Star.
London, England, 1828-09-19 00:00:00

FRIDAY EVENING, SEPTEMBER, 19, 1829.

and that as soon as it has landed, the three Ambassa.
dors will go to Pores, where they will confer with the
Greek Government, but that they will remain there
only a short time, and return in a few weeks to Corfu.
Their houses at Corfa being hired for a year, it is pre-
sumed that they calculate on a long stay. Admiral
de Rigny and Admiral Malcolm were expected to be at
I Corfu by the 21st of August. The Russian Councillor
of State, Count Bolgaii, bad arrived there, on his way
to Greect. A Russian courier had also arrived with
dispatches for the Marquis de Ribeaupierre. A rumour,
certainly an erroneous one, is in circulation of an Eng-
lish expedition to Candia.
./ROM 11111 00U2111111 IFRANCAIL
We have received a letter from Poros, dated the 2d
11(14th) of Auks t, containing. the following details
go Two of his Most Christian Majesty's vessels haste
I just arrived, dispatched to our President through the
med um of Gaunt Baron de St. Denis, the accredited
agent of the King of France to the Greek Government,
residtng at Poros.
44 A sum of 500045 francs was immediately placed
ny that Geimaeman at the disposal of the President.
-"It is said that Admiral de Rigny, who is dill all
Smyrna, does nut come here because he is displeased at
succours being sent in this manner, and at being tk-.
prived of the share which he used to take in our stairs,
by the arrival of an official agent, who has at once ex-
tinguished all his influence.
Hii recall has been talked of for some time. Some
ascribe it to that of Admiral Codrington, but others
look trtm it as the result of the misunderstanding which
exists between him and M. Tucherean de St. Denis.*

Flunsen Puttes—k)aats, Sem 16.—five per Cents. 105 f. 110 e.
75e 90c. &se.—Three per Cents. 73G 93c. 85e. 90c.—Batik Stack,
I.B4of.—Naples Stock, /9f. 20c.—Royal Spanish Loan,
Haytian Loan, 662 f. 50f.—Exchange on London. one attentlt,
25f. 25e. three months, 95f. 15c ---,Chum Astkentirws.

BANK OF ENGLAND.

T•sterday the half yeariji, Court of Proprietors of
Bank S ock was held at the Bank of England. pursuant
to the Charter. and also for the purpose of clnsidering
a dividend. •The attendance, considering the season of
the year. was goof, and considerable expectation had
been excited t. at the discussion at this Court would
mane an uousual degree of interest. It was likewise.
smeared that a circular had gone round, inviting the
awntion of the country bankers to this meeting; but
we did not observe that these Gentlemen assembled
with more than their ordinary strength, as on former
uc casions.
The minutes of the former Court were read by the
Secretary, according to the usual form.
The Govtasoa (L. Drew, Esq.) then informed the
Court, that the Directors were. after taking .the state
'of their profits into consideration, of opinion :that a
dividend of 4 per cent. should be declared as the divi-
dend for the half year ending on the 10th of •October
next. The Governor was about to put the question that
the recommendation of the Directors be adopted, when
Mr. SgLWYSI (the King's Counsel) rose to propound
some questions.
Mr. RIOBT (of Irately-lodge' a Barrister,) spoke to
order, and observed that be bad given notice of a
motion for a production of the Bank accounts, and
claimed precedence,but he gave way upon the assurance'
of Mr. Selwyn that the information which he trusted
he should be able to elicit world be of service to him,
if be brought his motion forward subsequently.

BRANCH BANIII..DRAD WRIGHT, &c.
Mr. SILWYN-1 am desirous of knowing, in the first
instance, what number of Branch Banks have been
established since the passing of the Act of the 7th of
Geo. IV. relative to the subject?
The Govan/ton—The wild slumber established has
been nineteen.

