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The History, Principles And Practice Of Banking | by J. W. Gilbart



Gilbart on Banking has become a classic. Gilbart himself was a giant among the pioneers of early joint-stock banking. He started his banking career some thirteen years before joint-stock banks were even possible in England, with the exception of the Bank of England. He took an active share in the task of raising these banks from the position of outcasts, barely tolerated and jealously restricted, to one, at all events, somewhere on the same plane as the older type of bank.

TitleThe History, Principles And Practice Of Banking
AuthorJ. W. Gilbart
PublisherGeorge Bell And Sons
Year1919
Copyright1919, George Bell And Sons
AmazonThe History, Principles And Practice Of Banking

By J. W. Gilbart, F.R.S. Formerly Director And General Manager Of The London And Westminster Bank

New Edition. Revised By Ernest Sykes, B.A. Oxon Secretary Of The Institute Of Bankers

Volumens I & II

J. W. Gilbart, F.R.S.

From A Photograph By T. R. Williams. Engraved By S. Hollyer

The History Principles And Practice Of Banking 1002
-Preface
When I undertook the task of re-editing Mr. Michie's edition of G-ilbart's History, Principles, and Practice of Banking, a very short study of the book was necessary to convince me that the work req...
-Preface To Mr. Michie's Edition
OF the numerous writings of the late Mr. Gilbart none are so well known or so deservedly popular as his History and Principles of Banking and his Practical Treatise on Banking. Ten years ago, wit...
-Biographical Notice Of The Author
JAMES WILLIAM GILBART, though of Cornish de-scent, was born in London, March 21, 1794. The name of Gilbart is said to be peculiar to Cornwall; Gilbert is common to several other counties. In the year...
-Section I. The Origin And Progress Of Banking
AN eminent historian observes, that it is a cruel mor-tification, in searching for what is instructive in the history of past times, to find that the exploits of conquerors who have desolated the ear...
-The Origin And Progress Of Banking. Part 2
1 Mitford's History of Greece, vol, i. page 193. The lender has his security, either on the merchandise or the goods of the borrower; but. as the dangers of the sea are in part risked by the former,...
-The Origin And Progress Of Banking. Part 3
1 See Beckmanns History of Inventions, vol. ii. p. 5 (Bohn's Stand. Lib.). After commerce and the arts had revived in Italy, the business of banking was resumed. The word bank is derived from the Ita...
-Section II. The Rise Of Banking In England. Money-Changing
THE exchanging of money; the lending of money; the borrowing of money; the transmitting of money, are the four principal branches of the business of modern banking, and in most countries they seem to ...
-Money-Lending
That part of the business of banking which consists in the lending of money lay, during the Middle Ages, under severe restraints. The taking of interest for the loan of money was deemed sinful, and st...
-Money Borrowing
That part of the business of banking which consists in the borrowing of money, with a view of lending it again at a higher rate of interest, does not appear to have been carried on by bankers until th...
-Section III. The History Of The Bank Of England
THE Bank of England was first projected by Dr. Hugh Chamberlain, but the plan actually adopted was proposed by Mr. William Paterson. The object was to raise money for the use of the Government. After ...
-The History Of The Bank Of England. Part 2
Four general courts to be held in every year, in the months of September, December, April, and July. A general court may be summoned at any time, upon the requisition of nine proprietors duly qualifi...
-The History Of The Bank Of England. Part 3
The directors of the South Sea Company took legal advice, with a view to compel the bank to perform its contract; but the matter was arranged through the intervention of the government, who remitted t...
-The History Of The Bank Of England. Part 4
There certainly never was a body of men that contri-Duted more to the public safety than the Bank of England. This flourishing and opulent company have, upon every emergency, always cheerfully and re...
-1797. The Suspension of Cash Payments
From the first establishment of the Bank of England down to this year, it had always paid its notes regularly when presented. But in the course of 1796 and the early part of 1797 there was, owing to t...
-1797. The Suspension of Cash Payments. Part 2
An Act was also passed (37 Geo. III. c. 32) suspending the Acts passed in 1777, which prohibited bankers issuing notes below the amount of 5, and the country bankers commenced issuing notes of 1. 1...
-1797. The Suspension of Cash Payments. Part 3
The bank directors, as well as some of the merchants who have been examined, showed a great anxiety to state to your committee a doctrine, of the truth of which they professed themselves to be most t...
-1797. The Suspension of Cash Payments. Part 4
1812. An Act passed for the further prevention of the counterfeiting of silver tokens issued by the Governor and Company of the Bank of England, called dollars, and of silver pieces issued and ...
-1797. The Suspension of Cash Payments. Part 5
By the resolution of the House of Commons of 1819, the bank were required, within four years, to pay off in gold the amount of their one-pound notes then in circulation (about 7,500,000); further, t...
-The Panic
The course of exchange being unfavourable, had occasioned a demand for gold for exportation. The bank became under the necessity of restraining its issues. The house of Sir Peter Pole and Co., who we...
-The Panic. Part 2
The directors were at first unwilling to establish branches, but ultimately they acceded to both the above propositions. The government also induced the bank to make advances upon the security of goo...
-The Panic. Part 3
At a meeting held at the same place, on the 16th of December, Sir John Wrottesley, Bart., M.P., the chairman, reported to the meeting the result of the interview of the deputation with Lord Goderich a...
-The Panic. Part 4
The principal points to which they have directed their attention are - First. - Whether the paper circulation of the metropolis should be confined, as at present, to the issues of one bank, and tha...
-The Panic. Part 5
A bill will also be introduced into Parliament, with the view of regulating country banks. The provisions of this measure will be such as to hold out an inducement to the establishment of joint-stock...
-The Panic. Part 6
Bank of England to enjoy an exclusive privilege of banking upon certain conditions: - May it therefore please your Majesty that it may be enacted, and be it enacted by the King's most excellent Maje...
-The Panic. Part 7
Bank notes to be a legal tender, except at the bank and branch banks: - 6. And be it further enacted, that from and after the 1st day of August, 1834, unless and until Parliament shall otherwise dir...
-The Panic. Part 8
Proprietors not to be disqualified: - 12. Provided also, and be it enacted, that no proprietor shall be disqualified from attending and voting at any general court of the said governor and company, ...
-The Panic. Part 9
1861. An inquiry having been instituted by the govern-ment in 1854 into their relations with the Bank of England, and a committee having been appointed in 1860 to report upon the results of that ...
