Front Page Titles (by Subject) 119.: grenfell to ricardo1 - The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815
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119.: grenfell to ricardo1 - David Ricardo, The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815 
The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005). Vol. 6 Letters 1810-1815.
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First published by Cambridge University Press in 1951. Copyright 1951, 1952, 1955, 1973 by the Royal Economic Society. This edition of The Works and Correspondence of David Ricardo is published by Liberty Fund, Inc., under license from the Royal Economic Society.
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grenfell to ricardo1
Spring Garden, 21 Septr 1815
My dear Sir
Being in the City this Morning, I attended the Bank Court, which was very thin in numbers—Upon the motion of a Dividend of 5 Cent for the half Year being proposed, a young Man, Mr Bouverie,2 the Son of the Earl of Radnor, after referring to the Parliamentary Papers upon the subject, (which he did in a way, that proved he understood little about them, or indeed about the subject generally) moved that instead of 5,—10 Cent should be the Dividend for the half Year—Nobody seconded this Amendment, but a Mr Terry, or Cherry,3 who I understand is a great dealer in Bank Stock, after complaining that no accounts were laid before the Proprietors by the Directors, and expressing an opinion, that a much larger dividend ought to be made, concluded, by moving as an Amendment, that Six Cent, should be substituted for five!—This Amendment was seconded by Mr Bouverie, and upon a shew of hands was carried, which put the Gentlemen behind the Bar in no little dismay. They then discovered, however, that no increase of Dividend could be made, but by a Ballot—If Mr Terry and Mr Bouverie had had their wits about them, they would have called for such Ballot, instead of which, a very desultory conversation took place, during which, the Ballot seemed to have been lost sight of altogether—The Governor then again went back to the Vote of the 5 or 6 Cent, (a most irregular proceeding I should conceive, as that point had already been decided) and upon the number of hands being even, twelve I think on each side, the Governor gave his casting vote, of course, in favor of his own Motion of 5 Cent! and declared the Business concluded! I never saw a Business more clumsily managed on the one side, or with so much informality on the other, as what passed this Morning. —I should think two thirds of those who were in the Court declined holding up their hands on either side, but I am sure any person at all conversant with the subject, and at all in the habit of public speaking would have carried the Court along with him, and left the Directors in a minority.—I determined before I entered the Room, to take no part whatever in any discussion that might arise, nor did I hold up my hand on either of the two occasions when the sense of the Court was taken; my feeling being, that until I have finished what I have undertaken in the House of Commons, it is best that I should abstain from taking any part at the Bank in a question respecting the rate of Dividend. I inclose a third Letter from “An Old Proprietor” which appeared in the Press this Morning.
I am, My dear Sir very truly Yours
David Ricardo Esq
[1 ]MS in R.P.—Dictated; only the signature is Grenfell’s.
[2 ]Philip Pleydell Bouverie (1788–1872), brother of Lord Folkestone and partner of Bouverie and Antrobus, bankers in the Strand.
[3 ]Christopher Terry, a stockbroker.