"Now tell us how they are appointed? - The directors in London were, of course, originally appointed by the gentlemen who associated together for the purpose of forming this establishment; and they continued, with the approbation of the meeting, until a certain time, when, by the deed of settlement which was afterwards prepared, four were to go out every year.
"In the vacancy of the four, who appoints their successors? - The proprietors generally; the general meeting of proprietors.
"Are they re-eligible?-They are declared by the deed of settlement to be re-eligible.
"Are they recommended to the court of proprietors by the court of directors?-They are; they have been virtually so : and I beg to refer to one of the annual reports, which gives an explanation upon that point. It is in the report made the 17th of May, 1827, in which it is stated: "The directors have now to advert to a circumstance of some importance as connected with the constitution of the society. By the deed of settlement, the number of directors was limited to twenty. Since the completion of the deed, that number has been reduced by death or resignations to sixteen; and the directors having found by experience that the latter number is quite sufficient to insure a due attendance for the efficient management of the business of the establishment, have not thought it necessary to enforce the terms of the deed by proposing the election of new members; and they think themselves now justified, by past experience, in unanimously recommending to the court of proprietors to limit the number of directors for the ensuing year to sixteen. The directors may add, that this arrangement will be attended with a considerable saving of expense; and, in conclusion, they beg to state to the proprietors an opinion in which they also unanimously concur-viz., that in future elections, it will greatly conduce to the harmony and cordiality which it is so desirable should prevail amongst the directors themselves, as well as to the good management of the bank's affairs, if a recommendation shall be made by them to the proprietors in favour of those candidates whom, after due inquiry, they shall find to be the best qualified to fill the situation.'
"Have those recommendations been generally complied with by the proprietors?-Always.
"Uniformly, without exception?-Uniformly; it has uniformly been acquiesced in. Two or three candidates had upon more than one occasion started, but when the matter was explained to them, they have uniformly acquiesced in it. It is necessary to state, to complete this, that the recommendation to limit the number of directors to sixteen was afterwards the subject of a special provision by an additional deed of the proprietors; therefore the number cannot be extended beyond sixteen without altering the deed.
"Are the directors paid for their attendance?-They are.
"What is the amount of payment which they receive? -It is so regulated that no director can receive above £250 a year, the director in London, I mean, were he attending at every possible meeting that he could.
"Is the payment an annual payment, or proportionate to the attendances?-Proportionate to the attendances, ascertained every quarter.
"According to the number of attendances, so the parties are paid?-Yes, according to the attendances.
"Was that sanctioned by the proprietors and by the society?-The deed of settlement contains a provision allowing the directors to take the sum of £5,000 as remuneration."