-The Panic. Part 10
At the weekly meeting of the court of directors there is a statement read of the actual position of the bank in every department, of its securities, of its bullion, and of its liabilities. There is a ...
-Section IV. The London Bankers
AFTER the establishment of the Bank of England, the goldsmiths or new-fashioned bankers continued their business in the same manner as before. In the year 1705 they obtained greater facilities, from...
-Section V. Country Banks
WE have no authentic details of the rise and progress of country banking. It is generally understood that very few country banks existed previous to the American war; that they rapidly increased after...
-Country Banks. Continued
Then, with regard to the alleged tendency of many sources of issue to promote fluctuation - the rivalry of numerous banks of issue was set up by the government of 1826 as a principle which insures so...
-Section VI. Joint-Stock Banks
IN the year 1708, a clause was inserted in the charter of the Bank of England, prohibiting the establishment of any other bank having more than six partners. This clause prevented the formation of any...
-Section VII. Branch Banks
THE establishment of branch banks may be considered as the effect of the formation of joint-stock banks. A bank consisting of only six partners is seldom sufficiently well known over a great extent of...
-Section VIII. Banks Of Deposit
BANKING is a kind of trade carried on for the purpose of getting money. The trade of a banker differs from other trades, inasmuch as it is carried on chiefly with the money of other people. The tradi...
-Banks Of Deposit. Continued
The London private bankers usually grant no interest for money placed in their hands, nor charge any commission upon the amount of the transactions.1 Their customers pay them for the trouble of conduc...
-Section IX. Banks Of Remittance
IN the infancy of commerce, all trade was carried on with ready money. Before good roads are formed, and posts are established, trade between distant places is carried on by merchants, who associate t...
-Banks Of Remittance. Continued
The remitting of money to London by a country bank diminishes the currency to that amount in the place where the bank is established. If a person at Birmingham takes one hundred sovereigns to the bran...
-Section X. Banks Of Circulation
A BANK that issues notes is called a bank of circulation. The amount of notes that any bank has in circulation is usually called by bankers the circulation Banks of circulation, both in England and ...
-Banks Of Circulation. Part 2
A speculation in any commodity, therefore, is occasioned by some opinion that may be formed of its future price. It is well known that the price of commodities is governed by the proportion that may e...
-Banks Of Circulation. Part 3
Act did produce this effect. It may also be admitted that in a country where there is one chief bank, possessing an immense capital and unbounded confidence, the notes of such a bank, even if payable ...
-Banks Of Circulation. Part 4
There are various cases wherein an increased issue of notes causes a reduction of prices. The speculations which advance prices are chiefly those carried on by dealers. The speculations of producers w...
-Section XI. Banks Of Discount
A CONSIDERABLE branch of the business of modern A banking consists in discounting bills of exchange.1 As they have only a short time to run before they fall due, the capital advanced soon returns; and...
-Banks Of Discount. Part 2
The trafficking in bills of exchange is now a distinct branch of business. When bills, say on France, are at a high premium in our market, a house in London will draw bills upon a house in Paris, and ...
-Banks Of Discount. Part 3
In all rich countries there is a number of men forming what is called a moneyed class. These men are engaged in no trade, but live on the interest of their money, which is employed in discounting bil...
-Banks Of Discount. Part 4
IV. Notaries Public. - A notary was anciently a scribe that only took notes or minutes, and made short drafts of writings and other instruments, both public and private. But, at this day, we call him...
-Banks Of Discount. Part 5
1 Except in the case of acceptance or payment for honour supra protest, or in Scotland for the purpose of summary diligence. 2 It is absolutely necessary to have foreign bills protested for non-accep...
-Banks Of Discount. Part 6
That we may be able to judge of the truth of these accusations, it will be necessary to make some observations upon those circumstances which influence the rate of interest. It has been the opinion o...
-Banks Of Discount. Part 7
London. For if the country banker insists on a high rate of discount for bills drawn upon good London houses, the drawer will send them to a bill broker in London, who will get them discounted and rem...
-Section XII. Cash Credit Banks
A CASH credit is an understanding on the part of the bank to advance to an individual such sums of money as he may from time to time require, not exceeding in the whole a certain definite amount; the ...
-Section XIII. Loan Banks
LOAN banks are banks formed for the purpose of ad-vancing loans upon articles of merchandise. Some are carried on for the purposes of gain, others from motives of charity. The Bank of England was emp...
-Section XIV. Savings' Banks
SAVINGS' banks are banks formed to promote saving. They are purely banks of deposit; they differ, however, from other banks of deposit in the following particulars: - First. Very small sums are receiv...
-Lancashire and Yorkshire Bank Savings' Department's Rules
In the autumn of 1904 the Lancashire and Yorkshire Bank, Limited, announced the opening of a Savings' Department in addition to their usual banking business, and a copy of their rules is appended: Se...
-Post-Office Savings' Banks
Total Amount Received from, and Paid to, Depositors in the Post-Office Savings' Banks, and Total Amount due to Depositors in the Banks at the end of each year. Years. England AND Wales. ...
-Trustee Savings' Banks
Total Amount Received and Paid by Trustees oF Savings' Banks from and to Depositors in each year, and Total Amount due to Depositors in the Banks at the end of each year. Years ended Nov. 20th....
-Section XV. The Nature Of Banking
WTHAT is it that we call a Banker? There is in this city a company or corporation, called goldsmiths, and most of those called bankers are of that corporation; but so far as I know, there is not a co...
-Section XVI. The Utility Of Banking
IN the first place, banks are useful as places of security for the deposit of money. The circumstance which gave rise to the business of banking in this country, was a desire on the part of the mercha...
-The Utility Of Banking. Part 2
5. Wherever a bank is established, the public are able to obtain that denomination of currency which is best adapted for carrying on the commercial operations of the place. In a town which has no bank...
-The Utility Of Banking. Part 3
10. By means of banking, people are able to preserve an authentic record of their annual expenditure.1 If a person pays in to his banker all the money he receives in the course of a year, and makes al...
-Section XVII. The General Administration Of A Bane
TO be a good banker requires some intellectual and some moral qualifications. A banker need not be a man of talent, but he should be a man of wisdom. Talent, in the sense in which the word is ordinari...
-The General Administration Of A Bane. Part 2
Wisdom implies prudence and discretion, and these should regulate the whole conduct of a banker, not merely when engaged in banking transactions, but at all other times. We may apply to a banker the l...
-The General Administration Of A Bane. Part 3
Of these books, one of the most important is the Information Book. 1 There is no doubt that a banker of great experience, and of a strong memory, may always bear in his mind a very correct estimate...
