6 per cent. per
The dividend would be paid on and after poses of registration--as depositaries of pre-
annum.
He then read theestaternent of ac- appointed evidence of the fact of death to deter-
the 17th instant.
count, by • which it appeared' that the current ex- • mine questions of private rights.; as depositaries
expenses, income-tax, of evidence for purposes of medical science and
penses, comprising building
üblic health, to show the extent and prevalence
&c., were 10,0801. 95.; the amount carried to profit common causes of disease incident to different
and loss, new account for rebate Of. interest oti hilli of
rations and different localities; and of the
discounted and not yet due, 4,805/. 12s. 6d.; dividend occupations
data for tables •of insurance, as well as for the re-
account towards payment of half a vear'i dividend, at
covery of' sums assured, when the' proof of age
6 per cent., 16,4701. 16s. Bd., making.balance o a f
31,356/. 18s. 2d. , .ris not admitted in the policy.' Any one who is
unknown to the local registrar may. go and
It having been moved that the Report he received . register,
.as a fact, his own death, of which a
and printed, for the use of the Shareholders, :' certified copy of the registry will, according to
Mr. Alderman HEGHES rose to addreis the meet - the 38th clause of the. Act, be evidence in a
ing. He complained of the sum usually paid to the
' Court of Law. Cases of the registration of false
customers of the Bank on their current account, as
statements have already been detected; some
being much too large, and diminishing to a consider-
have been made with a view to successions and to
able extent the profits of the Shareholders. He
the obtainment of property. False registrations
thought that this was a fundamental error in
have been made amongst the labouring classes
their system ; and- that but for this impedi-
ment they might .be receiving eight or nine per as to the place of death, to gain interments in
distant parishes at cheaper rates. Fictitious
cent. The amount was paid to about 2,500
depositors, and although the sum which each received deaths have been registered to defraud burial
societies, and the registrar's certificate of such
must' be exceedingly small, yet this aggregate, told
deaths have got in use by vagrants as means of
roost injuriously on the interests of the Shareholders. Obtaining alms.. In . Manchester, a woman
He would be glad if the Directors would inform the having obtained .and used .. one certificate
meeting what amount had been paid to the depositors of a fictitious death, soon after obtained
as interest during the two last half years. another similar certificate ; and, in order
The CHAIRMAN had no objection to answer the
to deter parties from visiting the house,
question. During the half year, ending the 30th of
she got the cause of death registered ,as
June, 1843, the amount paid to customers was 9,835/. ' malignant fever." (Section 188 s p. 160.). With
upon their minimum balances; dividing that ending the closing remarks of Mr. Clarkson we fully
the .31st of December, the amount was 10,7391.
Mr. Alderman HUGHES thought that this state- concur. The Learned Gentleman's extensive
knowledge and practice of criminal law—the
ment showed the desirableness of an alteration. As most extensive of the entire bar-s-give a
regarded the general affairs of the bank he bad no value to his opinion, which could not be con-
complaint to make. A more satisfactory statement ceded, to the same extent, to any other au-
than that which they had heard, as respected the re- thority :—" I have not the honour of knowing
sources and available means of the bank could Mr. Chadwick," continued the Learned Gentle-
not possibly have been made—(Hear, hear)— man ; " but it is undoubtedly a subject of great
but this did not diminish his objection to the evil of importance ; and it is to be hoped that those
which he complained. They had already taken one who have the power and the . ability, will take
retrograde step, by deciding that the system should measures to see whether it is not within the
not be' adopted at the IVest-end branch ; and the power of human ingenuity more decisively and
reason which led them to form that resolution, ap- effectually to guard against such fraudulent
plied equally in the City. Ile concluded by proposing transactions."
. the following resolution :—" That, considering the . STANDARD.—An able article in the last
very low value of money, at the present time, Number of the Quarterly Review, upon. the sys-
it is, in the opinion of this meeting, expedient that tent of education pursued at the Universities,
the Directors should take into their consideration the has directed attention very generally, and we
. propriety of reducing the amount of interest on the believe very usefully, to that subject. The sub-
current accounts of customers, and that this meeting ject is indeed a very extensive one, branch-
be adjourned until Wednesday, the 7th day of ing off into all the various departments of edu-
' February next. to revise the Report of the Directors cation, religious,
cal. The moral, literary, and econotni-
on the subject." last .
