The half-yearly meeting of the proprietors of the Bank of
England, held on Thursday, was of unusual interest. The Governor, Mr. Powell, stated that the Baring debt to the Bank had been reduced to £2,409,000, and that he had now no fear for the guarantors, and even hoped for a surplus for the estate. That is most satisfactory, as it indicates that the public is absorbing the blocks of South American securities which have so long hung over the market. Mr. Clarke also raised the question of the losses caused to individuals by the advice of the late chief cashier to the Bank, Mr. May. One constituent alone, Mr. Adrian Hope, had suffered by his advice to the amount of £400,000, and one unfortunate lady had been ruined. Mr. Powell gave the rather enigmatical reply that Mr. Hope was content with the action of the Bank; bat the proprietors, understanding that all losses have been pro- vided for, and that it was most inexpedient to discuss private accounts, upheld the Bank in refusing any further inquiry. They were right, for no Bank will be trusted if its constituents' affairs can be published in the Times on the motion of a proprietor, but we have rather a doubt if they have been severe enough in exacting guarantees against the delegation of such excessive powers as Mr. May exercised, to a single employe. The weak place is there, and though we do not doubt the Bank has taken every precaution for the future, we do not see that the proprietors have any complete means of knowing that.
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