-The General Administration Of A Bane. Part 4
One advantage of this adoption of general principles is, that it saves time. If a banker can say, in reply to a customer, It is contrary to the rules of our bank to advance money upon bills of lading...
-The General Administration Of A Bane. Part 5
A very important part of the business of a banker consists in the discounting of bills. In doubtful cases, the banker, before discounting a bill, will probably look through his books, and satisfy him...
-The General Administration Of A Bane. Part 6
A London banker is always anxious to avoid dead loans. Loans are usually specific advances for specified times, either with or without security. In London, advances are generally made by loans; in the...
-The General Administration Of A Bane. Part 7
No advances are made upon the security of deeds alone; they are taken only as collateral security; and then only to cover business transactions, and in cases where the parties are supposed to be safe ...
-The General Administration Of A Bane. Part 8
Sometimes two parties, who keep different bankers, will adopt a practice of exchanging cheques. Their cheques are paid into the banks too late to be cleared on the same day; and hence the parties' acc...
-Section XVIII. The Administration Of A Bank With Regard To Proceedings On Bill Of Exchange
WHEN a banker has discounted a bill, it is handed to the accountant, who will see that it is drawn on a right stamp. The accountant will read it through, and see that it is properly drawn, and will ob...
-The Administration Of A Bank With Regard To Proceedings On Bill Of Exchange. Part 2
All bills which are not expressed to be payable to bearer require the endorsement of the payee before presentation or negotiation. An endorsement may be in blank, that is, where no endorsee is specifi...
-Bank Administration With Regard To Proceedings On Bill Of Exchange. Part 3
Most bills are now accepted payable at a bank, but if payable elsewhere and the bill is not paid upon presentation, the walk-clerk will leave a notice usually in following form: - A Bill for Dra...
-Bank Administration With Regard To Proceedings On Bill Of Exchange. Part 4
A promissory note is defined as an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum cer...
-Schedule To The Act. Bill Of Exchange
Payable on demand, or at sight, or on presentation (or within three days after sight or date)1 . . . . 1d. [When an adhesive stamp is used in these cases, it should be a penny postage and inland reve...
-Bill of Echange. Exemptions
(1) Bill or note issued by the Bank of England or the Bank of Ireland. (2) Draft or order drawn by any banker in the United Kingdom upon any other banker in the United Kingdom, not payable to bearer ...
-Bill of Echange. Exemptions. Part 2
The Editor of the Bankers' Magazine observes: - It is hoped that this decision will have the effect of preventing the practice, which has become too common, of taking stolen notes, which cannot be ...
-Bill of Echange. Exemptions. Part 3
If a party lodge bills with a banker for the purpose of being collected, and the amount when received to be placed to his credit, and the banker gets them discounted, and applies the money to his own ...
-Bill of Echange. Exemptions. Part 4
Notice to one of several partners is notice to all: and when a bill has been drawn by a firm upon one of the partners, and by him accepted and dishonoured, it is unnecessary to give notice of such di...
-Section XIX. The Administration Of A Bane With Regard To The Employment of Its Surplus Funds
THE means of a London banker consist mainly of his capital and his deposits. A certain portion of this sum is kept in the till, to meet daily demands; another portion is advanced in the way of discoun...
-The Administration Of A Bane With Regard To The Employment of Its Surplus Funds. Part 2
1 The practice in this respect is changed now. Nearly all the London hankers keep an account at the Bank of England, or with a clearing banker, and the non-clearing banks pay all bills and cheques upo...
-Bane Administration With Regard To The Employment of Its Surplus Funds. Part 3
2 Exchequer bills have now been superseded by Treasury bills, though Exchequer bonds are still issued. 3 See note 2 on p. 161. It would very materially injure the private merchants? - That is a diffi...
-Bane Administration With Regard To The Employment of Its Surplus Funds. Part 4
1 In the books of all well-regulated banks consols are written down to much below the market price, so that in seasons of pressure when sales are necessary the loss sustained does not come out of prof...
-Section XX. The Administration Of A Bank During Seasons Of Pressure
A PRESSURE on the money market may be defined as a difficulty of getting money in the London market, either by way of discounting bills, or of loans upon Government securities. This difficulty is usua...
-The Administration Of A Bank During Seasons Of Pressure. Part 2
The alarm that existed was kept up by the monthly accounts of the bullion in the Bank of England. The public returns showed a gradual decline from April, 1836, to February, 1837. It was therefore supp...
-The Administration Of A Bank During Seasons Of Pressure. Part 3
It may be useful to notice the differences between the pressure of 1836 and that of 1839. If we measure the intensity of the pressure by the difference between the largest and the lowest stock of gold...
-The Administration Of A Bank During Seasons Of Pressure. Part 4
During a pressure, a banker will have to give a great many refusals, and some discretion will be necessary in the form of giving these refusals. Let him refuse in what way he may at such a season, he ...
-The Administration Of A Bank During Seasons Of Pressure. Part 5
During a pressure, a banker will pay considerable attention to the published returns of the Bank of England. The increase or diminution of the gold and silver in the issuing department will show the p...
-Section XXI. The Administration Of A Bank Under The Act Of 1844.1
IT would not be consistent with the practical character of this work to discuss, at great length, any theory of the currency. But the Act of 1844, though founded on a theory, was a practical measure, ...
-The Administration Of A Bank Under The Act Of 1844.1. Part 2
4. If the currency were administered upon this principle, the bank would be unable to grant assistance to the commercial and manufacturing classes in seasons of calamity. Mr. Loyd exclaims, ' Let n...
-The Administration Of A Bank Under The Act Of 1844.1. Part 3
The nature and extent of the pressure is thus described by the Governor and Deputy- Governor of the Bank of England: - The panic began by the failures in the corn trade. The price of wheat had risen...
-The Administration Of A Bank Under The Act Of 1844.1. Part 4
It should be recollected, too, that previous to the passing of the Act of 1844, the bank had the power of rectifying the exchanges by means of foreign credits, as they did in the year 1839.2 But the d...
-The Administration Of A Bank Under The Act Of 1844.1. Part 5
1 Commons, 5121. It is alleged that the Act still farther reduced the rate of interest, and promoted speculative undertakings, by placing the Bank of England in a position in which the directors were...
-The Administration Of A Bank Under The Act Of 1844.1. Part 6
It is farther alleged, that the Act of 1844 requires an immediate contraction in the amount of the notes whenever gold is exported for merely a temporary or specific purpose. Between March 13 and Apri...
