At the half yearly meeting of the proprietors, Dec. 6, 1841, the statement of the property of the Bank set forth, was as follows:

The report recommended a dividend of 5 per cent. out of actual profits.

The most flourishing of the Irish joint-stock Banks is the Provincial, which began to form its establishment at the end of 1824, and opened its first branch at Cork, in September, 1825. In 1836 it had thirty-three branches, in Ireland, the seat of its management being in London. Its nominal capital is 2,000,000l., in 20,000 shares, of 100l. each, the whole of which have been issued, 25l. have been paid up on each, with the exception of 411, which were forfeited.

The first dividend, declared in Midsummer, 1826, was four per cent., which continued at the same rate until Midsummer, 1831, when it was raised to five per cent; in 1833, to six; in 1834, to seven; and, in 1835, to eight per cent. The deed of settlement bears date August 1, 1825, and was signed by 692 shareholders. The Bank holds 1,398 of its own shares, but had rarely made advances, solely on that description of property, without taking collateral security. It has no post bills, and its promissory notes are all payable at the respective places of issue. The interest on balances or deposits varies according to agreement, from one to two and a half per cent2.

2 Commons' Report, 1837, Appendix I. p. 83.

Besides these details, some further information seems to be desirable respecting the proceedings of a company which, for the magnitude of its business and the consideration it has always stood in, cannot be regarded as second to any similar institution in the sister country. The general sense entertained of the want of such a Bank; the large sum of ready money - 300,000l., which was increased to half a million in the course of two years - with which the directors presented themselves to the Irish public; the rank and reputation of the members of the board, which included several first-rate London Bankers, some members of the Administration of the day, and members of Parliament distinguished for their abilities and knowledge of Irish affairs; the politic exhibition of eminent men of different political opinions co-operating cordially for commercial purposes; - all these rare and happy coincidences gave a high value to the Provincial Bank in the eyes of the agricultural and trading interests of Ireland, and drew a proportionate extent of excellent business, which the consistent manner in which its operations have been conducted, has preserved to the present day. In 1827 a very favourable privilege was conceded to it by Government, - the revenue of the Irish excise, stamps, and post-office, being ordered to be paid into its branches beyond the circle of fifty miles round Dublin, reserved to the Bank of Ireland. In return for this concession, the directors undertook to keep at their branches, at all times, a specific proportion of gold, according to their circulation. Confidential returns of this fund were said to be made, from week to week, to the chancellor of the exchequer for the time being.

This Bank has distinguished itself by the spirit and effect with which it has resisted repeated runs upon its branches, particularly in the years 1828, 1830 (twice), 1831, 1833, and 1836. The severest of these was that in 1828, when the directors sent no less a sum than 700,000l. to Ireland in gold. They give cash credits on the Scotch system, and have discounted bills for sums so small as ten pounds and five pounds; though the practice is one they would not encourage. In 1836, 4,000 shares, of ten pounds each, were distributed amongst the proprietors out of the reserved profits; and at the same time the directors took power, not as yet exercised, of issuing 16,000 shares, of ten pounds, in the event of their deeming an increase of capital desirable. The rate at which the business and profits of this company have prospered, may be inferred from the gradual increase of the amount of undivided profits, which, according to the annual reports, stood, in 1828, at 16,900/.; in 1829, at 19,500l.; in 1833, at 50,198l.; and in 1836, at 124,355l.

By the account submitted to the last yearly general meeting of the proprietors, in 1841, the amount of the rest or undivided profits on 28th of

The usual dividend of eight per cent. was then declared.

The Agricultural and Commercial Bank of Ireland, memorable for its misfortunes, and at one time the most extensively-spread company of the kind in that country, commenced business November 2, 1834, and had in 1836 forty-six branches, from fifty-five to one hundred and sixty-seven miles distant from the central or corresponding office in Dublin. Its capital, 1,000,000l., was in different shares of one pound, five pounds, ten pounds, and twenty-five pounds. The total number of shares issued was 257,377, and the total of paid-up capital, 352,789l. 18s. 6d., in two calls, each of ten shillings per five pound share; and two of five pounds each per ten pound and twenty-five pound shares. These calls would appear to have been made almost at the formation of the company, and to have been paid for generally in one sum, at the time of subscription. The dividend had been five per cent., without variation, up to October, 1836.

These official details give a very imperfect description of the history of the Agricultural and Commercial Bank, which has become interesting, on account of the severe ordeal it has passed through, and the proof it has given of the elasticity of the joint-stock system, under very trying circumstances. The fact that it had to suspend payment, towards the end of 1836, after having vainly implored assistance from the Bank of Ireland, has already been stated. In 1837, a bill for its dissolution was presented to the house of Commons, at the instance of a portion of shareholders, principally located at Belfast and the north of Ireland, who displayed, in the various efforts resorted to for the purpose of carrying their point, a peculiarly Irish determination, wild and vehement. The Court of Chancery, in Ireland, was concurrently appealed to for the same object; but both applications were unsuccessful; and, after a year misspent in unseemly disputes and unwarrantable litigation, both highly injurious to the reputation of the establishment, and not a little expensive, the directors announced officially that an amount of liabilities exhibited in former accounts, to the extent of 800,000l., had been paid off, with some trifling exceptions, during the year, and that the total remaining assets of the company were 277,071l. 14s. 9d., leaving the gross loss, consequent upon the suspension of business, 48,812l. 5s. 3d. After this wonderful recovery, the directors began business again, but with no better success than of old.