The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-01
TIE BANK OF ENGLAND.
HnIf-Yeariy Observation-Disclosures Against
Threadneedle Street.
lFrom the London Standard. Sen

Hnlf-Yeariy Observation-Disclosures Against
Threadne edle Street.
From the London Standard, Sept. III
general court OF the governor and company or
Mr. k. W. Crawford, M. p, the Governor, In the
chair.
The Governor said, have to acquant the pro-
prieors that this Is quarterly meeting held under
the charter and Is also halfyearly court for the
declaration OF dividend. The net profits for the
hallyear ending the 3lst August last were f650,4
f3,e7s 1888 Us. 80. Out OF that propose 30 pay
dividend OF CA los. per cent and after that IS paid
there Will remain rest OF f3,02i,67s l2s 3d. The
court OF direction therefore propose that the half
years dividend be Ga los. per cent, and that no
reduction be made on account OF income tax.
This is the question have TO put before the court
Mr. c. Botley seconded the motion, and In doing
referred 10 the greater facilities offered by the
PAM ioT Ie M 'u az Se was ~
he did not think 1t was a favorable alteration az
entailed a much greater risk on the part OF a.
payment of dividends he thought Il would cause
great additional expense and trouble, without CIV
the directors quite right in Directing TO the proposal
OF the Chancellor OF the Exchequer, which, In his
was p Sas be IH me nae
the government from this to any other Joint stock
bank, because ne believed the public would be
opposed to such an alteration; and he considered
that the THANKS OF the propretors were due to the
Governor for the manner in which he had conducted
the negotiation witttShe Chancellor OF the EXcne-
Mr. Mr. Jones thong, cearls Satter Of congataatlon
sant es o nss bruises III in the House Of
Comaravns and elsewhere, haand Je~p himself capa-
Die OF dealing In sound manner withserge matters
OF finance. II was the more important icspthe bank
to have at It's head such gentleman, When they
looked at the significant words used oy tne Chan
OF England was only joint stock bank, and wouic>
be dealt with in the same manner as other Joint
stock banks. He regretted this the more because
he believed that the propretors cared less about the
amount OF their dividend than the relations which
| existed between this corporation aud the govern
ment and commerce OF the country. He thought that
those remarks OF the Chancellor Of the Exchequer
the Bank of England stood upon footing different
| from all other Joint stock banks, and 1t was for
| that reason he had invested his money IN It, He
could not help thinking that the words OF the Chan
cellor OF the EXchequer amounted TO mischievous
| depreciation OF the Bank and at the same time gave
| evidence Of O premeditate0 assault showing that
while the government were unsettlng other things
| they were trying to unsette the Bank OF England.
and he would earnestly urge upon the Court OF Gov
ernors TO take the initiative In little matters
which had frequently been discussed at those courts,
or they would be again Obliged to submit TO the
Mancheste,-te people Of trhtch totcn tcere the most
pushing and had practically had NE conduct or TIE
dgdfrs Of the country for the last ten yedrs-uTgl0
Jor royal commission; ana unless this court 81
Governors themselves toos Schon, when ne Banks
SION, some ,ceaS polsts Noad De discovered.
He considered that the currency OF the Bank
did not stand upon a legitimate basis 80 long ~
they valued government stock at par instead ast
vauing 1t at the market price, He thcyght 1t would
be useful II the bank were 10 make SONS disnctQnI
between the notes issued for the government delde
and those issued for the bullion in the vantA bpera
they had to ind gold on demand for boso. adance
believed II there were some little release from md
obligation TO find gold on demand for the notes
issued tor the government debt they would be saved
from those fluctuations In the discount rate which
was SO vexatious and damaging to commercial
affairs. He concluded by asking whether the bank
had suffered any unusual loss from the Manchester
branch and also whether the bank would prepay the
registration OF the letters.
Mr.. W. Ray Since urged that represent ations
should be MADE TO government OF the desrability OF
making the quarterly payments OF dividends on the
last days Of March, June, September ana December.
The GOVERNOR said that the gentlemen who had
addressed the court had referred to matters OF deep
interest to them all. With regard to the payment OF
dividends under the new system, ne was glad to
have the opportunity OF saying a few words which
might have the effect or removing some mlsappre
henson which existed In the minds OF the proprie
tors and the public upon the point. He was happy
to be in position to give the most unquahned
assurance TO the court and through 1t 10 the public
generally, that nothing OF the nature OF msunder-
standing between the government and the Bank
mad occurred upon this matter. tCGeers.) Tie
respondence by saying that attention had been
drawn to the greater facilities offered for the
ton OF divdends by railways ana other comp
than by the Bank OF England ana he went OF IN ctne
quest that the same facilities might be &c, -
the public creditor by the dividend WA wfft teiDg
forwarded TO his registered address, so fur he ho
GOVERNOR was aware there no railway or
other company which enabled The shareholders
to come aud receive their dividends personally
and therefore the proposition Of the Chancellor OF
the EAchequer was looked upon as an alternative TO
tue present system. when tney compared the two
systems together they thought the existing system !
OF receiving dividends personally or by power OF
attorney was better than sending the whole OF theT
warrants through the post, and they communicate
tnis opinion TO the government but the ChanceY
OF the Exchequer. IN his rcJoinder, took dire1
ground. lie said lie did not intend that the VIII
OF the warrants should be sent through the pd @
but merely that every facility should be afforded IN
the public creditor for receiving dividends Th soT
matter had been taken into consideration and the
BOARD hau endeayored, as they were always anxious
70 90, to conform to the wishes OF the government.
nnkv
facilities than the railway companies for tie receipt
VI uivldends. because In addition, there was the
option OF receiving them personally, so far from
mere having been any MISUNDERSTANDING, there had
Jeen hearty cooperation between the bank and
ne government hear, hear; and there had certainly
,eea no desire on the part OF the Chancellor OF
ne Exchequer 10 press them into course which
vas not agreeable TO them. lie might mention that
Wednesday was the last day up TO which they could
conveniently receive applications from persons de-
,er sent to them. The number amounted to very
ew IN excess OF seven hundred out oil one Kindred
nd twelve thousand; but at the same fime no
houRht this should not DO taken criterion OF the
lumber which would ultimately avail thelnselves 80 ,
he change The bank had made no obIecuesd LOT Y
laying the dividends quarterly and could Jeryis son
peciilc reply to government upon the svfaigneu ~
hey knew what course the goYen November In TINS CITY
dopt. The bank had passed RORY OF DECEASED BA
oncWson he said that tSe the bar of orange count
whatever at their branch IN Mang resolutions Of respe
hen put aud carried, tie and eloquent addres
The governor SAID that thetues OF the deceased
eeded that OF last half year 4. Winneid.
etermined by ballot, aud he aY-A lad OF seventies
eYt ~ he u 1t s ens ioi 'ha' well known respectab
Thanks were then accordedto zen arrested on .no
oyernor ana directors OF tue W. II. Beede 70 vario
ceilings Terminated 90. The forgery was 90
--------y deceive the teller OF y
MnVFBeNTS ne ppIpcr where the checks we
lifted Tor eAhkul4HH0