Mr. Powell, the Governor of the Bank of England, at
the General Court held on Thursday, made a very unsatisfactory statement. He admitted that the late cashier had "seriously exceeded his authority," and had committed grave "irregu- larities " in connection with advances made by the Bank to a certain number of its customers, and had further, in one case, allowed a considerable overdraft without any authority whatever; but he said subsequently that, though Mr. May had been called on to resign, the Directors thought it better "to let the matter die away." It would be necessary, in conse- quence of these advances, and of some depreciation in securities, to set apart a sum of 2250,000 to meet all contingencies. The Directors had taken all necessary steps to prevent a recurrence of irregularities, and had worked terribly hard for six months in going through all affairs of the Bank, but no further changes were in contem- plation. He evidently thought, in fact, that when a bank has lasted a sufficient time some one of its officials is sure t.' blunder, and that shareholders should not mind. Well, if that is his view, why does he not propose to insure the Bank'e chief cashiers against malversation, blundering, fatuity, or speculation. The guarantee societies would do it willingly, and then the Directors might go to sleep with serene con- sciences. The Bank is as safe as the Treasury, but it is quite evident that a revision of its methods of management would do it much good.
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