The Sun.
London, England, 1842-05-26 00:00:00

rrn Sl(3l‘q, I,OI4.IDON,'_TiIUkSIAk. kiiii/411q4., MAY 164 g,

NATIONAL BANK 0-F IRELAND

The Seventh Annual General Meeting 'of the Share-
holders of the National Bank of Ireland was held yester-
day, at•their Offit!e, -13, Old IlrOad-street.
lAt one o'olocqc the Right Hon. Daniel O'Connell, M.P.,
entered the room, accompanied by' the Directors.'
The Directors .present, Were, the • Right Hon.: Daniel
I O'Cuitm:ll, M.P.,. Colonel the Eon. Leicester Stanhope,.
Maurice . O'Connell, M.P.,. T.. Lamie Murray, Robert
Sutton
.jum, S. I'. Rickman, Julia Joseph Keene,
J. C. Sutton,
Foss ler Newsom, A. R. Jblinson, E. F.
Green, George Meffat t, JaMes Reade,L.4',qs.;
and amongst
the Proprietors we observed the following, viz.: Captain
Scallan, the Rev. Thomas Madge, James Hutchinson,.
Charles Bianconi, James Lowe Wheeler, Francis Frith,
James Johnston; John Robins, Arthur Buckley, Daniel
Maclaurin, James Ruffen, Esqrs., and others.
The RIGHT 110 N. GENTLEMAN. in taking the Chair
sail , I take the Clair at present merely as a Proprietor,
as 1 this year go out of office by rotation. I will proceed,
therefore, in the first instance, to have your attention
called to supplying. the place of those Directors who t,n
out by rotation ; and the notice in the Gaiette, conven-
ing the present meeting, Will be read by the Secretary.
Tile notice having been read.
•The CHAIRMAN said I now call upon the Secretary to
read that paragraph in the Report which mentions the
names of the Directors who go out by rotation, and who
are eligible for re-election.
The SECRETARY then read the following names, viz.,
Right Hon. Daniel O'Connell, M. P. ; T. Lamie Murray,
Esq. ; John C. Rudintr, Esq., and James Reade, Esq.,
the gentlemen who retire by rotation. •
The CHAIRMAN said, I am not in a position to put the
names of any other persons to be elected as Directors.
If we had any other candidates Leonid put their names
to the meeting, but as no other gentlenien have been
proposed for election, I will non- put the names of those
four to the meeting, and you may negative the appoint-
ment of any of those of whom you may disapprove. I
propose that the four retiring Directors be re-elected.
The question was then put, and the four retiring Di-
rectors were unanimously re-elected.
The CHAIRMAN—I can now take my seat as Gover-
nor, and I now call upon the Secretary to read that
paragraph of the Report respecting the Fifth Director,
referred to in the advertisement in the Gazette, and
whose election you are now called upon to confirm.
..
The SECRETARY then read the name of Fowler New-..
sam, Esq. -
The CHAIRMAN—I put it to the meeting that' they
should confirm the appointment of Fowler Newsam,
Esq., as a Director of this Bank, in the room -of J. 11.
Elmore, Esq., who has retired.
The question having been carried,
The CHAIRMAN said, I declare that this. Court has
confirmed the appointment of Fowler Newsom, Esq.,
The SECRETARY then read the Report as follows :
REPORT of the Directors of the National Bank of
Ireland, made to the Proprietors at the Seventh
Annual General Meeting, held at the Office of the
Company, No. 13, Old Broad-street, London, on
Wednesday, the 25th of May, 1842.
"It is with renewed satisfation that the Directors
meet the Proprietors, assembled at the present Annual
General Meeting, more particularly as the favourable
expectations which they felt justified in expressing in
former Reports, respecting the prospects of the Company,.
have been fully realized.

" The Directors hare much pleasure in assuring the
Proprietors that the business of the Bank continues
steadily and progressively to increase, which affords the
most gratifying evidence of public confidence, and the
prosperity it has attained will be best shown by the ac-
counts to be submitted to the meeting, embracing the
result of the operations of the past year, which demon-
strate the soundness of the principles and the efficiency
of the system of management, upon which the affairs of
the establishment are conducted, and whereby the Direc-
tors are now enabled to present to the Proprietors the
following statement :

£ 5. d.
Undivided profits at December, 1840...... 22,283 9 6
Net profits for the year ending Dec., 1841 28,798 0 9

' 51,081 10 3
Deduct half-year's dividend to
the Proprietors for Midsum-
mer, 1841
Ditto, ditto, for Christmas, 1841 10,500

21,000 0 0

Leaving amount of undivided profits at
December, 1841 £30,081 10 3
" Notwithstanding the serious commercial embarrass-
ments which have prevailed during the past year, it will
be observed from the foregoing statement, that after de-
fraying all the current expenses, and providing for bad
debts, the net profits of the year ending December, 1841,
amounted to 28,798/. Os. 9d., and that after the pay-
ment of the half-yearly dividends, for Midsummer and
Christmas, at the rate of six per cent., per annum, a sur-
plus remained of 7,7981. Os. 9d. which sum, added to
the previous undivided profits, left a total of unappro-
priated profits of 30,0811. 10s. 3d., at the credit of the
Shareholders' Reserve Fund, in December last.

"It will be a source of considerable gratification to
the Proprietors to find that the National Bank of Ireland
is deriving those advantages it was fairly entitled to ex
pect, in return for the great benefits it has conferred on
those districts of the country where its branches have
been established, and in congratulating the Proprietors
on the prosperous condition of its affairs, the Directors
are confident that they will not be disappointed in the
anticipations they have formed connected with its future
success.

