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Medical Retiring Fund so many years after its formation, gives advantages to such new members over the earlier supporters or the fund, in having avoided the Toutine risk incurred by the latter, all persons applying for admission as subscribers to the said fund, or who are not actually subscribers this Wednesday, 28th February, 1838, shall, previously to their application for admission [in the conditions of section iii. of the fund-deed] being circulated for the votes of the subscribers resident in this country, pay as a penalty for the exclusive benefit of the fund [but to be re-paid to the applicant should he be rejected by a majority of votes] a sum of money equal to one moiety of his arrears of subscription, to be caicu. lated in the first instance from the 1st January 1833 to the date of his application, and on the second, from the date of his application to the date of his actual admis. sion as a member, to be decided by the committee of management of the fund, after due examination of the votes of the members residing in India, such amount of penalty to be according to the rank of the applicant, as provided in section iv. of the fund-deed, or the annu. al sum according to the following table ; and that such applicant or applicauts shall also pay the expense of printing and circulating the reference for his or their admission previous to the result of votes being declared. Annual penalty to be paid on admission reckoning from 1st January 1833 to date of admission: Members, or officiating members of the Medical Board.
Co.'s Rs. 768 0 Superintending surgeons, or officiating suptg.
surgeons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512 0 Surgeons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1793 180 Senior assistant surgeons on the medical gradation list ... . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 6 60 following on the list..................... 64 0 Remaining assistant surgeons. . . . . . . . . . . . . . . . 38 6 The following of the poll this day on the proceeding resolution is as follows: For. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 4
Against . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The committee have received intimation in officiating secretary Lieutenant Colonel Stuart's letter, dated the 12th ultimo, that the Hon. the Court of Directors, in their military letter, dated the 20th December last, decline to depart from the rules limiting the number to three annuities of each year, payable through their home treasury, in favor of the committee of management's request, preferred through the local Government on the 30th November, 1836, that payment of all sir annuities granted annually from this fund be paid from the Company's treasury in London, to obviate the necessity of employing private agency. The committee have made arrangements with the house of Sir Charles Cockerell, Bart. and Co. of London (who have been appointed agents of the fund as communicated in quarterly report of the 10th October 1836) to pay the remaining three annuities, so that no disappointment or irregularity in receipt of annuities shall occur to the annuitants, who will not receive their annuity at the India-house. Of the six annuities granted by this sund annually, those certificates numbered 1 to 3 each year will be paid at the India-house, and those nuinbered 4 to 6 by the agents of the fund to London.
The sum of sicca rupees 87,048 0-0, or Co.'s Rs. 92,851-3-2 has been transferred since last quarterly meeting from credit of the fund to that of Appropriated fund under provision of section xxvii. of the fund-deed, being the value of the annuities granted to Superinteniing Surgeon Geo. Gunning Campbell and Surgeons John Turner, and Thomas M. Munro, M. D.
By order of the committee of management. Geo. Hill, Secretary, M. R. F.
Resolved—That the report of the proceedings of the committee of management for the past quarter just read, be confirmed and adopted.
Resolved—That in consequence of loss having accrued to the fund from difficulty of recovering arrears of subscriptions from the estate of lapsed members, the conmittee of management be requested to represent the matter to the Hon. the President of the Council of India in Council in the hope of the authority of Government being issued, authorizing pay-masters and other disbursing officers to deduct monthly the amount of subscriptiens from the pay abstract of all subscribers to the fund in every case the same as is done in respect to the Orphan Fund subscription.
Resolved—That as it appears that some few members of the Medical Service who, although they have intimated their desire to become members of the Medical Retiring Fund, have not formally signed the fund-deed either in person or by attorney, and have not continued the payment of the subscription. the secretary to the fund be directed to inform such gentlemen that the provisions of rule viii. will be strictly acted up in their case unless they immediately sign the fund-deed, in due form, and continue their contribution to the fund.
Dr. Grant submitted to the meeting a memorial that he had altered from one drawn up at Agra, reiterating the prayer of the medical service to the Hon'ble the Court of Directors of the East India Company that the boon granted to all the departments of the army for
pension according to length of service instead of rank, ment to unable them to draw up the necessary memo.
be extended to the medical service. Resolved—That the secretary to the Medical Retiring Fund, do circulate to the several superintending surgeons the amended draft of the memorial just submitted by Dr. Grant, with the request that they take the sense thereon of the medical officers in their respective divisions of superintendency, and communicate the result for the information of the committee of manage.
rial for signature of the medical service for transmission home through the Supreme Governinent by the earliest opportunity.