-The Administration Of A Bank Under The Act Of 1844.1. Part 7
They who contend that the Act of 1844 has not in the slightest degree tended either to create or to increase the pressure1 of 1847, seem to be inconsistent in contending, at the same time, that the ...
-The Administration Of A Bank Under The Act Of 1844.1. Part 8
1 Commons, 5387 - 5389. It is chiefly in this respect that the system established by the Act differs from the system previously in operation. And some of the witnesses, looking no farther than this, ...
-The Administration Of A Bank Under The Act Of 1844.1. Part 9
The knowledge we have acquired of the working of the Act will tend to give additional force to these recommendations. The attention of practical bankers will also be called to other points besides tho...
-The Administration Of A Bank Under The Act Of 1844.1. Part 10
While bankers should not depend on the Bank of England, neither should they depend on the bill-brokers. A broker, as the name implies, is an intermediate party between the borrower and the lender. Whe...
-The Administration Of A Bank Under The Act Of 1844.1. Part 11
While, however, the profits of a banker from the ordinary operations of his business may be diminished, it is possible he may have opportunities of making other profits by those fluctuations in the pr...
-Section XXII. The Administration of The Banking Department of The Bank of England
BY the Act of 1844, the banking department of the Bank of England was separated from its issuing department; and was to be managed like any other banking concern issuing Bank of England notes. Takin...
-Banking Department
Proprietors' capital... 14,553,000 Rest........ 3,564,729 Public deposits..... 3,630,809 Other deposits ..... 8,644,348 Seven-day and oth...
-Banking Department. Part 2
4. With regard to the Investments, a banker would inquire first, Are they safe? secondly, Are they convertible? There seems no ground to question their safety - their convertibility is not so obvious...
-Banking Department. Part 3
Having given these explanations, we shall now proceed to notice the operations of the banking department of the Bank of England after its separation from the issuing department by the Act of 1844: - ...
-Banking Department. Part 4
1 Lords, 1632. 2 Commons, 3009. 3 Commons, 3722. At the close of this period we find that the London discounts had increased from 113,000 to 2,365,000, and the City Bonds, etc. had increased from...
-Banking Department. Part 5
The events of April, 1847, also lead us to remark that the London bankers never vary their rate of discount with a, view to regulate the foreign exchanges. If it behoves the banking department to do t...
-Banking Department. Part 6
1 Lords, 12. Some of these advances were not made till after the appearance of the Government letter on the 25th of October. Up to that date the efforts of the bank were inadequate to allay the press...
-Banking Department. Part 7
The following question was put to the governor by a member of the Committee of the House of Commons: - You have described as part of the operation of the Act of 1844, that you were during the year 18...
-Section XXIII. The Administration Of Joint-Stock Banks, With An Inquiry Into The Causes Of Their Failures
THE chief points in which a joint-stock bank differs from a private bank are, - the number of its partners - the permanency of its capital - and the form of its government. A private bank formerly cou...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 2
Presuming that banks are to commence with a moderate amount of capital, and to increase that amount as the business increases, the question is suggested, what is the best way of increasing the capital...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 3
2. He ought to be a man possessing a knowledge of commercial business. It is a matter of great importance to the satisfactory and efficient management of a bank, that those to whom is entrusted the d...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 4
1 These observations are taken from the Philosophy of Joint-Stock Banking, by G. M. Bell (Longman). I recommend the perusal of this little work to all directors and managers of joint-stock banks. I...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 5
The customers ought always to be treated with civility and kindness, their business transacted promptly and cheerfully, and every inquiry regarding their accounts, or any matter of business, readily ...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 6
The branch system provides greater facilities for the transmission of money. The sending of money from one town to another is greatly facilitated if a branch of the same bank be established in each of...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 7
What number of branches a bank ought to have, and what distance they ought to be from the head office, have been the subject of much discussion. No general rules can be given. The subject may very saf...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 8
VII. At the annual, or the half-yearly meeting, the directors announce the amount of the profits and the mode of their distribution. The first appropriation of the profits is to pay to the shareholde...
-Joint-Stock Bank Administration, With An Inquiry Into The Failure Causes. Part 9
In by far the majority of cases, these unions, or merges were advantageous to both parties. The private bankers obtained the value of the business they had surrendered, and an interest in the future...
-Joint-Stock Bank Administration, With Inquiry Into The Failure Causes. Part 10
Wool is another heavy article, as it is called; that is, it costs a great deal of money, and the bills are usually for large amounts. Occasionally there is much speculation in this article. Builder...
-Joint-Stock Bank Administration, An Inquiry Into The Failure Causes. Part 11
Another defect is, not to have an account in the general ledger showing the amount of bills reissued or redis-counted. The amount of these bills not due should appear on both sides of the account - on...
-Joint-Stock Bank Administration, An Inquiry Into The Failure Causes. Part 12
We consider that this head of our inquiry is not less instructive than the four by which it was preceded. They will teach us the vices we ought to avoid - this will teach us the virtues we ought to c...
-Joint-Stock Bank Administration, An Inquiry Into The Failure Causes. Part 13
In some cases a bank has been ruined by its manager; in others, by the manager and the managing directors conjointly; in others, by the managing directors without the manager; and in others, by one, t...
-Joint-Stock Bank Administration, An Inquiry Into The Failure Causes. Part 14
Sometimes the shareholders fly at higher game, and canvass the salaries of the directors. Such discussions are always unpleasant, as they are carried on in the presence of the parties interested. Amon...
-Section XXV. The Administration Of The Office
IN this Section we shall consider the following topics:-I. The Arrangement of the Office. II. The Selection and Appointment of the Clerks. III. The proper Distribution of their Duties. IV. The Amou...
-Ventilation
Volumes have been written by medical men upon the advantages of fresh air, and on the unwholesome atmosphere of crowded cities. If the air that circulates in the streets of towns and cities is impure,...
-II. The Selection And Appointment Of Clerks
When a bank is first formed, they sometimes advertise for clerks; but this is usually for clerks of a higher rank, who have had some experience in the business of banking. When a bank is established,...
-III. The Proper Distribution Of Their Duties
The distribution of the duties of the various clerks is a matter of no small importance. Experience is the only efficient guide in making such arrangements. We may, nevertheless, lay down a few genera...
-IV. The Amount Of Their Salaries
According to Adam Smith the wages of labour are regu-lated by the following circumstances :-1. The agreeable-ness or disagreeableness of the employments themselves. 2. The easiness and cheapness, or t...
