Star.
London, England, 1830-09-24 00:00:00

FRIDAY EVENING, SEPT. 24, ISM.

No. 13,587.

BANE OF ENGLAND.

Yesterday a General Meeting of the Proprietors of Bank Stock was
held in the Court-room, for the purpose of declaring a dividend for the
current half-year. The meeting wee very fully attended by cumbers
of the London and country banking establishments, some discussions
being antidpated on the currency, and other matters of commercial in.
taut, in consequence of the noire of motion given on last Court.day by
Mr. Young, viz that he would ask the Directors out of what funds the
Bank have advanced thirteen millions in the purchase tithe dead weight
between five and six millions on leans and mortgages to individuals and
public bodies—in addition to the advance on Exchequer Bills, amount-
ing to about nine millions, making a total issue of twenty-eight millions
beyond the chartered capital of the Corporation of fourteen millions and
upwards.

At twelve o'clock the Governor, John' 11. Palmer, Esq. altered :the
Own-room, followed by the Deputy Governor and nearly the whole of
the Directors.

The minutes of the bet Court were mad, and
The tiloysimroa informed the Court that the Merton having
looked into the affairs of the Bank, had agreed to recommend a dividend
of four per cent. on the capital stock of the Corporation. Was It the
opinion of the Court of Propdetors that such a dividend should be &-
dared r

Mr. Yottwo said, before that question was putbe was anxious to re.
ceive answers to the several questions of which he had given notice.
The Hon. Gentleman then read the questions as above, and contended
that it was highly important that May should be answered before the
Court agreed to any dividend.
The 00VZINOR asked if answers were simply to be given to the
questions !—(Mr. Young—Yes.) He (the Governor) would then give
such answers to the questions as the practice of former Courts warranted.
He was surprised that such questions should have been asked. The
advances had been made out of the deposits and profits of the Bank,
independently of the capital in the hands of Government. The Bank
of England received value for all its promissory notes, and the deposits
and assets were employed in advances.

Mr. Youtro contended that it was most important that the Pro.
prietors should know what were the profits of the Bank before they
agreed to a dividend. If they found so large a sum as twenty-eight
millions, a larger dividend ought to be declared, or perhaps a bonus
was to be given.

The GovEason said the quesdos bad before been frequently asked,
and he was not in a condition to answer it without lint receiving the
authority of the Court of Proprietors.

Mr. Youwo said, such a question had not been before pat, and he
should use his information as being correct. He contended that such
investments militated against the general interests of the country by
creating an artificial price for adrift of commerce, and reducing the
value of the capital in the country to a very low ebb. The Court of Dl-
rectors, by their large issues, rendered money only worth three per cent.
He contended that the Court should be in possession of some knowledge
of the Bank affairs before they agreed to the dividend, and he hoped
that before the Charter was renewed, the Proprietors would demand that
they should be made acquainted with them. The Hon. Proprietor con.
chided by moving, as an amendment, that previous to the declaration of
the next dividend there should be laid before the Bank Proprietors an
account up to the 31st of March, 1831, of the number and value of the
notes In circulation, the amount of bullion in the possession of the
Bank, with a statement of the assets and liabilities thereof, up to the
same period, classified under the!etr=zive heads.
The amendment having been
The CHAIRMAN observed, that the motion of the hon. proprietor
was not a new one, it embraced a question of the utmost importance,
not only to the Court of Proprietors, but to the whole kingdom I and
be was anxious that the meeting should be influenced by such a feeling
when they entertained the present motion. Prom the tenor of the hoe.
proprietor's speech, it was evident that be wu not much conversant with
banking concerns. The Bank of England had only one principle of
management, which wu to take care that:there was a sufficiency of
bullion in possession for the amount of its issues, and to uphold its
credit with the country.

A Country Banker gave it as his opinion that the Bank Directors in
their operations ought to have nothing to do with his Majesty's ministers,
other than as acting for a trading company ; the interests of proprietors
ought never to be mixed up with politics.

After a few words from Mr. BoLLY,
Mr. ALLARDICE said he was convinced of the necessity of afford.
Ing the most explicit information, to prevent any misunderstanding
going abroad to the public; for his own part, he was satisfied that the
strength of the Company was unimpaired. Honourable Proprietors
ought, however, to know that their dividends were not declared upon
capital, but upon the profits of the Company; therefore he contended
that some sort of a general statement of the accounts ought to be laid
before the Court. The Hon. Proprietor then went into the following
statement of the capital, resources, and net profit of the Bank, for the
purpose of chewing that there was no cause for apprehenake, and that
the annual income was not exhausted s

Eight per cent. on the Bank capital of 14,608,8001 ..... Z 1,1143,880
Espenaes ... .. ... ... ... 280,000

Annual payment....... 1,448,680
SOURCE. or INCOIIi.

Three per ant. on 14,608,5001. capital ... £438,253
Management of the• Public Debt ... ... 260,1100
Profit on Dead Weight .. ... .. 300,000
Interest on two millions In Mortgages, at 4 per et. 185,000
Ditto on Exchequer Bilis and Defaced Bills ... 300,000
Discounts (conjectural) .. ... ... 70,000
Interest on sundry other Advance@ ... —. 50.000

Excels of Annual Income over Dividends and Expenses —. 64,570
—The chartered capital of the Company was 14,008,5001. There was
bullion to the extent of 13 millions. The value of 'the Dead Weight
Annuities, 14,000,0001. Mortgages, 2,500,000 L Exchequer Bills
and Deferred Bills, 10,000,0001. Bills ,of Exchange, and other pro.
pert and effects, 4,000,000 L
Making a total of property of E5e,100,600
Deduct notes in circulation, say • 22,000,000

Deduct chartered capital ...