is, howeverl that upon which
. , Mr. MoonE seconded the resolution. . theßeviewer bestows most consideration, scarcely
The CHAIRMAN said the subject had been for a long touching upon direct religious, moral, or literary
tittle under the consideration of the Directors ; it instruction, except as connected with the question
would shortly be discussed with a view to coming to of economy. For this course there is so much
some final decision • and he hoped the Shareholders justification, that the direct education in re-
would continue that confidence. which they had ligion, morals, and literature, given by the
hitherto reposed in the Direction until that period. Universities—we mean by direct, the education
Mr. KNIGHT was opposed to making any alteration. provided by the University rules, and imparted
They should let well alone. He did not believe that by the public tutors of colleges—is so excellent,
there were half a dozen private bankers who had made and so faithfully and zealously given as to admit,
as large a profit as had been made by the London of no change or addition that would not detc-
Joint Stock Banking Company during the past year, riorate rather than improve; whereas the
and he believed that their prosperity resultedin a great indirect alloy to this excellent system is all due
measure from the system which it was now sought to to the influence of money, and comes therefore
alter. He thought it was aquestion to be left totfie dis- properly within the , scope of the economical
cretion of the Directors, as it was a plan carried out by consideration. This , economical consideration
them, and forming no part of their deed of settlement. is, however, we think, unduly narrowed by the
He thought it also unadvisable, after having obtained Quarterly Reyiewer, in confining it, as lie con-
customers by giving this interest, to withdraw" it. He fines it, to the mere question of the loss of money
did not think the Shareholders were qualified to de- by the parents of the young men who are led
Bide whether the time had arrived for a change to be into debt and into . habits of expense. The
made ; but if it had, it ought to be left en- loss to the families of these young men
tirely to the discretion of the Directors. Still he is no doubt frequently serious and productive
• believed it unwise that more than 20,000/. should be of much injury, but upon the whole the loss of
given to their customers, who incurred no risk, and money to their families is a far less injury than
only 36,000/. to the Shareholders. He should support that caused to the young men themselves, by
the resolution. training them to habits of concealment, debt, and
Mr. IlonesoN was glad. that the question had been expense, or than the injury to the public, by
brought forward, as it would set at rest a good deal making debt and expense fashionable. Youth
of uncertainty out of doors. It appeared to him un- is the period in which the habits of the man arc
wise to vary from the course with which they had formed; and let a young man once get over the
commenced. • fear and shame of debt, which are, we believe,
Mr. GREGOIty spoke in favour of continuing the instinctive, and- nothing but a vigorous effort of
- plan under which the Bank had commenced and reason will in after life fit him for the self-denial
flourished. The plan of giving interest had another ad- which -he must often exercise to avoid ern-,
iv
vantage, it made the-balances certain ; the bank was ntrassment, even when possessed of consider-
a bank of deposit. He thought a change in the plan able wealth, still more, it' his means are
would be impolitic and unjust. He hoped there moderate ; and self-denial, it must be remem-
would be a great majority in favour of letting the bored, is again made more difficult - by the
' subject alone, preceding habit of indulgence, which the
-
Mr. Josiah WILSON thought if the Directors would facility of debt and expense encourage. Strictly,
give them their opinion on the question at the next therefore, as a part. of education—as an die-
general half-yearly meeting, it would be early ment of moral training debt and expense
enough. He urged the meeting to leave the matter ought, if possible, to be excluded from the Uni-
entirely in the hands of the Directors; though the verities. We would not enforce a Spartan
amount might be excessive, yet they were bound by discipline, unsuited to the actual state of so-
a kind of understanding with their customers. All ciety, but, surely, . between that and the
that they wished would heve been accomplished b
by extreme license in this matter, hinted at
this conversation, without passing the resolution in by the Quarterly Review, as prevailing in
the affirmative. 'He hoped the motion would be with- the. Universities, there is a wide field. In society
-. drawn, rather than extinguished. generally it is not inquired whether a gentle-
Dlr. LAinlisoN fully agreed with the argument that -man or even a nobleman lives within or be-
they were under a pledge to their customers, and it yond his, means (until lie happens to get into
must be recollected that it was from their customers debt), provided that lie lives like a gen-
' sthat they obtained their dividend, hot from the profit tleman, that is, without resorting to sordid
'on their capital of 600,0001. If the resolution should practices. or • mean ' shifts ' • and why may not
be put, he should move, as an amendment, that it was the equalising principle, which good sense
inexpedient to make such a recommendation to the has established as a rule in society, prevail in
Directors. the Universitica where it is so much more ne-
, A SHAREHOLDER said if Mr. Harrison would pro- cessary ? The reason is, because, in the early
pose that as an amendment, he. would second it. period of life- good sense, the effect of experience,
• (Loud cries of " IVithdraw, withdraw.") has little control. All young men arc vain,
Mr. CORNEV said the discussion of the question at-
_whatever direction their vanity may .take; and
changing
all was injurious. It was analagous to the the rarest knowledge with youth is the know-
amount of import duties by Government; no man, ledge of the value of money. But vain men
under such an uncertainty, would engage in a specu- will seek distinction, and as expense is one of
lation. Ile hoped Mr.. le ughes would withdraw his the most obvious and simple, • though also the
resolution.