Mr. SZLWYN—In the nest place, I am desirous ofl
knowing whether the establishment of these branchesi,
has been productive of profit or loss to the Cormation ?
The GOVERNOR said, that the object of the Branc h
Banks was not solely that of gain, for they were gene-
rally established at the suggestion of the inhabitants of
those parts of the country where they were established.
The object was to give to those pints of the country the
security of the Bank of England, and so far their estab-
lishments had proved commensurate with the expecta-
tions upon which they bad been formed. Emolument
was scarcely at all the object, for the principle in view
was that of preserving the country from the noose-
quotes attendant on panics. If they did not entirely
effect this object, they would at least render their con-
sequences less fatal hereafter. lie would not go into
the history of what led to these establishments, but in
the year 1826 the propsition was made for their estab-
lishment, and subsequently they were regulated by Act
of Parliament. Any opinion as to the result of these
establishments, as tar as regarded their emoluments, he
could not form; but if they did not produce a single
farthing, or even if there should be a slight lose. still
he should say that the security which they gave to the
Bank and to the country rendered them sufficiently
advantageous.
Mr. Sar.wvu—lt is not my intention to question the
propriety of the establishment of Brooch Banks. All
that I want to know is, whether, up to this period, the
establishment has been attended with profit or loss to
the Corporation ? The question is a simple one.
The Govaalloa--It is well known that an Act passed
for the establishment of Branch Banks; and that the
Directors were called upon, and answered the call.
From some of the Branches profit has resulted, while
from others alga has beep incurred.
Mr. SELWYN—May I beg to ask whether the measure
has been advantageous or disadvantageous on the
whole to the Corporation?
The GOVERNOR-4 cannot answer that question;
some of the Branch Banks having been established very
recently. All may have returned some profit.
Mr. Sat.wva—My question is, whether there has
been a profit upon the whole taken together ?
The Govaanoa—Upon the whole taken together,
they have not returned a profit.
Mr. SaLwiti—The next question I shall ask is, what
may be the amount of advances outstanding at the pre.
sent time upon mortgages?
The GOVERNOR—About one million—perhaps one
or two hundred thousand pounds mores
Mr. Sat.wirn-1 w ill not press she next question I
have to ask ; it the Count are of opioien that it is im-
proper. Its ill not press the question. It is, what is the
amount of bills discounted by the Bank in ths last year,
vie. from September, 1827, to September, 1828?

Thetoirannon—That is a question which has never
befit. been asked. and consequently never answered.
Mr. Bm.vrts—l have ao possible idea what objec-1
tion there can be to answering the question.
The Govaanon—lt is not one which we consider et•
pedient to answer.
Mr. SILWYN—The next question which I shall pro.
pose relates to what is called the Dead Weight. Rave
all the instalments agreed to be given to the Bank, en
the purchase of a portion of the annuity created to
defray the SWIM of Naval and Military Pensions, been
paid up ?
The Gammon—That is a public transaction; and
any one at all acquainted with what takes place in Par
or who has read the Finance Report, mu►t
hate known that it has been.
Me. SaLwym....The worthy Governor must be aware
that there are many persons perhaps present who do not
read, or are not interested, in what are called Acts of
Parliament. It was principally for the inforniation of
any such persons that I proposed the question., and not
for my own. I had acrintention whatever of consuming
Ilre nolualste time of the Coutt of Proprietors.
The Gammon thought all persons were aware the,
the list instalment was to have been paid up in July last
Mr. Sat.wvx was aware of the fact. but submitted
that it Would be in the knowledge of the Directors alone
whether it had been so paid as promised. lye non
desired to know it' the amount of Annuity receivable
by the Bank, the sum of .5145.7401. had been paid away
in Dividends, or was it to be considered as all clear profit?
The Go esanon—Decidedly so.
Mr. STIIIVAIND—,-HAt the Dividend paid to the PUN*
prietors since Lady-day. 1823, been uniformly the
same? The amount of the sum paid back by Govern-1
went was about 13 millions ?

