![]() |
![]() |
Free Books / Finance / The English Manual Of Banking / | ![]() |
|
![]() |
||||
![]() |
![]() |
|||
![]() |
![]() |
|||
![]() |
||||
|
|
||||
![]() |
![]() |
|||
![]() |
Incorporated By Royal Charter |
![]() |
||
![]() |
||||
![]() |
![]() |
![]() |
||
![]() |
||||
This section is from the book "The English Manual Of Banking", by Arthur Crump. Also available from Amazon: The English manual of banking.
Rangoon Agency. - The bank undertakes the agency of parties connected with India, makes investments for constituents in the public funds and other British and foreign securities, and receives pay, pension, dividends, etc.
Exchange. - The bank issues drafts on the city bank of London and on the head office and its agencies and branches at Bombay, Calcutta, Singapore, Hongkong and Shanghai, also negociates or collects bills payable at the above places.
The current rates for drafts on London are. 6 months' sight (not under £50) at 2-0 per Rupee 3 do. ( do. £10) at l-l1 5/8 do.
On demand . . . at 1-11 1/4 do.
Sums for and under £10 are drawn for on demand.
The bank will transmit the first of exchange of its own bills to parties resident in England, when requested and the necessary particulars are furnished.
Interest allowed on Deposits.
Current Accounts. - On the monthly minimum balance not falling below Rs. 500 at 2 per cent. per annum.
Fixed Deposits. - At 3 months' notice at 3 per cent. per annum.
At 6 months' notice at 4 per cent. per annum.
At 12 months' notice at 5 per cent. per annum.
Commission. - On the sale or purchase of Government and other securities, 1/4 per cent. on the amount realized or nvested.
The bank receives securities for safe custody, the interest or dividend thereon being credited to account or remitted to England in the bank's bills free of charge. On returning the securities 1/4 per cent. charged.
On the collection of foreign bills 1/2 per cent.
Discounts, etc. - The bank discounts approved bills for depositors, and other constituents make advances on the hypothecation of Government and other approved securities, and transacts general banking business.
All drafts and hoondees forwarded for realization, to be made payable to "The Chartered Bank of India, Australia and China."
When a remittance is to be made to a lady, her Christian name must be given.
Any information as to rules and terms of business may be had on application at the office or by letter to the agent.
Office hours - 10 a.m. to 3 P.M.
G. A. Whyte, Agent.
2, Phayre Street, Rangoon.
The following information refers to the exchanges of notes, clearing houses, North-country bank notes, customs as to interest, discbunt, and charges Of some of the Scotch banks.
By agreement among the banks exchanges of notes are held in every town where two or more of the banks have branches; in every instance, once a week, on Saturday; at the larger towns, twice a week; and at Edinburgh and Glasgow, three times a week. The rules of the Exchange provide that no bank shall issue another bank's notes, that the settlement of the Glasgow and County Exchanges shall be made by draft on demand on Edinburgh, and that the general balances of the whole exchanges and clearing shall be settled at Edinburgh by draft on London, at 5/8 day's date. The Bank of Scotland and the Royal Bank of Scotland undertake the settlements each alternate month, but without incurring any responsibility.
For demand documents are established in Aberdeen, Dundee, Glasgow, Leith, and Edinburgh. The clearings take place daily at ordinary seasons, and at the money terms of Whit-Sunday and Martinmas, twice daily. The final settlements of the exchanges and clearing are made by draft on London, at 5/8 day's date, as previously stated.
North Country Bank Notes are retired in like manner at the local exchanges, and at the Edinburgh and Glasgow Exchanges by the banks, their agents.
 
Continue to:
banking, cheques, finance, currency, exchange, private banks, stocks, credit, bills
![]() |
|
|