The Statesman.
London, England, 1823-09-19 00:00:00

•°•u: • BANK MEETING.

~ • •
Yesterday a Court of Bank Proprietors was held for the
Purpose of decloriogas dividend fOr the next half year.—
The .Court was fully attended. The Clerk haring read the
Minutes of the lest Court,
The Ciatanast stated to this Proprietors that the Court
of Directors having duly considered the present state of the
affairs of the Bank, thought proper to recommend 'that a
dividend of four per cent. should he declared for the half
year next ensuing.
A. Resolution to thiieffict was then read to the Court.
Me. Otterostar said he thew considered it• his linty to ask a
fey questions;. but,hifere be did so, be should band a do-
ellinent to the Chaieman, which he desired should be read.
'The poke, which' was in substance a demand that the
asceasta of the profits of the Company and the expenses of
management should he submitted by the Court of Direc-
tors to the Proprietors, was then read. • It was signed by
LW. Huntley and Mr. Selwyn. At the request of Mr. Gun-
dry, the live•late and the 634 section of the Act of the 7th
of Queen Anne, respecting the Courts of Proprietors, were
then read, but in so indistinct a voice, as scarcely to be in-
telligible. We understand,, however, that they declared
that the half-yearly Courts should be held for the purpcise
of examining the state of the affairs of the Bank, and upon
those affairs stating a dividend.
Mr. GL'NORY contended both upon the authority of the
bye law and that of the section, that the Court of &recto's
were bound to make to the Proprietors a statement of the
affairs of the Comany, and that it was for the purpose of
•1 examining into' those affairs that the Court was now
assembled according to the Charter. Every Proprietor pre-
sent sat there as a partner, and as such, had a right. to exa-
mine those accounts in. which his interests were involved.
They were sot there for the purpose of hearing the Chair.
man say "Sic vole*, sic jubeo, slat pro ratione voluntae;"
declare a dividend, and then disperse them. No, they wet
not there for the I).l.l'9m:ince of any such farce, but to ex-
ercise their judgements on their owti affairs, which they
bad a right to examine, lie, therefore, called on the Court
of Directors to give to the Court of Proprietori not a minute
detail or exposure of their tranmettons, but a balance
sheet, which would enable them to judge of the state of
their affairs, and to declare such a dividend as they should
think proper, after an examination of existing drenm-
stances, 'those who with him before came forward, would
now support the measure, and it would now be with
the majority to say whether the system should continue
any 10Ineer.
Mr. Yoeste said, that the last position of the Honourable
Proprietor, that the expositionof their affairs depended upon
the will of the majority, was certainly correct. The map.
rity had gone on in a system of confidence which eras
equally honourable to the Proprietors and the Director.,
But, he, for one, must declare that his confidence b ol been
considerably shaken by occorrences of the last twelve
months. He alluded to the diminution of their dividend,
and the conduct of the Court of Directors on that occasion.
He bad, when the important measure of the reduction of
the rate of discount was proposed, put a question to the
Chairman whether this reduction of their profits was made
up by an increase of business, and he received for answer,
that the Court of Directors, upon a consideration of these
matters, and of the whole of their affairs, thought proper
to recommend a dividend of 5 per cent. The Honourable
Proprietor then complained of the refusal which he said the
Proprietors met with whenever they sought information of
such vital impwtance. Unless the practice was altered,
the confidence placed by the Proprietors in Directors, which
bad hitherto been so complete, must be shaken. Ha wish-
ed to know whether the dividends were declared upon the
present profit, or whether frorn a consideration of their
future, as well as present, circumstances? He bad a writ-
ten request to make to the Directors; it was, in substance,
that all the Minutes of the Court of Directors, or the Sub-
stance of every Resolution entered into by the Directors for
the declaration of dividends for the two year. last past,
should be laid before the Court of Proprietors. lie was
quite willing to wait for their production till the next
Court, but if it should appear from them that the Directors
last year, when he but tine question to them - whether the
decrease of their profits was made up by an increase of their
business ? had it in contemplation to redece their dividend,
his confidence (we understood the Honourable Proprietor
to say) would be greatly diminished. The only mode
of restoring that confidence would be the production
of the Minutes, and clear answers as to their real situa-
tion,

