Star.
London, England, 1826-03-24 00:00:00

BANK OF ENGLAND.

A General Court of Proprietors was held yesterday
at the Bank of England, to consider of a diviOend.

The GOMINOR announced a half-yearly dividend of four per
cent. on the interests and profits to the Sth of April next.
Mr. Youno said he would trouble the Court with a
few observations, before the putting of the question on
the dividend. Though, humble individual as he was,
he considerecLthat he had a duty to discharge to the
country at large, and to the proprietors in particular.
The present state of the affairs of the country required
that the proceedings of the Bank, with respect to the
plans which it intended to adopt in affording relief,
should be made known to the Court. The Director,:
should seriously consider the present alarming state of
the currency before they acted upon any plan which
might have for its object the distribution of the Corn-
pany's property—(Hear). He avowed himself a
member of the old school, and as such he candidly
acknowledged that he would prefer having the law of
Merchant and Factor remain as it was ; but he under-
stood that it was not to take effect until October next,
as he supposed, at the recommendation of some of his
Majesty's Ministers. He did not wish to pry too much
into the management of their affairs, yet he considered
it necessary to ask a few questions on some important
matters, and he did not antici?ate any objections to
receiving satisfactory answers from the Directors.—
The manufacturing part of the community were taken
completely unawares by the ruincus failures which had
lately taken place, and whe, from no fault on their own
parts, were unable to meet their engagements. It would
be wise to give them timely assistance. Those engaged
in commerce as welt as the labouring classes, were also
unprepared for the violent and sudden change which
had taken place. It would be important lo ascertain
whether advances were intended to be made in the usual,
way, or whether any new principle had been adopted.
In either case information ought to be given to the Court
and the public. He did indeed hope that it was not
intended to make advances upon the old system. He
hoped that the advances were not intended to keep up
prices, or to favour speculation. The state of the cur-
rency, he,hoped, would be settled one way or the other,
fork was his opinion that the circulating medium would
be so scarce as to cause every description of goods to
be reduced to half their present value, which should
induce the Directors to consider well before they made
advances to any great amount. The next question of
importance was, whether any further advance was in-
tended upon mortgages, or whether the former system
should be continued? He was induced to put another
question, respecting the establishment of 'hutch Banks,
and whether the Directors had made up their minds
upon the subject? He did not put this question from
any selfish or improper motives. He believed that
Joint-stock Companies could not be successfully carried
into effect ; and he did not offer that opinion from the
desite of securing profit to the Company. He was sure
that the Proprietors would identify themselves with the
well beiag of the community at large.
The CHAIRMAN said that the Bank had not yet made
advances to stny considerable amount. Several com-
munications were received from different parts of the
country, and advances were made on manufactures and
produce generally—not for the purpose of upholding
prices, or countenancing speculation. Advances were
made to some to the amount of two-thirds of the valu-
ation of the goods. The goods were then handed over.
to a Committee, composed of persons unconnected with
business, in such a way as was deemed most adviseable.
The goods to be redeemed in three months. Various
sums were to be applied to different purposes, and it
was deemed adviseable to get personal security for the
advances in London. The advances were chiefly made
to manufacturers.
Mr. YOUAg—To what amount ?
The Cl/AIRMAN said a quarter of a million was the utmost.
Mr. Youngs asked** the mortgages were to be advanced.
The CIIAIIIIIAN said it was a subject for future consideration;
but no advance was intended for the present.
Mr. Youso—What plan does the Bank intend mi pursue with
respect to the branch banks?
The CNIAIIIKAN said the Directors *ere so much occupied with
other business that they had not time to consider the subject suf-
ficiently, u it was a matter of too mon importance to be decided
are hastily.
lkir. You,.. said the period for the expiration of the Charter was
so near at hand that it was scarcely worth their while to establish
branch banks.
The Dividend of Four per cent. was then agreed to, and the
Climaxes, announced that the warrants would be ready fur deli-
very on the ith of April.
Mr. Blext.v asked whether it was true that 80,0001. had been
laid out by the Bonk in experiments to make their noses inimitable ?
The Ciutuunen said no such sum had been expended in that way.
Mr. Yuma asked whether his plan to prevent Warrants of Attor.
ney from being forged bad been approved of by the Directors?
The CUAULMAY mid it was not deemed necessary to resort to
any such security. The Directors did not warier it of sufficient
importance.--. The Court was then adjourned.

We Judge an author by bii worst works while living.
and by Mika when dead : the same may be said of skits/et and
there are but few persons who will not regret when Lotteries have
passed away; for, after all that can be urged against them, there
is no other mode by which any one may gain, in a few days,
Twenty Thousand Guineas, for the,risk of a niere trifle; and yet,
by Act of Parliament, this Door of Hope is now to he closed for
ever, as the present Lottery, to be drawn Wednesday, Third of
May, is the int but one that can take place in this Kingdom.