Resolved, --That the thanks of this meeting be voted to Dr. Vos, for his conduct as chairman.
(Signed) Jas. Gnegory Vos, M. D. Chairman. Hurkaru, April 14.]
A special general meeting of proprietors was held this day at the Bank, pursuant to an advertizement by the directors under date the 24th ultimo on the requisition of 32 proprietors, for the purpose of considering certain propositions for increasing the capital stock of the Bank from forty to eighty (acs of rupees.
On the motion of Mr. Holroyd, chairman of the di
rectors, and seconded py Baboo Neelmony Mooteeloll, Mr. A. F. Smith was called to the chair.
The following resolutions were then moved by Mr Dickens and unanimously agreed to :
1 st.-Moved as above, and seconded by Mr. Parker, That the present capital of the Bank be doubled by raising 40 lacs of Company's rupees, by the addition of 4,000 shares of Company's rupees 1,000 each, so as to make the capital of the Bank 80 lacs in all.
2d.—Moved as above, and seconded by Mr. Holroyd, That the share be distributable among the proprietors rateably, and in proportion to their present interests.
3d.—Moved as above, and seconded by Mr. Wint, That the sum of at least 10 lacs, or 1,000 shares, be payable in cash, every six months, the first payment to be completed at latest on the 1st January 1839, the se. cond by the 1st July 1839, and so on.
4th. —Moved as above, and seconded by Mr. W. Fergusson, That each proprietor be bound to take up and pay cash for one-fourth of his additional interest in complete shares, on or before the 31st December, and 30th June of each year, during the period of two years from the lst July, next, provided that no fractional parts o shares be allowed to be taken up, and that such shares, as cannot be taken pursuant to the terms of this and the 5d resolution, be sold by auction on or about the 15th
February, and August, after each half yearly period, for the benefit of proprietors not taking up or obtaining new shares.
5th.--Moved by Mr. Clarke, and seconded by Mr. Mackilligan, That, notwithstanding the above resolutions, each proprietor have the option of taking up all or any portion of his new shares, immediately, or at any period on paying for the same in cash.
6th. – Moved by Mr. Dickens and seconded by Mr. Cragg, That parties on paying for the new stock shall receive dividends prorata from the quarter day next ensuing the payinent.
7th.-Moved by Mr. Dickens and seconded by Mr. H. M. Parker, That, notwithstanding the above resolutions, such extension of time as the directors may deem necessary, be allowed to absentee proprietors, or in any special cases.
8th. — Moved by Mr. Clarke, and seconded by Mr. Richard Walker, That the issue of banks notes shall be limited to one-fourth of the paid-up capital.
Moved by Col. D. McLeod, C. B., and seconded by Capt. Ousely. That the thanks of the meeting be given to the chairman.
In pursuance of art. 68, of the bank-deed, a general meeting of proprietors is called on Saturday, the 19th May, at noon, for the special purpose of confirming, or otherwise, the above resolutions passed at this meeting.
By order of the directors,
John StonM, Actg. Secy. to the Union Bank. Union Bank, the 14th April, 1838. [Hurk. April 16.
PROCE EDINGS OF THE LAND HOLDERS’ SOCIETY.
At a meeting of the committee at the office of the Society, No. 3, Clive Street ghaut, on Monday, the 9th instant, the following gentlemen were present:
Rajah Radhakaunt Deb Bahadoor; Rajah Burrodacaunt Roy; George Prinsep, Esq.; Baboo Prossonocoomar Tagore; W. C. Hurry, Esq. and T. Dickens,
The following gentlemen proposed in the last meeting were elected unanimously :
Rajah Bijoygobind Sing of Purneah ; Mirza Mahomed Mehendy Muskey ; Mirza Mahomed Mehendy Ispahani; D. W. H. Speed, Esq.; M. Larruletta, Esq. and W. Patrick, Esq.