54.0u:runt who had not sat down while Mr. Young
was on his legs, insisted upon c.e right of the Court to
inspect their accon els. The terms of the advertisement
calling them together had lately' been narrowed. They
were formerly " to consider the state and condition of the
Company's affairs ;" now it ran "to consider of a divi-
dend. The Court were always treated with contempt
and hauteur, and not made acquainted with the changes
that took place. One Director, Mr. Turner, had resigned,
and for a half year no intimation of that was given to the
Proprietors.
The CHAIRMAN said, Mr. Turner had gone ont by rota-
tion.
Mr. OUNDRY said, he had then been misinformed ; but
on the most important occasions there was a lack of infor-
mation on the part of the Proprietors, who were treated
with intolerable contempt. What was the conduct of
other Companies on similar occasions? He was formerly
a Proprietor of India Stock, but he sold it, because he
was so pestered by applicaions respecting his vote and
interest (laughter, and cries of "hear"). It was now Ile.
cessary to make a stand against the conduct of the Direc-
tors. He understood, that in a work written by one Chan-
tillon, the author, in speaking of toe affairs of the Bank of
England, mentioned, that it was their custom to examine
tneir accounts at each Half Yearly Court.—Surely, an
eothor of credit would not have made such an assertion
if it were not notoriously tree. The Honourable Pro-
prietor besonght the Proprietors present to consider the
Interest of those who were absent. The numb-r of Pra-
prietors had been estimated at live thousand --soise were in
Yorkshire, many were foreigners; others were widows and
spinsters, and none of these could be brought there to
vete, or tbe'preeent system could not stand.
Mr. S. DICKSON midi- that every elucidation of their
affairs that could bo given with propriety, smelt to be
given:--lint 'as a ptoptietor, would strenuously oppose
a•y_loll.eitposition of the state of their affairs being made
public .He thought, bcn
which might be safely
,For Andante how easy ,
yeartsdivideld,. at thelael
to have teated, as the g rot
f the.:pralita; ivy the red tit
5 per Mg. •to 4; the state
whichlbe Company hail '

tr.iptietor, would strenuously oppose punish. Evidence was given of the previous goo 1 charac- second in Shows, and the IVakin'etiapesiaieci
tbe'state of their atfairs bring made ter of the prisoner;—and among others Doctor Graham capable of extinguishing the fire which their Vnipen egee
owever, there were sollpe eirPositions stated that she baddived,three years in his family, anti that occasioned, it in a very short I'M, ilainsiged sonte'rif the
r nude to the proprietors at large. "a owe-honest, honorable, on•et, and peaceable woman, articles within the bar, and the tsars took •liultfof t'i
v would it hare hvn, When the half- never Wore petticosts.4 The testimony however was clear, cieling above, and eosstannicated to the ronnt olettn.zia:
'kat court,was ;educed toil per cent. as so tho wain fett,vand•the jury, without leaving their trite, Craw whieb it was fond nedessery to move eolie
t rounds or the incasore, the decrease pronounced a verdict suf-Arpilty. the pe,iperty. Setae'. of tM .fire-enetnes- sours -aipiarru;
eduction dr the rate of disconntfriim PitestantENT.—At a Special Court iP Aionrany but the lire was got under by the exertions of the petipli-iY
tate or'Estbecieer Bills, the aeoeisity, county, last week, fur the trial of certain eriiaria s, rtid the house at the time, although not without damage 'Patina
id been under to keep their promise , Grand Jury preseired as a grievance the calling Vast sale been done to the haus • and farni!ure. •
_ .