The New York herald., 1845-07-04

Of the Great Brtans passengers, ,as obvious that
in naval actions, when calms prevail the power OF
turning ships in small space through its appli-
cation, IN combination with an auxiliary steam en-
glne would be OF the greatest service independent
y OF Its being placed with Its machines so far below
the water-ne as to render it ball proof against an
enemy's fire; and from its being well protected
IS lar to inter that even after the masts and rig
glng OF lne-ofbattle ship had been shot away y.she
would have the means OF maintaining her position
or pursuing vanquished opponent, who, through
her having few stumps left has before now escaped
by the aid Of jury masts
The revolutions made by the engines were eigh-
teen per minute, and the log was repeatedly hove in
the presence OF the naval officers on board when it
was found that the average speed of the vessel
through the water was from liz to IL knots per
hour. Many OF the nautical men on board took pas
sage round in her for the purpose of practically as
ceraining her capabilities, and were rather sceptical
Of her being able to accomplish even ten knots
from being sceptlcs they soon became believers,
and now speak loudly in her praise.
THE BANK OF BRITISH NORTH AMERIcA-The
annual meeting OF the proprletors in this corpora
ton was held at the Bank House, st. Helens place,
on the 10th instant, to receive the report from the
Court OF Directors, relative to the state of the affairs
OF the establishment. The chair was taken by Mr..
marks, Mr.. S. de Rosco Atwood, the secretary,
read the following report
Report Of the Directors ofthe Bank Of British North
America to the Propretors, at their Ninth Yearly Ge-
neral Meeting, on Tuesday, June 10th, lS45.
The Court Of Directors have much satisfaction in
stating that the improvement in the business oft bank
which, at the date Of their last annual report they anti
cipacd consequence OF the continued political
quty and reviyng commercial prosperity of the colo
nes has been fully realised and the legitimate demand
for banking accommodation has caused the entire cap
tai to be engaged in active and profitable employment
The adherence ofthis bank to its established rules
Of business and the determination Of the directors
be tempted by the recent superabundance of money
ing almost without value in their hands, to lock up the
funds Of the bank to any considerable extent have
extend
vantage to the bank and to the commercial community
The directors have found it advisable to open a
branch at Hamilton the head Of Lake Ontario,
which place large portion Of the commercial affairs OF
Canada West have centred and they have likewise
made arrangements for agencies at Porthope and By
town. which will to the inhabitants of those dis
trcts the banking facilities to which they are entitled
without enailng on the bank the expense Of additional
branches
These operations have been too recent to have had
an effect on the profits Of the past but the accounts
opinion as to the soundness of the conclusions which
they have acted
"From the commencement of the bank the directors
under the head Of Premium Of Exchange, equiva-
lent to the specie rate between the colonies and this
country the capital employed there By recent act
of the legislature of Canada for assimating the
rency laws of the previously separate provinces Of Up
per and Lower Canada which differed widely from each
other the current value Of specie has been altered and
the reserved at the Canadian branches have become
insufficient and require an addition Of f2o54 5s lod
sterling which the directors have thought right to set
apart from the profits Of the past year in order to keep
up the wholesome principle referred to- in full efficiency
"The directors have to lay before the proprieors
the annual statement of the affairs Of the bank and to
their intention Of the 9th Of July next
half years dividend at the increased rate of five per
cent per annum.
" The amount Of undivided nett profit, to
the alst, Of December, ls4s was f2o,o 10 4
4" The nett profit for the year ls44, after de-
duction of all current charges, and pro-
viding for all bad and doubtful debts, and
after making the transfer of f2054 los. l0d.
referred to above, account of tho alte-
ration in the value of the Canadian
rcncy, was 4s,910
f7O,439 Ia l
" From which is to be taken the amount of
dividend paid at Midsummer, ls44. -.
foO,OoO, - ooo
Ditto at Christmas, ls44. ... 10000 Ao'ooV
Leaving amount of undivided nett profit
to 3lst of December, 1874. ........ f30,449 Ia
The three retiring directors having been re-elec.
ted, the thanks sof the meeting were voted to the
chairman, and to the court Of directors for theil
attention to the interests of the proprietors.
The Chairman, In returning thanks, remarked
upon the generally improved aspect of the affairs
the bank. They would see by the accounts, tina
the profits were the increase, the report exhibi
ting an augmentation OF $4,000 in the last year and
anticipated, from late accounts already before them
that the profits of the present year would show pro-
gresslve Improvement.
The meeting then adjourned.
PUBLIC LANDS SURVEYED IN CANApA.-It appears
from official report Of the select committee on the
public lands of Canada, that the surveyed lands o
Canada West and East, are 81, ,839, ,l6l acres, o
which 81, ,439, ,16l acres have been disposed of by
grants, sales, &c., leaving balance at the disposa
of the government of $40 900 acres.
The surycved lands in Canada West arr ~ I6a or