-V. Their Sureties
In all banks the clerks give sureties for their integrity-usually two, of ,500 each; and in some banks these amounts are increased on accession to higher offices. Of late years societies have been fo...
-VI. The System Of Promotion
It need hardly be observed that some posts in a bank are more important than others, and it is always desirable that the most clever men should occupy the most important posts. This object is desirabl...
-VII. The Rules Of Discipline
As the discipline of the office must depend very much upon the chief clerk, a description of his duties will describe many of the duties of the other clerks. The office of chief clerk requires qualif...
-Punctuality Of Attendance
To insure punctuality of attendance in the morning, some banks adopt the practice of keeping a book, in which every clerk writes his name on his arrival, and when the time has expired, a line is drawn...
-Holidays
It is desirable, on several accounts, that all the officers of a bank, and especially those who are entrusted with cash or other property, should once a year have leave of absence for at least a week ...
-Customers' Books
It should be a great object with the chief clerk to see that the customers' books are written up correctly and neatly, in a good handwriting, and free from blots or erasures. These are the only books ...
-Cashiers' Deficiencies
It cannot be expected that a cashier can receive and pay away money for a whole year, and yet never make any mistakes. Some deficiencies will be sure to arise. Each cashier is considered liable to mak...
-VIII. The Training Of Clerks For Higher Offices
Whatever natural talents a young man may have when he enters a bank, he cannot be expected to perform his duties well until he has been instructed. There is a good way and a bad way, a quick way and a...
-VIII. The Training Of Clerks For Higher Offices. Part 2
Another effectual means of training clerks is the daily balance. The books are balanced every night, before the clerks leave the bank. But mistakes will necessarily occur during the day, and to disco...
-VIII. The Training Of Clerks For Higher Offices. Part 3
1 Lectures on Ancient Commerce, by J. W. Gilbart. Among the means of training clerks for superior offices, we should give a high rank to the formation of a library of banking books, to which the w...
-Section XXVI. Banking Book-Keeping
ALTHOUGH the business of keeping books is extremely easy when once the accounts are properly arranged, yet the adaptation of the principle of Double-entry to extensive and complicated transactions, s...
-I. Preliminary Operations
When a young man enters a bank as a clerk, he should be instructed to be careful with regard to his handwriting, or, in his anxiety to write fast, he may forget to write well. If he write a bad hand, ...
-I. Preliminary Operations. Continued
He will also be taught to balance; that is, to find the difference between two sums by addition instead of subtraction. Thus, if the two sums be .1,347 16s. 3d. and 4,834 19s. 8d., he will be apt at...
-I. The Cash Department
The principal books in this department are the following :- 1. Two Waste-Books.-One is called the Received-Waste-Book, and the other the Paid-Waste-Book. In the former is entered an account of all th...
-II. The Bill Department
Bills are divided into two classes-bills deposited, and bills discounted. Bills deposited are bills lodged in the bank for collection, to be placed, when due, to the credit of the depositors. Bills di...
-Take-Up-Book
Cheques upon other banks are entered in the Lists in the same way as bills, unless the bank sends a clerk to the Clearing-house, and then they are entered in the Clear-ing-out-Book. From this descr...
-III.-The Country Department
In this department is managed the business of the country banks, and of those customers who live in the country. When the letters are delivered in the morning by the postman, one clerk takes them, and...
-IV. The Note Department
Those banks that issue notes will have occasion for:-A Note-Register, in which the denomination, number, and date of the notes will be entered when prepared for circulation. The total amount of notes,...
-V. The Branch Department
In those banks that have branches, the head-office keeps an account with each branch, in the same way as a London banker keeps an account with a country bank. There is usually an additional Bill-Regi...
-VI. The General-Ledger
Into this Ledger, under the various accounts, will be entered the totals of the corresponding headings or accounts specified in the Day-Book. The accounts in this Ledger denote the various classes of ...
-VI. The General-Ledger. Continued
In the foregoing balance-sheet it is presumed that all the bills are payable in London, as the London bankers do not usually discount bills payable elsewhere. The division into two accounts is merely ...
-VII. Periodicai Balances. Daily Balance
It is well known that bankers try their balance at the close of their business every night, with a view of correcting any errors that may have occurred during the day. The process is very easy. If to ...
-VII. Periodicai Balances. Daily Balance. Part 2
Statement of the Affairs of the Bank, on Dr. THE_______________BANKING COMPANY. Cr. Due to the Public on current ac COUNTS. Head Office, Town . ...
-VII. Periodicai Balances. Daily Balance. Part 3
The expedients introduced to improve any system of book-keeping have for their object either the saving of time directly by abbreviating the entries, or to save time indirectly by new modes of prevent...
-VII. Periodicai Balances. Daily Balance. Part 4
We shall now point out some of the advantages of the horizontal system of keeping the Waste-Books. First. As all the receipts and payments of money, i.e. coin, are entered individually in the Receive...
-VII. Periodicai Balances. Daily Balance. Part 5
Time is sometimes lost by a clerk taking up the wrong book-opening it, putting it down, and then taking up the right one. A cashier, for instance, will sometimes take up the Paid-Waste-Book instead of...
-The Ledger
We have stated that in the merchant's Ledger every entry is made twice-one account being debited, and another credited-and these two accounts are indicated in the Journal. This is what is called bookk...
-Section XXVII. Banking Documents
BY banking documents I mean prospectuses, applica-tions for shares, letters of allotment, deeds of settlement, certificates of shares, deeds of transfer of shares, notices of calls for further payment...
-I. Bonds Of Security By Managers And Clerks
At the time the first editions of this work were issued. bonds of security for the officers and others were entered into by themselves personally, and by two or three sureties, either jointly or sever...
-II. Declaration Of Secrecy
The following is a form for the officers, who, in some establishments, are required to sign it annually. We, the undersigned persons, being respectively managers, accountants, cashiers, tellers, and ...
-III. Memorandum Of Agreement With Reference To The Lodgment Of Deeds
Memorandum, that on the day of in the year of our Lord, one thousand eight hundred and , hath delivered to at their office in in the county of , the several title deeds and documents mentioned and com...
-IV. Cash Credit Bonds
As the business of granting cash credits is more common in Scotland than in England or Ireland, it will suffice to give the forms of such bonds as used by one of the banks in the former country. It wi...