36,108,600
... 14,608,600

Making a profit capital of .. 121,300,000
This would pays bonus of 20 per cent. in ease all or part of the dead
weight were transferred, but say 10 per cent, which would leave an
annual income of 8 per cent. How was it, then (misdated the Hon.
1 Proprietor), that Bank Stock was at a discount of 22 per cent. It was
owing to the secresy observed In Bank affairs. The Hon Proprietor
sat down after observing, that the Directors of the Bank of France
uniformly laid their accounts before the Proprietors, and be could not
see why an opposite course should be adopted by the BMA of England.

The Cuaraxao remarked, that the Directors amid not bold them.'
selves answerable for the correctness of every statement of the affairs of
the Bank that might be put forward.

Mr. ;mew gave the Bank Directors aedit for posessebig much
certzze talent in evading such 'nations as had been put b die worthijr:
Pro-
prietor (Mr. Young.) The twelfth bye law of the 's
expreedy directs that such statements be mode. admitted
that these statements bad been refused in a most manner.--
(A laugh.) The Directors ought to stamp their am& to as that no
Invidious remarks should go abroad, which would be the sae if they
persisted in refusing these accounts.
The Ca...rimer said that the Directors had no right to refuse any
information that might be asked ; they would Imply with the Court of
Proprietors if the Member, of the present Court -of Proprieties eon.
caved that their Murata would be prompted by riblishifig amens" of ,
the fluctuations in the issues, &c. of couni 'it reste4 with itte, is OW
so. Such a step, bonnet, would be Minded with grail rete i
'the Court of Directors were entirely under thipoirer of dui
(Bin:)
• Afire a tentark-from Mr. Tonna, the original reotke,driming a di.
*lend slept* sent. was put and anis& • r . - '•' • •
- Mw Yeente's atetendment; ptayteg for thepiethieled- Itill'tesieiey
Actimui,vviis next pat ; being intended he aplearedegitnli
the Cann eh& Vita esendetneed of Minna a Ite"ihnt' die t t
elaninagritate effiEditipe,, die nalarattinroVlTlV mittlifli, him
anxious that nothing should• be concealed in the policy dubs Bank.
The amendment was next put, and misfired by a amaidepable ma.
lority.—The Court then dkpeolved.

Plum 7n.

COURT OF COMMON COUNCIL.

Yesterday the Lord Mayor held a Court of Common Council at •31tild-
hall, for the purpose of considering the Petition of several Freemen
Householders, presented at the last Court, praying the Court to congre.
Mktg, by address or otherwise, the French people, through the Muni.
cipality of Paris, on their glorious and heroic conduct in achieving a
&volition unexamplled for courage and public spirit, and unprecedented
for the wisdom and moderation with which they have crowned their vic. I
tot 7. The Court was very fully attended.
The
London Bridge Committee presented a Report for sealing a deed
of assignment of property purchased by them for the new bridge and
aPo6o47u.rt, upon a motion by Mr. Deputy OLDHAM, unanimously
agreed to appoint a Committee, consisting of the Lord Mayor, all the
Aldermen, and a Commoner out of each Ward, to consider the best
mode for the Court to adopt to show their respect to his Majesty upon
his accession.

The Committee was then appointed accordingly.
Petitions for leases were presented and referred.
A petition from Messrs. Swan and 3levlor, and another from the in-
habitants of Newgate Market, against any additional market being eats.
'Wished there were severally referred to the Committee of City rands
'for consideralion.
A petition from the Metropolitan Female Society for a donation in aid
of their funds was referred to the Committee for General Purposes.
The Court then proceeded to the consideration of the Memorial pre-
sented at their last meeting, and the same being read.
Mr. STEVENS introduced the business, and concluded a 'peach of
some length, by moving a series of Resolutions, expressive of the feel.
Inv' of the Court upon the late French Revolution, of their admiration
of the patriotic conduct displayed by the inhabitants of Paris upon that
occasion, and of their gratification at the Government of this country
having an immediately recognised the new Government in France.
Mr. Deputy WESTON seconded the motion.
Mr. TWINES next addressed the Court, introductory to his moving,
as an amendment—That although the Members individually view with
satisfaction the recent events in France, yet the Court disapproving of
foreign interference in the domestic concerns of nations, deem it im-
properto adopt any measures with reference to the recent proceedings
in Franca

Mr. BOUSTILLD seconded the amendment, which was supported by
Mr. Deputy BLACKETT.
MT. RICHARDSON .of Cripplegite, MT. Wool), and Mr. Gat..
LOWAT, spoke in favour of the Resolutions; and on the show of hands
being taken there was a considerable majority for the amendment. A
division, however, was demanded, when the numbers appeared—
For the amendment--S Aldermen, 85 Commoners, 2 Tellers...
total 92.

Against it-1 Alderman, 47 Commoners, 2 Teller—told 50.
Majority for the amendment 42, which was then agreed to and carried.
The Court elected Mr. Dornford housekeeper at the Sessions House,
In the room of the late Mr. Townsend.