The Sun.
London, England, 1844-07-12 00:00:00

listened to any information with greaterpleasure in his life
than he had listened to the statements contained in the
report on the subject of the reduction of the interest. It
ould have been. a declaration of insolvency if in the
present state of the money market they had held out
the lure of giving two per cent. for money when they
could obtain any amount of capital they chose at one-
and-a-half per cent. If, as he understood, the number
of accounts which had been withdrawn in consequence
had been under ten, he should like to ask the question
whether the number of accounts withdrawn, or the
number of new accounts was the greatest ? He had at
the last meeting drawn their attention to this subject,
because he felt that the nearer they approached to the
legitimate manner in which banking was carried on in
the City the better. A more wise and judicious course
could not have been adopted. The Directors had acted
' well and wisely, and if ever a vote of thanks was due to
them, it was due to them that day.
Mr. GREGORY thought the question hinted at by
the worthy Alderman was a must important one, and
he would at once ask, if the number of the old accounts
withdrawn since the alteration had been less than the
new accounts opened ?
The CHAIRMAN believed that the accounts withdrawn
on that account did not exceed three or four, while the
new accounts exceeded one hundred. He could assure
the meeting that the accounts had greatly in-
creased since the alteration.—(Cries of " Hear.")
As to the time at which the alteration had been made,
the Directors, after what had taken place at the last
meeting, had felt it their duty to give the subject their
srious consideration, and, in consequence, they had
made the alteration.
Mr. BORRODAILE considered the alteration as good for
the Proprietors and bad for the depositors. It was not
keeping good faith with the public, when money was dear,
to offer them this interest to induce them to become
Customers of the bank, and then when money became
cheap to turn round upon them with this alteration.
Major BUCHANAN reminded the meeting that the
Scotch banks, on the model of which they were formed,
were frequently altering the rate of interest aimed
according to the state of the money market.
The CHAIRMAN had recently received a notification
from the British Linen Company, a Scotch bank, of
their intention of reducing the rate of their interest.
How was it possible by any legitimate banking, in the
present state of the money market to pay the expenses of
their establishment, if they allowed their customers
2 per cent.?
Mr. G.B. HARRISON—If money is high, do the Scotch
banks give more than two per cent, interest ?
The CHAIRMAN—Yes.
Mr. G. B. HARRISON—That was not the case here.
If a depositor were to ask, when money was high, for
more than his two per cent., he would be refused, and
referred to his contract, and if so, the bank ought to
abide by it when money was cheap.
The CHAIRMAN—If he were to transfer his money to
the deposit account he would be enabled to get all the
interest he was entitled to.
After a few words from Mr. John Hackblock and Mr.
Alderman Hughes Hughes, the report was ordered to be
received.
The CHAIRMAN had sent for a statement of the num-
ber of accounts before and since the alteration which lie
would read to the meeting. The number of accounts
up to the Ist of January, 1844, was 2,589, and on the
Ist of July, 1844, it was 2.704.
Mr. T. MOORE, in reference to a motion of which he
had given notice, would ask if J. P. Darthez, jun., Esq.,
a Director of the bank, had returned to England ?
The OHAIRDIAN—No.
Mr. T. MOORE could ask when he had last attended
as a Director ?
Mr. Alderman HUGHES HUGHES rose to order. It
was not a meeting for the election of Directors, and the
question could not, he apprehended, be entertained.
Mr. T. MOORE had given regular notice of a motion
which he would now propose:—" That if any Director be
absent from England for any period exceeding six
months, he shall be disqualified ; and the Directors shall
give notice for filling up the vacancy, in conformity with
the provisions of the deed of settlement,"
Mr. T. S. SAMBROOK seconded the motion.
Mr. Alderman HuGuEs HuGHEs hoped the motion
would receive no support. There were many gentle-
men sitting there as Diivetors, of'whose services he
should be very sorry to be deprived because they might
happen to be detained in the country by sickness, per-
haps for more than six months. With regard to Mr.
Darthes, no one had been more useful to the bank than
lie had ; and his absence in Spain might be productive
of much good to the bank, as he might induce many
Spanish merchants to join them.
The CHAIRMAN said that very severe indisposition had
occasioned the absence of Mr. Darthez.
Mr. T. MOORE—But not for two years. It was now
three or four years since he had been present.
The CHAIRMAN—No, two years.
Mr. T. MOORE always liked to offer the most stre-
nuous opposition to the commencement of abuse or mis-
management, and it certainly was a great abuse that a
Director should be absent from his post for three or
four years, more particularly in a bank, where the Di-
rectors wore the only check upon each other, as they had
no auditors. • Now, what check could Mr. Darthez be,
residing as he did at Cadiz, upon his brother DirettLis:
No doubt Mr. Gladstone had this very case in his eye,
when he introduced a clause in his Bill to prevent this
occurring in any -new companies. The gentleman in
question was a most respectable man ; he did not deny
it. He had been of great use to that bank he admitted,
but still he thought there had been a little management
in the pert of the Directors to secure his re-election. A