The following gentlemen were proposed as members of the Society :
Proposed by . Baboo Prossonocoomar Tagore, and seconded by T. Dickens, Esq. Thosmas Tweedie, Esq. junior, Hazrapore Factory Jessore ; C. A. Cantor, Esq. of Messrs. Cantor and Co.; W. R. Logan, Esq. of Mymunsing ; Chuckooram Sing, a zemindar of Hooghly district; Joykisson Mookerjea, a zemindar of Hooghly district; the Rajah of Tipoorah, by Geo. Hewitt, Esq., G. M. Dewan Mahomed Ally, by Ramsuntos Day, Mooktiar; Sibjoy Tagore, by Gungadhur Burmon, Mooktiar; Gourkisson, Roy Chowdhoory, zemindar of Atkadpoor Machakhal, by Goorooprosaud Doss, Mooktiar; Moonshy Delabally, by Cummolcant Dutt, ditto ; Cally Comul Roy, zemindar of Doorgapore, and Cally Prosaud Roy, zemindar of the pergunna Noabad, by Brojokissore Singh, Mooktiar. Read a letter from Moonshv Ameer, ditto from Rajah Kallykissen Bahadoor, ditto Ramcomul Sen, ditto Baboo Sumboochunder Mitter, and ditto Rajah Rajnarain Roy ; expressing the reasons of their not being able to attend the meeting. Passed a list of requisite stationery and furniture. Resolved, that the letter of the Rajah of Tipoorah and other zemindars of that district be answered. W. Cobb Hun Ry, P. C. TAGone, . Hony. Secretaries. Proceedings of a meeting of the committee held at the Society's office, No. 3, Clive Street-ghaut, on Monday, the 15th instant. PREs ENT : Committee.—Rajah Radacant Deb Bahadoor; Rajah Kallykissen Bahadoor; Cooar Suttachurn Ghosaul; Baboo Prossonocoomar Tagore; Baboo Ramcomul Sen ; Baboo Ramrutten Roy ; G. A. Prinsep, Esq.; W. C. Hurry, Esq., and Moonshee Ameer. Members—Baboo Bissonauth Muttyloll, and Baboo Obhoychurn Banerjee. Visitors —Baboo Nilmoney Muttyloll ; Baboo Gobindehunder Muttyloll, and Baboo Pooron Sing, of Shahabad. The following gentlemen were proposed as members of the society : Proposed by Cooar Suttochurn Ghosaul, and seconded by Rajah Kallykissen Bahadoor. G. Higgins, Esq. Attorney, Supreme Court. J. H Aratoon, Esq. aimindar, Dacca. Proposed by Baboo Ramcomul Sen, and seconded by Rajah Kally kissen Bahadoor. Baboo Bissumbhur Rey, zemindar of Domoordoha
Radhacant Deb Bahadoor, requesting that his name may be in the Society; this was seconded by G. A. Prinsep, Esq. Baboo Chunderkaunt Chowdry, of Severna, was also, proposed by Rajah Radhacant Deb Bahadoor, and secondel by G. A. Prinsep, Esq. The following gentlemen proposed at the last meeting were unanimously elected : Thomas Tweedie, junior, Hazapore Factory, Jessore.. C. A. Cantor, Esq., of Messrs. Cantor and Co.; W. R. Logan, Esq. of Mymunsing ; Chuckoaram. Sing, a zemindar of Hooghly district; Joykissen Mookerjee a zemindar of Hooghly district; the Rajah of Tipoorah; Dewan Mahomed Ally ; Baboo Sibjoy Tagore; Baboo Gourkisson Roy Chowdry, zemindar of Akadpoor Machakhall; Moonshee Delabally; Baboo Cally comul Roy, zemindar of Doorgapoor; Baboo Cally prosaud Roy, ditto of Purnea, Noabad. Proposed by Baboo Ramcomul Sen, and seconded by Rajah Kailykissen Bahadoor, that in order to revise the distribution of the sub-committee of district correspondence, which has been found somewhat inconvenient, that a list be circulated with a blank column for names, that the committee may select those which suit them best. The secretary produced the translation of the proceedings; proposed that 1,000 number of copies be printed in the Bengalee character, 1,000 in Oordoo and Persian characters. A petition on the resumption regulations was placed before the committee. Resolved, that it be considered at the next meeting. W. Cobb Hurry, P. C. Tagore, Hony. Secretaries.