-V. Letters Of Guarantee With Reference To Bills Discounted Or Advances
Bill brokers usually give a letter of guarantee instead of indorsing the bills they have discounted with the bankers. And sometimes one party will guarantee to the bank the bills discounted for anothe...
-Section XXVIII. The Bank Of England
THE history, constitution, and administration of the Bank of England up to the year 1828 have been traced in an early chapter of the present edition, and, later on, are continued to several years afte...
-The Bank Of England. Part 2
XII. That if any banker in any part of the United Kingdom who after the passing of this Act shall be entitled to issue notes shall become bankrupt, or shall discontinue the issue of notes, it shall n...
-The Bank Of England. Part 3
The authorized issue of Bank of England notes based on Government securities, which was fixed at 14,000,000 by the Act of 1844, and which having been increased in 1855 and 1861 respectively, by the ...
-The Bank Of England. Part 4
The Bank of England established branches in the year 1826, at the suggestion of Lord Liverpool, in order to extend to the provinces the advantage of a secure circulation. This was considered the grand...
-The Laws Of The Currency With Reference To The Bank Of England
In March, 1841, I was, at the request of the joint-stock banks, examined as a witness before a Select Committee of the House of Commons, appointed to inquire into the effects produced on the circulat...
-One Bank Of Issue
Mr. Cotton, who was the Governor of the Bank of England when the Act of 1844 was passed, stated in the evidence before a Committee of the House of Commons, in 1848, that the ultimate object of that Ac...
-One Bank Of Issue. Part 2
6. With one bank of issue the reactions of the Foreign Exchanges would produce great and universal distress, and yet not accomplish that constant conformity between the London and country circulation ...
-One Bank Of Issue. Part 3
They have been in hopes that the check given to dealings of a speculative character, the transfer of capital from other countries, the influx of bullion, and a feeling which the knowledge of these ci...
-Section XXIX. The London Private Bankers
BY the Bank Charter Act of 1844 (7 & 8 Vict. c. 32, s. 21), it was enacted that every banker in England and Wales, who is now carrying on, or shall hereafter carry on business as such, shall, on the...
-The London Private Bankers. Continued
In order to turn their funds to profit, the London bankers employ as much money as they can amongst their customers. They invest a considerably larger proportion of their deposits in bills of exchang...
-Section XXX. London Joint-Stock Banks
A San introduction to the joint-stock banks of London, we avail ourselves of the following sketch of the history of joint-stock banking which we find in Mr. H. D. Macleod's elaborate and accurate work...
-London Joint-Stock Banks. Continued
Accepted, At 36, Throgmorton-st., per procuration of the trustees of the London and Westminster Bank, J. W. GILBART, Manager. The Bank of England moved for an injunction to restrain the bank from a...
-Section XXXI. The Country Private Banks
THESE banks cannot have more than ten partners. They are hanks of deposit, of loan, and of discount. As hanks of deposit they usually allow interest on both deposits and balances of current accounts, ...
-The Country Private Banks. Part 2
But in the latter end of the year 1836 another panic arrived, when it was discovered that the country circulation was again at fault. But the charge now was, not that it was unsafe, but that it was ex...
-The Country Private Banks. Part 3
Then with respect to miners and manufacturers, any system which would bring them into immediate contact with the operation of the bank for regulating the foreign exchanges, without that protection and...
-The Country Private Banks. Part 4
Every new branch at which notes shall be issued must take out a separate licence. Hitherto no bank had been obliged to take out more than four licences, however numerous its branches. This tends to ch...
-The Country Private Banks. Part 5
It may also be observed, that the issues of the joint-stock banks, and of the private banks, are subject to the same laws. The issues of both classes of banks rise together and fall together, and the...
-The Country Private Banks. Part 6
You think that there is some cause in operation which applies equally to all issuers of paper, and prevents any undue issue of paper, and dispenses with the necessity of any reference on the part of ...
-The Country Private Banks. Part 7
Notes under 5. Notes of 5 and upward. Total Circulation. 1815 . . . 9,035,250 18,226,400 27,261,650 1816 . . . ...
-The Country Private Banks. Part 8
In endeavouring to remove those inconveniences, we would be governed by a regard to the spirit of the Act of 1844, and attempt only to correct its practical defects. Among the modifications that may b...
-The Country Private Banks. Part 9
1. The discounting of bills not payable in the place where the banks are established has a tendency to render the exchanges unfavourable. If, for example, a country banker discounts bills payable in ...
-Section XXXII. Country Joint-Stock Banks
HAVING- treated of the country joint-stock bank cir-culation, in conjunction with the country private bank circulation in the foregoing section, there only remains to be noticed in the present ...
-Section XXXIII. The Scotch Banks
IN this section we shall consider the following topics :- I. The Law of Scotland with reference to Banking. II. A Comparison between the Banks of Scotland and those of England. III. The Laws of the C...
-II. A Comparison Between The Banks Of Scotland And Those Of England
The differences between the English and the Scotch banks are the following:- 1 There is no express provision in the English Act with reference to the junction of two joint-stock banks. We consider th...
-II. A Comparison Between The Banks Of Scotland And Those Of England. Part 2
This uniformity does not exist in England. The system of London banking is different from that in the country. And the banking of one district differs from that of another district. It would be diffic...
-II. A Comparison Between The Banks Of Scotland And Those Of England. Part 3
At the same time, it should be stated that the Scotch bankers are of opinion that our system of banking in England is chargeable with some portion of the blame. They say that as the English banks do n...
-III. Laws Of The Currency In Scotland
In Scotland the lowest point of the circulation is in March, and the highest in November. The advance, however, between these two points is not uniform-for the highest of the intervening months is May...
-III. Laws Of The Currency In Scotland. Continued
Another favourite notion has been the abolition of all notes under 5. A Committee of the House of Lords and a Committee of the House of Commons made reports on this subject in the year 1826. The evid...
-IV. Those Operations Of The Scotch Banks That Refer To Cash Credits, Deposits, And The Settlement Of The Exchanges
Cash Credits A cash credit is an undertaking on the part of the bank to advance to an individual such sums of money as he may from time to time require, not exceeding in the whole a certain definite ...
-Those Operations Of The Scotch Banks That Refer To Cash Credits, Deposits, And The Settlement Of The Exchanges. Continued
After the permanent credit is given, the option of using it lies solely with the borrower, not with the bank, as does also the option of the period of repayment.1 If a small trader borrow of an ind...
-Deposits
A sum of money deposited or placed in a bank is called a deposit. Most banks grant interest on these deposits, but some do not. The Scotch banks have carried this practice to the greatest extent, and ...