letter hatibeen rpsid nn thar
he was coming to England. Now, it did not appear
that he had the slightest intention of coming th England
at all. The 20th clause of the deed of settlement
directed that if a Director should be absent without
leave from the Board for three months, he should be dis-
qualified. It might be asked why he did not oppose his
re-election? lie did not know of it until it was too late.
He could net help thinking there had been some manage-
ment to procure his re-election.
A PROPRIETOR—IS there anything in the deed of set-
tlement about the absence of Directors ?
The CHAIRMAN—No Director can be absent without
leave for more than three months, but the Board has
power to give leave.
Mr. V. KNIGHT thought six months too short a time
to fix. He agreed in the principle of Mr. Moore's motion,
but he thought the term might be advantageously en-
larged to one, or even to two years; and knowing, as he
did, the value of Mr. Darthez, he mu; quite willing that
that gentleman should not be aff,.'„cted by the resolution.
Mr. Alderman H. HuGHns objected to the motion
being put, on a point bi order. The motion went to
make an alteration. In the deed of settlement, and that
could not be done at a meeting like the present, and
without going through the necessary preliminary forms.
AMBRQCIE MOORE, Esq., a Director, rose to repel the
charge of mismanagement in this matter which had been
brought against the Direction by Mr. T. Moore. The.
only object they had in view was to show their respect
for a colleague who had been of the greatest service to
the establishment. What would have been said if the
Directors had availed themselves of the power, after his
absence for three months, to exclude bim from the Direc-
tion? But Mr. Darthez had been re-elected since his ab-
sence. Why had not the Hon. Proprietor on that occasion
proposed another candidate; he had had on that occasion
seventeen clear days to get up a little management on
his own account, and yet he had not thought proper tci
avail himself of it by proposing another candidate.
Mr. H. NICHOLSON—In what way did Mr. Dar jhez
offer himself for re-election ?
The CHAIRMAN—By letter. He is obliged 1-0
. do so.
^ Mr. BORRODAILE had no doubt but that 'the present
discussion would prodace a good effect. The Directors
had had an opportunity of hearing all t'Atat had passed
on the subject. No doubt they would, well consider it,
and he should be inclined to leave a
.e matter entirely in
their hands.
The CHAIRMAN observed that as Mr. Moore bad
pointed out one clause in 31r. Gladstone's Bill, he thought
he might point out sore others which were most absurd.
One was that bank.:s were to strike a balance every month.
Why, if that were the case in the bank the whole of the
time of the clerks would be taken up in striking.
balances. Another absurdity was, the requiring the.
names of two Directors on the back of every bill. The
Bill would require to be greatly altered in Committee.
Mr. V. KNIGHT thought they could not entertain the
motion without altering the deed of settlement.
Mr. SQUANCE, the solicitor to the Company, on being.
called on, gave it as his opinion that the motion coukh
not be entertained in its present form at that meeting.
Mr. T. SAMBROOK, who had. seconded the motion
merely to raise the discussion, would not object, if the
mover saw fit, to his withdrawing it.
Mr. Alderman HUGHES HUGHES'?oped it would be
withdrawn.
Mr. T. MOORE did not object to withdraw his motion,,
and had the discussion gone on he should not have ob
jected to the substitution of twelve months for six. Not-
withstanding all that had been said, he could not help
thinking there had been a little management somewhere,
although. each individusi Director might disclaim all
knowledge of it. Re was but an humble in-
dividual himself, but for all that, if he were
taunted, he might get up a little management out of doors..
With regard to Mr. Gladstone's Bill, it should be
recollected that among its provisions were the following:
—That all future banks should have auditors, and that
one-fourth of the directors should go out absolutely
every year, and remain out. These were most whole-
some provisions. He then withdrew his motion.
G. H. FOSTER, Esq., a Director, felt called upon
to answer the statement of the Hon. Proprietor
about management. On the last occasion he had stated
that he thought the thanks of his colleagues and himself
were due to Mr. Darthez • that he had written to that
gentleman, asking him if he intended to offer himself for
re-election and inquiring whether he might be expected
in England soon. He had then said he was happy to
state that he had received an answer, in which Mr..
Darthez offered himself for re-election,l and ex-
pressed
his intention of soon returning to England!
lie had hoped to have seen him before th'a,
and he trusted, from what be had heard front ether
quarters, for he had not heard from Mr. Darthez him-
self, that they would soon see him amongst them.
The motion was then withdrawn.
Mr. Alderman HUGHES HUGHES then moved that the
especial thanks of the Proprietors are justly due, and
are hereby respectfully presented to the Directors for
their valuable and efficient services.
Mr. T. MOORE seconded the resolution, which was
carried unanimously.
The CHAIRMAN, in the name, of the Directors and.
himself, returned thanks.

th 60 mot!iin of Mr, RICHARD GIBBS, the thanks or
-1-',oprietors %Tr:, given to Mr. Pollard, the Manager,
tknd the gentle.nien employed under him, in conducting
thC affairs of the bank.

Mr. POLLARD returned thanks.
The thanks of the meeting were then unanimously
voted to the Chairman for his able conduct in the chair -
and the compliment having been acknowledged by the
Chairman, the meeting adjourned.