The Sun.
London, England, 1829-09-17 00:00:00

BANK OF ENGLAND--(1 HIS DAY.)

A Meeting of the Proprietors of Bank Stock was this
day held at the Bank of England, for the purpose of de-
claring a dividend. The meeting was also announced to
be one of the quarterly meetings of the Proprietors re-
quired by the charter.
The minutes of the laid Court were read.
Mr. Youwc expressed a wish to have the proceedings
read of the Court which was held in March.
The GOVERNOR said, that the regular way was to re,d
the proceedings of the last CoUrt, and those only.
Mr. YOUNG wished to know if the resolutions moved
b 7 himself in the Court held in March were inserted on
the minutes?
The GOVERNOR. replied in the affirmative.
Mr. YOUNG—Then I am satisfied.
The GOVERNOR now said that the Directors, consider-
ing the state of the affairs of the- Bank, had agreed to re-
commend to the Proprietors a dividend of 4 per cent. in-
terest and profits for the List half year.
A PROPRIETOR—How can we tell whether we ought to
agree to this recommendation, without having a balance
sheet laid before us.
The GOVERNOR said, that the present proceeding was
Precisely the same that had been adopted by the Bank for a
irit'd of 120 years. tie then put the motion, that a
dividend of 4 per cent. profit and interest be agreed upon
for the last half year.
Mr. Youwa said that before the motion was put, he
!mist claim the attention of the Court to the terms of the
BAnlt Charter. Be _that Charter, he contended that the
birectors were bound to furnish the Proprietors with ma-
terials to enable them to judge of a dividend. If not, the
recommendation of the Directors was absurd, for the Pro-
prietors had no means of forming an estimate whether the
dividend was too much or too little. It was necessary that
the Proprietors should have some information laid before
them, and if the G(Wernor would appeal to the legal adviser
of the Company he Would find that no dividend could he
legal unless the means of judging of its propriety were fur-
nished to the Court of Proprietors. If no information
Were given the PrOfirietors could not consider of a divi-
dend, and of course the Charter could not be fulfilled.—
He begged leave to ask what the amount was of the issues
of the Bank for which value had been received, and which
had not been redefined by payment. -
The GOVERNOR said, that there never had been any ob-
jection to answer that question.
Mr. YOUNG feared that his question was not under-
stood : he wished to know the amount issued and not re-
deemed by payment:
The GOVERNOR—That is the amount in circulation.
Mr. Youwc —No ; for I contend that the deposits are
as much a part of the circulation as the notes in actual cir-
culation, although such deposits may be locked up in your
drawers.

The Govaexon—The amount of our circulation is
18,708,0001., but the amount of our deposits cannot
be given. It should be kept secret, for its promulgation
Would lead to questions which ought not to be answered. If
made known it would have the effect of driving away every
Customer of the Bank. The Hon. Member referred to the
nYe-Latv of the Company, but he (the Governor) would,
sip* refer to the practice far a period of 120 years.--
e the year 1711 the dividend had been recommended
in the same manner as at present, and almost in the same
Words.
After some further remarks,
Me. YOUNG then moved, that the Directors be re-
quired to submit to the Court of Proprietors the amount of
zdePuilits with them as bankers, in order to enable them to
Judge of a dividend.
The GOVERNOR then put the motion, which was car-
tied in the negative.
The original motion was then put, that a dividend of
Per cent, be agreed to.
PROrRIETOR--I move that a dividend of 10 per cent. '
be agreed to.—(A laugh. )
The motion for a dividend of four per cent. was then
tgreed to, and it was announced that the dividends would
de Payable on the 10th of October.