Read a letter from Rajah Gungadhut Roy to Rajah
Hurkaru, April 20.]
A general meeting of the subscribers and parents of the students of the above institution was held at the Town-hall, on Saturday last, in the afternoon, for the inspection of accounts and suggestion of some such plans as might make the institution permanent.
Sir J. P. Grant, was in the chair.
The operations of the meeting commenced later than the hour specified in the advertisement, owing to its having escaped from the mind of Sir J. P. Grant, who kindly promised to take the chair.
Baboo Nobinmadhub Dey, the secretary, addressed the meeting, delivering a short sketch of the institution itself, from its very commencement to the present date, and making remarks upon those that have not yet paid their subscriptions. Baboo Gobin Chunder Mujoondar did the same, and thanked the subscribers for their patronizing the institution.
The secretary, after having read and submitted the account to the meeting, through the request of the chair, intimated that the sum collected from the establishment of the school to the 31st of March, 1838, up to which the accounts to Company's rupees 1,262-10 annas, and that the expenditure of the institution having been 1,226-1, there remains only a small balance of 36.9 in favor of the institution. The following are the resolutions made: 1st.—Proposed by the secretary and seconded by Baboo Muddoosudon Chuckerbutty, that some measures should be adopted to put the institution upon a permanent basis. Carried. 2d.-Proposed by Baboo Ramchunder Mitter and
boys should pay a small stipend for the education of their children. Carried.
31.-Proposed by Sir J. P. Grant and seconded by Raja Rajnarain Roy Bahadoor, that a stipend of 8 annas only should be paid by each parent for the education of his child. Carried.
4th–Proposed by Sir J. P. Grant and seconded by Raja Rajnarain, that a subscription book shall be circulated amongst both the European and native coinmunity. Carried.
5th.—Proposed by Sir J. P. Grant and seconded by Baboo Jaudobchunder Dhurra, that in order to shorten the expenditure of the institution, a reduction of the salaries to masters shall be made. Carried.
6th.-Proposed by Raja Rajnarain and seconded by Baboo Jaudobchunder Dhurra, that for the annual examination of the school a day in December shall be fixed. Carried.
7th.-Proposed by Sir J. P. Grant and seconded by Baboo Ranchunder Mitter, that letters shall be circulated amongst the parents of the students for payment of the small stipend above alluded to. Carried.
8th.-Proposed by Baboo Gobinchunder Mujoomdar and seconded by ho Ramchunder Mitter, that a vote of thanks shall be given to Sir J. P. Grant for his very able conduct in the chair. Carried.
9th. – Proposed by the secretary and seconded by Baboo Gobinchunder Mujoomdar, that a vote of thanks shall be given to the subscribers for their kindly supporting the institution. Carried.
seconded by Sir J. P. Grant, that the parents of the
After this the meeting dissolved. [Hurk, April 23.
MEETING OF PROPRIETORS OF THE BANK OF BENGAL
st ANk of peso. A pl. 3, 1838. Notice is hereby given, that, agreeably to the subjoined requisition from the Proprietors of the Bank, whose names are thereto subscribed, a General Meeting of the proprietors will be held at the Bank, this day, Tuesdau, the 24th instant, at noon precisely. The Directors will take the opportunity of submitting to the proprietors their proceedings in regard to the appointment of a deputy Secretary to the Bank.
By order of the direc
To G. Udwy, Esq.
Secretary to the Bank of Bengal.
Střt, —We the undersigned pronrietors of the Bank of Bengal, request that you will convene a meeting of proprietors to he held at the Bank of Bengal, on the earliest day the rules of the 13ank will admit, to consider the propriety of petitioning the Governor-General of India in Council, to authorize an increase of the capital stock of the said Bank. (Sd.) Dwarkanauth Tagore. Wm. Prinsep. George Wood. W. Ainslie. James Wood. R. Wood. W. Wood. Alexander Colvin. E. Macnaghten. Henry Holroyd. Ross D. Mangles. Edward Sanders. Henry Cowie. T. M. Taylor. Wm. Martin. Thos. Leach. Prossonocoomar
Tagore. Russomoy Dutt. John Carr.
W. F. Fergusson.
At a Meeting of Propri. etors of the Bank of Bengal, held this day, pursuant to the advertisement in the Government Gazette of the 7th instant, of which copy is in the margin,
Mr. H. T. Prinsep was called to the Chair.