-Deposits. Part 2
Have you formed any estimate of the amount of deposits in all the banks in Scotland?-I certainly have been at very great pains to get information upon the subject; and I am satisfied that the amount ...
-Deposits. Part 3
1 Lords' Report, p. 266. 2 Ibid. p. 235. When the banks reduced their interest some time ago, a great part of the deposits was drawn out, to be invested in various different ways. And as the deposit...
-Rules To Be Observed At The Edinburgh, Clearing-House
I. The Clearing-House shall be opened every business day, except Saturday, at one o'clock, and closed at fifteen minutes past one, after which no documents shall be received. On Saturdays, the Clearin...
-Section XXXIV. The Irish Banks
THE last Act of Parliament for regulating banks in Ireland is the 8 & 9 Vict. cap. 37, passed in the year 1845. This Act recites that by the Act 21 & 22 Geo. III. an Act was passed for establishing a...
-The Irish Banks. Part 2
The Bank of Ireland is a chartered bank, like the Bank of England. It is the Government bank. It issues notes and has branches in the principal towns throughout Ireland. It has now no exclusive privil...
-The Irish Banks. Part 3
Fifteen directors shall be chosen annually, between March 25 and April 25 in each year, and not above two-thirds of the directors of the preceding year to be reelected. The notice for the meeting of ...
-The Irish Banks. Part 4
Public banks may be divided into three classes :-first, Chartered Banks, those which have received a charter from the Crown; secondly, Joint-stock Banks formed under the common law; and thirdly, Joint...
-1. The Constitution Of The Provincial Bank Of Ireland
Can you explain to the committee the constitution of the Provincial Bank?-I can. I may make reference to the annual reports of the institution, copies of which, I understand, were furnished to this c...
-2. The Selection Of Officers
Be so good as to explain to the committee what steps were taken by the Provincial Bank of Ireland in the selection or their various paid officers at the branches?-I believe that is detailed in this s...
-3. The Choice Of Directors
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 co...
-4. The Daily Committee
Will you state how they transact their business :-By meeting daily in committee (a general committee), which is open to all to attend; but in order to be a quorum there must be three present; and by ...
-5. The Inspection Of Brandies
Have you any system of inspection by which you are enabled from time to time to verify the correctness of the proceedings of the branches?-We have. Besides having a half-yearly balance-sheet made out...
-6. The Declaration Of A Dividend
Will you explain to the committee what steps you take before you declare a dividend?-We have regularly a balance every half-year; the dividend has only been declared once a year, at the termination o...
-7. The Causes Of Its Prosperity
Do you think there is anything peculiar in the construction of this bank which has insured its being correctly and well managed up to the present time, or that it has rather arisen from the ' happy a...
-Practice Of Banking in Ireland
Laws of the Currency in Ireland, since 1845.1-In the year 1845 an Act was passed for the regulation of bank notes in Ireland. The average amount of notes that had been in circulation during the year e...
-Practice Of Banking in Ireland. Continued
The failure of the crops in Ireland led the late Sir Robert Peel to introduce An Act to amend the Laws relating to the Importation of Corn. It is 9 & 10 Vict. cap. 22, and was passed June 26, 1846. ...
-Abolition Of Small Notes
The following is the report of the Select Committee of the House of Commons, made in 1826, respecting the abolition in Ireland of notes under 5:- With respect to the circulation of Ireland, the inq...
-Abolition Of Small Notes. Continued
1 Commons' Report, p. 77. Do you think, if a metallic circulation were adopted, that there would be a difficulty in maintaining that me-tallic circulation?-I do; because the trade in the south and we...
-A Sovereign Would Induce A Vast Quantity Of Them To Be Brought Out Of Ireland
Have you ever known instances of quantities of gold being brought over from Ireland to this country, and persons making a regular traffic of it? - I have. ' 6. The proposed measure would cause gene...
-A Sovereign Would Induce A Vast Quantity Of Them To Be Brought Out Of Ireland. Part 2
5. The Act passed in 1844, for the regulation of jointstock banks in England,1 was extended in 1846 to Scotland and Ireland, with the omission of the clause that rendered the banks subject to the laws...
-A Sovereign Would Induce Vast Quantity Of Them To Be Brought Out Of Ireland. Part 3
The Exchanges between the Banks. Since the Act of 1845-when other banks besides the Bank of Ireland acquired the power of issuing notes in Dublin-a system of clearing, or, as it is called, of exchang...
-Section XXXV. Bankers' Clearing-House
THE Clearing-House was established in 1775, by several of the London private bankers, for the purpose of facilitating their exchanges with one another. Every London banker having claims against others...
-Bankers' Clearing-House. Part 2
Up till 1854 admission to the Clearing-House was jealously restricted by the private bankers, but in that year the joint-stock banks were admitted, and the Bank of sessors of it in any advantageous po...
-Bankers' Clearing-House. Part 3
In fine, seeing that the non-clearing banks could, if they thought fit, so harass the clearing banks, and make the present arrangements so burdensome to them as to force them into compliance, either b...
-Bankers' Clearing-House. Part 4
Deliver and Delivery refer to charges delivered by the clerk of one banker upon the desk in the Clearing-House of the clerk representing another banker. Returns are any articles which may be r...
-Bankers' Clearing-House. Part 5
It will, of course, be understood that the operations above described of one clearing bank is illustrative of the operations of all the clearing banks, and that while there has been a clerk running be...
-Bankers' Clearing-House. Part 6
The balance only of the country clearing is brought into the final settlement on the town clearing balance sheet, as will be seen on reference to the form given on page 333. The C. H. on the same for...
-Bankers' Clearing-House. Part 7
Copies in pencil of course are not so permanent as records in ink, but this is really no objection to the system, as the copies are sufficiently permanent for all necessary purposes. All abstracts of ...
-Section XXXVI. The Panics Of 1857 And Of 1866
MR. GILBART'S estimate, in a former section, of the effects of the Bank Charter Act of 1844, in producing that singularly similar sequence of variations in the rate of interest to which we must alwa...
-The Panics Of 1857 And Of 1866. Part 2
The downfall of the Ohio Land and Trust Company had been quickly followed by the failure of 150 banks in Pennsylvania, Maryland, Virginia, and Rhode Island; and since no less than eighty millions of A...
-The Panics Of 1857 And Of 1866. Part 3
Already in March, 1864, writes Mr. Macleod, the number of new companies formed under the Limited Liability principle gave great uneasiness. Up to that time it appeared there were 263 companies for...