rudest and most fallacious means of obtaining
Mr. Peceea said there were no men so deeply in-
M
distinction, young men, if they have money or
terested in the question as the Directors themselves;
can borrow it, will employ money as the means of
this was another reason for leaving the matter in their raising themselves above those with whom they
hands. The allowing two per cent. on. the minimum are by any circumstances associated. This, too,
balances tended greatly to preserve the respectability -
has the mischievous effect of forcing debts on
of the accounts with the bank. others, who, with less Vanity and more slender
Mr. MORE hoped the worthy Alderman would not means, are still not sufficiently philosoPhical to i
withdraw his motion ; he wished to have an expres- lie contented hi the lower station—hence the
d
sion of opinion. 'lt was no part of the fundamental iseash of debt and expense becomes, as it were,
principle of the bank, to pay interest, on the currentinfectious, and one or two rich or unscrupulous
accounts. They were paying too. high a sum for
young men Make a whole College extravagant.
.. procuring business..• Either this happens, or a marked barrier must
• .Mr. Alderman HUGHES replied—lf his motion had separate the rich from-the comparatively poor—
. Pro lured nothing else, it had elicited the information which would destroy the fusion of classes in the
that they paid more than 20,0001. a year to cus- University, justly treated by the Quarterly Re-
.:lOinefe, and that was a point of great importance. viewer as one of the greatest benefits they confer
elrery few supposed that the amount was so great. He upon the country. How are the evils of expense
shad unlimited confidence in the Directors ; and he and debt it the Universities to be remedied? is a
e
hoped that confidence.would be 'exhibited at the end question no doubt much more easily asked than
'of the year by the Sharehelders. But if they were answereeL You cannot prevent foolish parents
found :in all times, and in every state of the money giving, or greedy usurers lending, or dishonest
market, to pay two per cent. to all their customers, tradesmen granting credit ;, still, though an
the snonersthey put an end• to the system the better. evil cannot be altogether excluded it may
'Wishing to preserve unanimity at all their meetings, be mitigated, and in such a case as the present,
he should withdraw his motion.---(blear, hearj ' t mitigation is almost assgood as a•complete cure.
. Mr.-Mont said he could not withdraw the motion l Now, it will,' we think, be admitted that if by
without the pefthission.orthe seconder, and he should 1 any arrangement moderation could be made the
;press it to a division. r rule, expense and debt the rare exception (if
Me. Conn s
.... , ...e 94 begged to move the previous I such is not the case already), as much would be

FOREIGN FUNDS.

iya..trian, 5 per cept.... . Portuguese,__ 5 per cent
Belgian, h per cent..—.. Ditto, l`iew Ditto —
Braziliz 80nd5.... ...... :Prussian, 5 per cent — •
151:,:i-cM' yres 6 per cent ;Rnssian, 5 per cent.
Chain, f) per ceat ---• ;Ditto, Metallic ..... ....
Cd.unibian, 6 per cent — Spanish, 5 per cent —
Ditto 182 A — , Ditto, 3 per cent
Cit:)a Bonds; 6 per cent IIA Ditto, Deferred.... ..
Da:nib; 3 per :ent — French, 5 per cent. -i. -:..
Greek, 1825, 5 per cent — Exchange ...... .... 7-4 —c.
Mexican, 5 per cent. •— i French, 3 per cent..—f. —c.
Dit,o; 6 per cent. 1837 Dutch, 2i per cent. 54
Parivian,lB2s,6'per et. Ditto, 5 per cent.... 100 i
SIIARES. . .
l'Armingliarn and Gloucester Railway (100 pd) 64
FaL•tern Counties (23 paid)...... ........
Ditto Scrip (81 6s 8d paid)
Edinburgh and Glasgow (50 paid) 55
Ditto New Shares (121 paid)... ........ ... 14
Great Western (6 paid) ... 96i
London and South Western (411 6s lOdpd) 7di
Manchester and Leeds (70 paid) ... ..
Ditto New Shares (30 paid)
Midland Counties Railway (100 paid)
. Ditto Quarter Shares ( 15 paid) 212
Northern and Eastern (45 paid)
• North Midland (100 paid)
Rouen and Havre ( 6 paid) 1114.
South Eastern and Dover (50 paid)
Ditto Scrip (25 paid)
York and Scarboro' Branch (2i paid) ' 18