The Statesman.
London, England, 1818-04-30 00:00:00

LAW INTELLIGENCE.

COURT OF KING'S BENCH, Aeon 29.
SIANDAMUS TO ME GOVERNOR AND COMPANY OF
TME SANK OF ENGLAND.
Mr. BROUGHAM moved, that a Mandamus be di-
rected to the Governor and Company of the Bank of
England, ordering them to proceed to divide all the
profits seeming to that establishment previous to the
19th of March last, over and above the ezpences in-
curred in the conduct of its affairs. Ills application
was founded upon the affidavit of a proprietor of
Bonk Steck, whose name lie did not state, iu which
it was sworn, to the best of the Detriment's belief,
there was a considerable balance in the hands of the
Governor and Company, on which they had made
and declared no dividend. The Learned Counsel ob.

served, that the object of the motion was to compel
a compliance with the provisions of the three Acts
telatiog to the Bank of
_England, by which it was
enacted that there should be no 'accumulation of
capital.
Lord ELLEDBORODCW sated in what way it was
sworn that there was a balance in the bands of the
Governor sod Company ?
Mr. iittotitilam answered, that as the Directors
would furnish no acceonts, and allow no inspection
of the books to the Proprietors, it was impossible for
tie Deponent to swear decisively to a balance in the
bands of the Governor and Company, but• he dis-
tinctly stated his belief and couviction. He appre-
hended that the Court was called open to interpose
summarily, to prevent the Infringesnent of the law ;
and one very learned person had already given it as
his opinion, that in this case a Mandamus would he.
Lord Emornsononcu wished to know if that opt.
Dion were given judicially, or privately ?
Mr. BRoUGUAM answered, that he certainly had
Po right to say that it was given otherwise than pri-
vately ; but he mentioned it as a warrant for himself
in advising and making the present application.
Lord Ett.ensououcil enquired, if at any of the
Quarterly Cents Papers hadteen moved for to show
the actual state of the Funds in the hauds of the Go-
vernor and Company, and refused.
Mr. Bactucome was nut aware that there had bern
any such proceeding ; but he contended that their
Lordships, upon an allidsvit like that on which he
now mused, would be called upon to grant a Man-
damus, even should it appear that a oh: )061) of the
Court of Proprietors resisted the production of the
balance-sheet. if the majority directed what was il-
legal, viz. that a balance should accumulate in the
hands of the Proprietors, the Court would take rate
that the Acts of Parliament were complied with:
The 11,6:oily of the Court of Proprietors might pro.
ceed to deprive toe minority of any divideud at all :
belt. if so, the minority would hare a right to relief
by resorting to the Court of King's Bench. It was
culinary to the clear wording of 'the two first of the
Statutes, that any capital should accumulate ; or, if
doubt existed, it would be removed by the third Sta-
tute, and by the By-laws of the Company If,
in the return to the Mandamus, the Governor tied
Company should satisfy .the Court that there was no
balance in their bands, no acchtnulation cf capital,
there would be an end of 'the question ; or if it
satire shown that a balance was necessary to the con-
duct of the affairs of the Corporation, and that on
account it had been allowed to remain and arcu-
mblate,.still it Would remain for the Court to decide,
whether even that was tioCcouttary to the express
provisions of the Statutes.
Lord ELLENDuROUGII;—If capital, for-the ma.
4nagernent and conduct of the affairs of the Company,
lie an omitted case, recourse had better be had to the
Legislature to remedy the defect.
Mr. BROCGII \St urged that, even views that sop-
position, it would be the duty of the Governor and
, Company to apply to Parliament : what it had al-
feeds, said was clear and unequivocal—that they shall
'divide, and shall not accumulate capital ; and if en
"alteration be necessary, the Bank should prevail
'upon the Legislature to grant them indemnity for
baring infringed the Acts already passed, and permis-
sion for the future to accumulate capital.
Lord ELLeseuttoueu.—l think you may take a
Rule to show cause.