The Govearroe—tes.
Mr. SaLwyn—Now, then, I have to remind the Pro-
prietors, the; the dividend for the last five years has
been uniformly four per cent. During a great portion
of that period they have been making advances to the
Government respecting the Dead Weight. to the extent
of thirteen millions. The whole of that sum has now
been paid up, and therefore there is nothing more to
discharge to Government under that agreement. That
sum of 585,7404 gives four per cent. on the amount of
the capital of the Corporation. One quarter has elapsed
since July, and therefore the Proprietors were entitled
to a quartet of that sum. If, therefore, the profits of
the Company could previously have allowed a dividend
of four per cent. the Directors bad it now surely in
their power to pay five. Mr. S. then moved—u That
it. dividend for the last half.year should be five.per cent.
instead of four," because they had a fund which could
enable them to pay the increase of one per cent.--inas-
much as these thirteen millions advanced must have
been a portion of the profits withheld from the Proprie.
tors, who were therefore new entitled to the benefit of
the profit resulting from their advance, which profit
might be best paid in the shape of a dividend.
Govaasoa said that the thirteen millions were
drawn from a fund independent of the profits; and the
Learned Geatlemaa must, therefore, be aware that a
portion of the annuity arising pays back a portion of
what bad been advanced. It roes to pay back the
capital to the fund from which it bad been advanced.
If, therefore, this annuity has now to be appropriated in
the shape of a dividend, they would have to replace
the capital; so that, at the expiration of the term of the
annuity, they would be left with the whole debt of thir-
teen millions to provide for.
Mr. SaLwyn would leave his proposition in the hands
of the Proprietors.
A paoentrroe thanked the Learned Gentleman for
the pains he had taken on the subject, but must differ
from him. No conduct could be more imprudent than
that of advancing money by war of loan, and when
that sum was tepaid, to appropriate tbe principal and
interest in the shape of profit, withinn replacing the
capital front which it had been advanced. It was im-
possible they could consent to increase their present di-
vidend upon such a reason. He trusted, therefore, the
Learned Gentleman would withdraw bit motion.
Mr. Yount; said, it was clear the Learned Gentleman
was not accustomed to mercantile transactions. There
was, however, one important fact, which the Proprie-
tors should know, before they could agree as to the
dividend. He wished to know what was really the
amount of Bank Securities in circulation, not redeemed
by payment? When he 'bad' asked this question for..
merly, the answer was given at to the amount of issue
without deposits. These latter bad increased, and as be
considered them part of the circulation, be wished to
know the total issue, including the deposits:
The Govan:oft—This is not a sew question; the
amount of issues at present is 20,900,0004 In 1026 it
was 21 millions, and since then it has varied nevermore
than 500,0001. This includes the advances made by
the Branch Banks, but not the deposits; for k is a snip
take to suppose tout they can be considered as forming
a part of the circulation.
Mr. Yours—Have you not received value for them ?
The fioveawon—The very ground on which they
use deposited in the Bank shows that they are not
part of the. circulation.
Mr. Yount; persevered in putting questions, till at
last the Governor said he was not await the question
would be asked, and did not know bow much the de-
posits were.

Mr, Selwyn's Amendment was then negatived, and
a dividend et 4 per cent. agreed to.

BANK ACCOUNTS.
Mr. RIOS? then rose to move a Resolution for the'
production of the Bank Account., and proceeded at,
some length, when
The Govearion said, it was usual to pass the motion
for a Dividend, which was then put and carried ac-1
cordingly.
Mr. RIGBY then pressed on the attention of the
Court the necessity of producing the Accounts, and en.
tered into a hastened detail of the Bank of England,
contending that they were obliged by the Charter to
produce their Accounts. He proceeded to state, that it
was not at all consiatent with the usual practice of mer.
chants to declare a dividend without looking to their
antis, and yet the Court of Proprietors met and de-
dared a dividend without knowing how their assets
stood. When the Bank of England was first established,
!the Court of Dreetert were obliged to try the COUP.
pany's accounts before the Proprietars, and this prac•
ticeezisted from the period of the loan to King Wil•
liam the Third, down to the 24th Georg.e ILL The
oath which had previously waited, conspelliej the Di
sectors to produce the accounts, was dispensed with by