They were obliged to stop a second time in 1841, and are now understood to be winding up their affairs in the midst of not a little law, originating in outstanding debts to the amount of about 70,000l.

The National Bank of Ireland started in January, 1835; and with the Provincial Bank has now the undisputed range of a considerable extent of country. Its original and its present constitution were different. To explain this, it is necessary to observe, that the Bank at first consisted of two bodies, the English and Irish shareholders; the former of whom, when a branch was formed in Ireland, contributed a rateable sum, according to that subscribed on the spot, and drew one half the profits; so that the capital of each branch of the National Bank was a partnership between the English and Irish shareholders, each having a distinct stock. To remove inconveniences found to result from this state of things, the two stocks were consolidated throughout all the branches but two, Clonmel and Carrick-on-Suir; at which the local Proprietors, who having been dividing six, seven, and eight per cent., and adding besides to their reserved fund, refused to distribute the advantages they possess over the whole Proprietary.

The National Bank of Ireland felt the monetary reverses of 1836, so severely as not to make a dividend in 1837. In 1841, the state of its affairs, reported to the shareholders, was this: -

According to this account, the net profits of 1840, after defraying all the current expenses, and providing for bad debts, amounted to 27,744l. 12s. 4d., and after the payment of the increased rate of dividend for the year of six per cent., a surplus remained of 6,744d. 12s. 4d., which added to the previous undivided profits, left a total of unappropriated profits of 22,283l. 9s. 6d. to the credit of the reserve fund in December, 1840.

The Royal Bank of Ireland, a discount and deposit Bank in Dublin, commenced business in 1836, and reported in 1841, its paid up capital, 209,075l.3 The profits of the year, deducting expenses and bad debts, were 14,591l. 14s. 9d. out of which two half-yearly dividends of five per cent. per annum were paid. This left a surplus of 4,137l. 19s. 9d. of which 490l. l1s. 1d. was appropriated in part liquidation of "Bank premises" account, and 3,647l. 18s. 8d. added to the reserve fund, which thus amounted to 17,022l. The dividend is five per cent. per annum.

There are three joint-stock Banks with head offices at Belfast, and numerous branches dispersed over the country at distances of from sixty to ninety miles. The Northern Banking company, founded on a private Bank in 1825, has already been spoken of. The Belfast Banking company commenced business in 1827, has the same amount of capital and shares as the Northern, and 125,000l. paid up. Its dividends have been seven per cent. independent of 20,000l. distributed as a bonus. The Ulster Banking company took the field in 1837, with a nominal capital of one million, in shares of 10l. each, on which 204,325l. have been paid up. It has divided six per cent.

3 Produced from 30,000 shares of 50l. with 10l. paid up.

There is another Bank in Ireland called the Tipperary joint-stock Bank. It is of recent origin. Its proprietary is small, and so is its business. It has three offices; one in Tipperary, one in Nenagh, and one in Carrick-on-Suir. It issues no notes of its own, but discounts with Bank of Ireland paper, of which it is allowed a moderate supply, by special agreement, at the rate of three per cent. per annum.

This sketch shows plainly enough that the general character of Banking in Ireland at present is good. The benefits conferred upon the country by the establishments I have described, are of incalculable value. Ireland suffered much from her private Banks, but she is now gaining considerably from her joint-stock companies, which, as a whole, are very well managed. In the north, manufactures are judiciously sustained, and have been greatly extended by the Belfast Banks. In the provinces of Connaught and Munster the Provincial and National Banks afford liberal and legitimate accommodation to agriculture, and the staple trade of those improving districts. In Dublin, and fifty miles around, the Bank of Ireland reposes, full of wealth, in the profitable enjoyment of exclusive privileges, without making commensurate exertions to stimulate the industry of the people, develope the resources of the soil, or extend and fructify the operations of commerce, either in that or any other division of the Island.