" There are now to be elected four Directors in the
room of the Right Honourable Daniel O'Connell, M.P.,
Thomas Lamie Murray, Esq., John Clement Ruding;
Esq., arid James Reade, F.sq., who retire by rotation,
all of whom are candidates for the office, and eligible to
be re-elected.

" Since the last Annual General Meeting, the Court
of Directors have appointed Fowler Newsam, Esq., as a
Director, to fill a vacancy in the Direction occasioned by
the retirement of John Richard Elmore, Esq., and which
appointment will require the confirmation of the present
meeting.

" Approved by the Court,
" May 18, 1842. T. LAMIE MURRAY, Chairman."
The C RAIRMIN —lf any gentleman wishes to have
the. Report read over again, it shall be done.
Mr. BIANCONI—As no person seems desirous of having
the Report read again, 1
beg to propose that the Report
be adopted. In cluing this, I have great pleasure in com-
paring this, our seventh annual meeting, with the same
annual meeting of the shareholders of thc Provincial
Bank of Ireland. At this our seventh annual
meeting, it appears that we have a rest of over
30,0001. At the seventh annual meeting of the
Provincial Bank of Ireland, it appeared that their
rest was about 32,0001. From their accounts it appears
that they only paid up to that period dividends of 4 and
5 per cent. while we have paid dividends of 5 and 6 per
cent. Therefore we are in a better position to-day than
the Provincial Bank of Ireland were, if they had paid
similar dividends.

An HON. PROPRIETOR wished to ask what were the
profits of last year ?
The CnAIRItAN—I would suggest to the llon. Pro-
prietor that it would perhaps be better that he should
defer his questions until I have given the details of our
transactions, and then he will be able to ask any ques-
tions upon points on which he may not be satisfied. I
would now wish to direct your attention to the statements
in the Report, and in doing so I beg to say that I depre—
cate comparison with any other body in a spirit of rivalry.
Mr. BIANCONI—I beg at once to disclaim anything
like disrespect in the comparison which I instituted .witri
the Provincial Bank.

The CHAIRMAN—It IS an historical fact, and as an
historical fact, we maybe at perfect liberty to refer to it,
in congratulating ourselves on the present state of our
affairs, that they are now more prosperous. , than
those of the Provincial Bank were at a similar
period of their history. No institution, however, can be
better conducted than is the Provincial Bank of Ireland.
I may therefore allude to the Report of that Bank, who
have stated the situation of Ireland during the last year.
I dare say there is no gentleman present who has not
read that Report ; it has shown the difficulties in which
the agricultural and commercial interests in Ireland
have
sur beene on agriculture,
as there is scarcely any
manufactures there. The Provincial Bank in their
Report have gone fully into the causes of depression ex-
isting in Irclsnd, giving, if we wanted it, an ample
iea placed ; these interests depend in a great
n
apology for our making 11 more unfavourable balance for
the last year than we have done ; but there is no neces-
sity for such an apology, for, notwithstanding the de-
pressionProprietorsany in Ireland, and notwithstanding that. the effect
of the tariff has been to strike down in price every arti-
cleinwh
of da
iclilerellilailig Ireland dealt,
fang of
ealtianndto cause an anathy—
a cessation price,
unusualin
any
other period of commercial history—notwithstanding we
.. former oc-
casion.—(Hear, contend
ilai
si with
comesuch
before
a state
ihtails' eilhad
consolatory e
hear.) I will now apply myself
to the point suggested in the question of one Of the
Proprietors with respect to the account of profit
and loss, from the year 1838 to the present period. The
Provincial Bank has had this advantage over us—for a
great many years, nothing thein nature of domestic
calamity has pressed upon its resources, or Fre.
vented its springs . from ?tending throughout
the land. We were differently circumstanced—we
scarcely came into existence before the Agricultural
Bank failed and stopped payment, and the consequence
of that was, that a suspicion was created against every
Bank, a run took place upon every Bank,
and the con-
sequence was a great accaniulation of expense in meeting
that run. It is true that we had better means than per-
haps. any concern of meeting those expenses,
because 1 had
previously thrown out that it was my conviction that
the Agricultural Bank could not continue, jud,ing from
the manner it was going on. The stoppi„._ 6
g of that Bank
caused naturally a run on our Bank ; we utet every lia-
bility in every locality—((,heers)—and the result was,
that that which was inconvenient and expensive in the
first instance, established us in the public mind, When they
found and saw that at an early period of Our Institution,
we were able to meet every demand ; so that that' which
was at first a source of weakness, became a source of
strength. For one half year we made no dividend ; we
made one, however, in 1838, and every year since.
The nett profits, in 1838, were 22,7971., the dividends
were 17,5001, ; and that left, as a reserved fund, the
sum of 5,297/. In December, la no
- -Th our profits
increased to 27,336/., the dividends, at 5 five per cent.,
were 17,5001., 1 atving to the reserved fund 9,8361. in
addition to the firmer. In 1840 we increased-the divi-
dend to six per cent., that increased
.our expenditure in
the payment of dividends by the sum of 3,5001. • Our
profits in that year were 27,7451., and the dividends
were 21,0001., and we added to the reserved
fund 6,745/., which would have been increased to
upwards of 10,0001. if the dividend had not been in-
creased to six per cent. -
_so that instead of falling off
OW profits had increased. In 1841 the profits - were