To The Proprietors Of Ban...
Ladies and Gentlermen,-As, in the address to vou, which I took the liberty of inserting in tihis paper on the first da;t of the month I informed yott that at the ensting hail' vearly Court to be held at thce Bank, I shoyld move fora livi(lend ofrfive per cent., in case the Di- rectors proposed a less sumi; I think it prbper to observe to you, that at the Court held last Thursday, the 18th. I imade this motion, and thst a ballot an it was demuanded, and is fixed to be taken on next Thursday, the 25th. Having in my late address to you made us'of siome unanswerable arguments, to persuade and, exhort you to exertion in defenceofyourrights, I mightbe content, you will say, to truist to their efl'et but it has occurred to mc, that it may be of use to put you on your guard against the suggestion that may be made, ort'hle imnpropriety of atteiipting to oppose in any degree what the Directors think fit to reconsinend. This interference cap in my opinion be no other way so well supported, as by the simple Statement of Wlhat passld in March, ISIW, wheii a similar cir- cumtstatnce took place to what is now going torward. Thle late Mr. Ricardo, than whoni nobodly perhaps, was a mnore com- petent judge, being dissatisfied vith the recommendation on the part of the Directors. of a miere i per cent. dividend, (after nine yearsNot accuinulated profits, withouit the least increase of interest given to the proprietors), proposed, in concert with other propnretors. an addition of one per cent. and a motion being made to this effect, a ballot was denmanded, which took place, but proved tinsuccesful, front thic faciiity withi which the proprictors resident in London and its eivirons attend it, and the difficulty there is in bringing up those who reside in Cornwall and Yorkshire. Fvery rational person ittust hiave felt, when this ballot was decided, that the poor dereated proprietors lad only to submit in silence and sortow to the niorti6fca- tion of having only a five p-r cent. dividend; and that they would be punished in ttiture for their insolence and( presuniption, in supposing .hiex kneu better than the D)irectors what was a proper and JUSt di- v idendi, anu v.hat twe funds and the profits of the corporation could att; rd. But to tot astonishment of every body, these sapient well- miorn)ed D)irectorb thought fit, in the course of a few weeks, to pro- claim t. the World their owu folil anid inconsisitency, and to atiow I i:ow much they hadi been mistaken in their judgment of the divi- dend which their profits could afford. by inagnanimously granting a bonus ot 2; per ceot. on his capital to each individual. It would be olly, after tile sinple statement of this strong fact, to weaken it by any other argumilent or observation. Let it speak for itself, and then we sitall cease to hear of placing implicit confidence in Directors, be they who or what they mnav.-I am, Ladies and Gentlemen, tour most obedient humble sermant, Richmond, Ilarch 220. NATHANIEL GUNDRY TO THE PROPRiETORs OF'--,.v. sT7nrR-.