Read the requisition for this meeting.
Moved by Mr. E. Mac.
That it is expedient to increase the capital stock of the Bank of Bengal.
Moved by Mr. G. Col. lier, seconded by Mr. Allan and resolved,
That it is expedient that the increase should be of such amount as to allow upon each share a proportion of new stock that may be expressed in even thousand, viz. upon the share of Rs 4,000 an increase of one-fourth or one-half or three-sourths.
Moved by Mr. J. W.
That in the opinion of the meeting it is desirable (whether or not the Government relinquish its share of the new stock) that the capital should be increas. ed one-half, so that in case the Government should determine to take its share of new stock, that the capital be increased by the sum of Rs. 3,750,000 and in the event of Government declining (as on the late augmentation) to take its share the capital be in. creased by the sum of +ts 3,200,000.
An amendment moved by Mr. C. R. Prinsep, second. ed by Mr. McFarlaue and resolved,
That, in order to prevent the capital exceeding one crore of rupees, the increase be one-quarter of each existing share and not oue-half.
Moved by Mr Cragg, seconded by Mr. Bagshaw and resolved,
That the holders of fractions of the present share of Rs. 4,000 be received in their share of the proposed increase by an auction sale for their benefit.
Moved by Mr. Mangles, seconded by Mr. Cragg, and resolved, that the proprietors whether absent or present shall, as in the last increase have eighteen months from the date of the sanction of such increase of stock by the Governor-General-in-Council, to pay the value of the shares they may respectively become entitled to ; but in as much as it is expedient that the Bank should have immediate use and benefit of such portion of such increased capital as can be supplied without detriment to the interests of absent proprietors resolved, that all proprietors shall have the option of paying into the Bank the amount of the value of the new stock they may respectively become entitled to, immediately such sanction of Government has been obtained, and that they shall be entitled to receive their half yearly dividend on such new stock, to be calculated from the 1st day of July, or the 1st day of January (as the case may be) next after they may have made such payment.
Moved by Mr. Mangles, seconded by Mr. Leach, and resolved, that our directors be requested to take into consideration the possibility of making arrangements for the payment of dividends to proprietors in England and to report the result of their deliberating to the next general meeting,
The chairman then stated, that, with referrence to the proposition agreed to at the last meeting of proprietors, for increasing the sum at disposal for establishment, the majority of directors had come to a resolution to apply to Government to obtain a deputy secretary to be appointed from amongst its servants, but had received a reply from the President in Council, refusing to appoint a civil servant to the office. To this resolution four directors were dissentient, and three minutes are reorded. The chairman added that no further steps had yet been taken by the directors to appropriate the aurplus funds voted.
After a few observation from Mr. Cragg, in favour of *PPointing a deputy from persons unconnected with the Government, it was resolved mem. con., that the directors should take such measures as they might deem necessary and proper to provide for the increasing busi** of the Bank, and report the same to the next meeting. Thanks were then voted to the chairman and the meeting broke up.
(Signed) H. T. Paisser, Chairman.
Hurkaru, April 25.]
BANK OF BENGAL.
There was a meeting of proprietors of the Bank of Bengal yesterday, to consider the propriety of petitioning the Governor General to authorize the increase of the capital stock. H. T. Prinsep, Esq. in the chair; the following gentlemen present:-Messrs. Bracken, Leach, W. F. Fergusson, A. Colvin, McKilligen, Mangles, E. Macnaghten, Collier, Martin, Newcomen, Fitzgerald, W. Storm, McFarlane, Hurry, W. Prinsep, Itabbeth, P. Tagore, Cragg, Lyall, C. Prinsep, H. M. Parker, Allan, Colquhoun, Bagshaw, Waddington, &c.
After a few words from Mr. Bagshaw, regarding the absence of a statement showing the necessity for a proposed increase of capital, Mr. E. Macnaghten moved the first resolution in substance, as follows:
“Resolved, that it is expedient to increase the capital of the Bank of Bengal.”
