Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-07-27
BANK OF THE UNITED STATES.

AT a meeting of the President and Directors oc I'M
Bank of the United States on the 18th of Julv
1871, the following report and resolutions were a
| dopted viz
The committee, on the state of the Bank to whom
was referred, on the 10th Of Feb last "A rcsou,io,
concerning the payment, in England. by the Bank
oil dividends on the capital stock of the Bank held b,
| persons residing i'll Europe:
REPORT
! lhat on the 18th OF November, 1916, it was q Re.
sofre9 That at this time, it is cxpcdcnt to cstabl n
,in isency IA England Tor the payment OF the dvi,
dcnds ON such portion of the capital stock of this Bank
as may be held by persons residing in Europc art
That John Sergeant, Esq. be instructed to make ar
Judgements Tor the payment there ut the par of cx-
chahgc, at the risk and expense of the Bank" That
m pursuance of this resolution, ln agency was csab-
l,Shcd ior the payment of the dividends, as follows
me dividends dec jared in January in each year. were
10 be pad III London the first dIy of July loere,f
ter, and those declared in July in each wear werc to
be paid on the lst day of January thereafter and the
Dhmk agreed to pay TO the agents commission of one
nan oil one per cent on all dividends thus paid The
ioiownS form OF a reqiIlson on the part Of stock
holders requiring the payment of dividends through
ms agency was prescribed By the Board :" P.r.on-
ally appeared before me A. b. who declares tj1t he
IS resident in Europe, and that his usual pare of
residence IS -----, aud that he doth hercly re-
guest the President and Directors of the Bank of e
United oacs conformity To their resolution al tI,.
-0lh OF November, 1916, TO cause TO be paid TO him.
OF ms legal representative IN the city of London ali
such dividends shall hereafter be declared mon m
stock standing III his name upon the books of said
bank That sundry holders of stock who were re-
sident in Europe, presented to the Bank such rcoui
sltlons and the dividends heretofore made have becn
paid accordingly.
The committee have attcntiveIy and mainrejv con-
siaefca the resolution referred to them, and they arc
oil opinion that 1t IS neXpedcnt To continue the arcn-
cy-that 1t will probably under no circumstance Inc
advantageous TO the bank, and under some il nny he
very 6urihensomc. The bank will, in all likelihood
he called upon TO pay in England, when excbanoe
on 'ia countryis hgil,an the stock held by resi-
dents of the United Statcsfs he placed ON tbe
Oh uie bank, ~ the names UfEhiopean residents aud
the payment OF the Dividends required in England
while on the other hand, when exchange shall he A.
stnst England, the bunk may, and probably will be
called upon to pay in the United States there is
therefore no mutually of advantages, either absolute
or contingent. The apparent ADVANTAGE ri t,yre
the dividends some months postelior IN ite prr,,
when they may be declared, IS iusory for litld les
Tine vii be necessary to effect the requisite remit
tances. '
The committee are also Of opinion. tlaftbe Bank
IS under no legal equitable Obligation TO continue
ihs Agency longer than it, own views Of expedicnr,,
shall induce il 20 do so. They. however Jealous OF
any appearance Ola departure from the highest sense
OF feculndc' notwithstanding The Bank il not legally
or morally bound think it will bc. cOmport ,yu The
character OF the insiiuon, Ia continue the payment
OF he dividends IN England, in those cases in which
acquisitions, IN due form, have been made or Shall
shall now prescribe.
In conformity with these views. Gie commiuce
submit Tor The consideration Of the board ;hc follow
ing resolutions:
Ist ResoLred, That the agency for The payment il,
England, ol Dividends on the capitnl stock of thjs
bank held by persons resident in Europe be- and
IS hereby from hcnccfO discontinued exocnt
so lar rs IS declared in the resolution next sue
ceeding W 'O
"a Rcssolrcd, That Inc Bunk will cogti.nc 10 mas
Europe, according 10 us resolve Of tbe 2gd d,1 nc
Noycmber one thousand eight hundred and sixtecg
,h a cases IN which acquisitions, in due form, have
pceh received or shall be executed in Europe and
O. NuTaHf. II. 1.
or before Che hrsi day Of September next but such
oNdend' shall cease 10 he paid in England, So soon
az inc STOCK shall cease to belong bona fdc 10 Der
sons residing in Europe.
81 iieSofred, That this report ard these resolutions
be published IN the National IuclliqeDcer. and 81
hose Gzetes in the city Of Philadelpiia. In which
lne Bank Is accustomed to insert public notices and
Hat copy thereof be sent 10 Mci~is. Buipc Byo- /
''ers y CompUy, the Agents of The bank in London
80 l.. CHEVE5, President
h'test-FHoNAs WnsoS, Cashier