Mr. A. Colvin seconded the resolution. Mr. Cragg opposed it. He did not see that such increase was necessary, and, with reference to anticipated profits, the result of increased discount transactions, he thought it very probable that the rate may be in four months reduced from ten to six per cent. Mr. Mangles said, the argument of Mr. Cragg was precisely the same as that made use of by the shareholders when the last increase of the capital was proposed, and which, it was now entirely unnecessary to remind the shareholders, had been proved erroneous. His opinion was that the maximum amount of capital now required for the purposes of the Bank, would, in a few years,be the minimum amount required, and that too without much diminution in the rate of discount. But should he be wrong in his opinion, he for one, and there were others for whom he could answer, would prefer having a small interest so a large capital than a large interest for a small capital invested in the Bank of Bengal. He took occasion to say, that the proposed increase was not brought forward at the present moment in consequence of demonstrations in other quarters, the proposal had been long contemplated by Mr. E. Macnaghten, and by himself. Mr. Cragg thought it might be as well before the business was further entered into, to inquire if any arrangements had been made with reference to the establishment of branch banks. The chairman replied, there had not, in consequence of there being employment for the Bank's capital in Calcutta. Mr. C. Prinsep thought it would be a kind of suicide to admit the public to participate in the profits of the Bank by increasing the capital. As to the argument that the course proposed would stay the establishment of other banks ; he said, so long as the Bank of Bengal had exclusive privileges in the circula. tion of their notes, the more numerous other banks the better for the proprietors; other banks could only operate as feeders, taking off their notes, which were the main source of profit. Mr. Mangles eminded the meeting that they had committed suicide two years ago by increasing their capital, and he had not any doubt but that the contemplated measure would produce similar advantages. Mr. Leach thought the note circulation had reached its maximum, and if they were taken off by the feelers it would be to return them to the Bank. Mr. H. T. Prinsep, as a Government director treated the proposed increase as a matter of indifference, and so he thought the Government would look at it ; but as a private shareholder be much doubted the expediency of the measure. The contemplated increase of profit must arise out of an increased discount business; the Proposed additional capital would not add to the note
circulation, or to the number of deposits. Now, partie who were content to employ their capitals in discounts might do so in their own offices. Mr. Mangles said he could not turn his office into a discount shop, and he much doubted if the chairman would be so efficient as public servant were he to convert his office into a rendezvous for brokers. Mr. H. T. Prinsep wished to be understood as not opposing the proposal now before the meeting, but he thought the consequence would be that: in a few months, the greater part of the increased capital would be invested in Company's paper. Nevertheless, the motion, if carried, would not be entirely useless ; there was a prestige in a crore of rupees, both here and at home, which would keep mad projects out of the mar: ket. Mr. Bracken thought the words “mad projects” required explanation. Mr. H. T. Prinsep assured Mr. Bracken that they did not apply to the Bank of India ; and Mr. Mangles added, that they could be so applied in the Pickwickian sense only. Mr. Braken declared that his only reason for opposing the resolution was that it affected the interests of absent proprietors.
After some further discussion, the resolution was put from the chair, when there appeared for the motion 177, against it.
l Mr. Collier proposed the second resolution as solows :
“That it is expedient the increase should be of such amount as to allow upon each share a proportion of new stock that may be expressed in even thousands, viz. upon shares of Rs. 4,000 an increase of one-fourth, —or one-half, or three-fourths.”
Mr. J. Allan seconded the resolution, which was carried, no one opposing.
Mr. Cragg moved the third resolution, which was seconded by Mr. Colvin, and carried,
“That in the opinion of this meeting it is desirable (whether or not Government relinquish its share of the new stock) that the capital should be increased onehalf, so that in case the Government should determine to take its share, that the capital be increased by the sum of Rs. 375,000; and in the event of Government declining to take its share, the capital be increased by the sum of Rs. 3,200,000.”
After a few words from Mr. W. F. Fergusson, who expressed himself unfavourable to the proposed increase, Mr. C. Prinsep proposed an amendment, in substance to limit the amount to one quarter the sum proposed. The amendment was lost by a majority of 22 to 12.
Mr. Mangles moved the following resolution, which was seconded aud carried,
“That the proprietors, whether absent or present, shall have eighteen months from the date of the sanction of such increase of stock by the Governor General in Council, to pay the value of the shares they may espectively become entitled to, but inasmuch as it is expedient that the Bank should have the immediate use and benefit of such portion of such increased capital as can be supplied without detriment to the interests of absent proprietors. Resolved, that all proprietors shall