-The Panics Of 1857 And Of 1866. Part 4
The foregoing took place on the evening of the 11th; and on the 17th the Chancellor was again interrogated as follows:- Captain Gridley asked the Chancellor of the Exchequer : Whether he was aware t...
-The Panics Of 1857 And Of 1866. Part 5
Annexed is the correspondence which passed between the Government and the bank on this momentous occasion :- Bank of England, May 11,1866. Sir, We consider it to be our duty to lay before the Go...
-The Panics Of 1857 And Of 1866. Part 6
Hammond Chubb, Secretary In Patterson's Science of Finance, pp. 237-239, the following observations are made with reference to the suspension of the Bank Act on this occasion :- It was midnight...
-The Panics Of 1857 And Of 1866. Part 7
From the records of the public tribunals, it appears that a very considerable number of persons (one of the partners is said to have admitted as many as seventy-five) in London, and other places, wer...
-The Panics Of 1857 And Of 1866. Part 8
'Such is your view of the failures that took place in 1847, speaking generally? ' - 'That is my view.' Your Committee have thought it not irrelevant to place on record these instances, which it was...
-The Panics Of 1857 And Of 1866. Part 9
Mr. Joshua Dixon, for many years resident in the United States, and once a private banker at New Orleans, settled at Liverpool in 1852, and soon afterwards became a shareholder and director of the Bo...
-The Panics Of 1857 And Of 1866. Part 10
This bank had 101 branches throughout Scotland. It had connections in America, who were allowed to draw upon it for the mere sake of the commission. At home it made advances upon ' indents;' or, in o...
-The Panics Of 1857 And Of 1866. Part 11
Mr. Hodgson says that 1,000,000 of securities were taken of the most extraordinary nature for any bank to hold that he ever saw; that 1,000,000 of securities, which was the only tangible asset whic...
-The Panics Of 1857 And Of 1866. Part 12
Each of these three banks had been in peril in 1847, and though by the assistance of the Bank of England they were enabled to surmount it, they fell on the next occasion of severe commercial pressure...
-Section XXXVII. The Ceises Of 1875 And 1878
THE quotation with which we closed the preceding sec-tion constitutes a heavy, and we fear too true, indictment against a certain class of bankers, for it is beyond doubt that to a large extent they a...
-The Ceises Of 1875 And 1878. Part 2
From the beginning till the end of 1871 the bank rate never rose over 3 per cent., except for a week or two in the autumn, when it reached 4 and 5. The years 1872-73, were characterized by higher rate...
-The Ceises Of 1875 And 1878. Part 3
And what had been taking place here had been taking place also abroad. America, like England, being outside the zone of conflict, benefited also by the war, and her prosperity also laid the seeds of f...
-The Ceises Of 1875 And 1878. Part 4
Whether the advances were made in the one form or the other, the result was the same in both cases. There being no funds to meet them as they fell due, they were renewed again and again, and were perp...
-The Ceises Of 1875 And 1878. Part 5
Meanwhile, however, things quieted down somewhat, and men were beginning to hope that the worst was past, when new cause for anxiety came from a totally different quarter. About the end of March sever...
-The Ceises Of 1875 And 1878. Part 6
The competition for bills had the usual effect of still further lowering the rates, and the Bank of England, in order to participate in the discount business at all, were obliged to follow the market ...
-The Ceises Of 1875 And 1878. Part 7
The first definite rumour of the bank being in extremis came from the London Stock Exchange, on the 25th of September. Then followed rumours of all descriptions, embracing some to the effect that fals...
-The Ceises Of 1875 And 1878. Part 8
James Haldane, of the firm of Messrs. Lindsay, Jamieson, and Haldane, chartered accountants, Edinburgh. These gentlemen immediately addressed themselves to the work of their office. The first necess...
-The Ceises Of 1875 And 1878. Part 9
By March, 1879, the liquidators were ready to make the second call, having gained considerable experience in the realization of the first, and having been able to form a more accurate judgment as to t...
-The Ceises Of 1875 And 1878. Part 10
We have already said that immediately on the appearance of the investigators' report, on the 19th of October, warrants were issued for the apprehension of the directors and manager, on a charge of fra...
-The Ceises Of 1875 And 1878. Part 11
Assets. L Hills of Exchange, Local and Country Bills, Credit Accounts, and other Advances upon Security 12,005,380 0 10 II. Advances on Heritable P...
-The Ceises Of 1875 And 1878. Part 12
Following up these general principles, he proceeded to show from the evidence led, that the director Potter, and the manager Stronach, were directly responsible for the falsifications on the balance-s...
-The Ceises Of 1875 And 1878. Part 13
The debts of the other large debtors were built up in much the same way, except that in their cases the debts were already in 1870 immeasurably beyond their legitimate requirements; showing that the b...
-The Ceises Of 1875 And 1878. Part 14
On the 26th November, the private banking firm of J. and J. Fenton and Sons, of Rochdale, failed with liabilities of about half a million. This failure created little surprise in any quarter, and no e...
-The Ceises Of 1875 And 1878. Part 15
To complete the record of banking disasters during this period, the failures must be mentioned of Vivian, Grylls, Kendal, and Co., of Helstone, Cornwall, on the 4th of February, and of Swann, Clough, ...
-Section XXXVIII. Recent Banking Legislation
IMMEDIATELY after the failures of the City of Glasgow and West of England Banks, and the blow which was thereby dealt to the principle of unlimited liability, it is not to be wondered at that bank sha...
-Recent Banking Legislation. Part 2
This eighth clause was of course received with strong disfavour by the Irish and Scotch banks. It will be seen that it was aimed directly against them, for some of the Irish and nearly all the Scotch ...
-Recent Banking Legislation. Part 3
And in cases where no such increase of nominal capital may be resolved upon, an unlimited company may, by such resolution as aforesaid, provide that a portion of its uncalled capital shall not be cap...
-Recent Banking Legislation. Part 4
The chief object of the Act of 1879 being, as we have seen, to restrict the liability of shareholders by giving permissive power to create a limited reserve liability instead of an unlimited liability...
-Recent Banking Legislation. Part 5
The bills were introduced in the House of Lords, and passed the second reading there, but at that point their further progress was stopped for the time being by the government. It was understood that...
-Recent Banking Legislation. Part 6
With regard to the Treasury's objection to legislation by private bill, the banks submitted that no other course was left open to them, as it was impossible for them,'as banking corporations, to come...
-Recent Banking Legislation. Part 7
The banks wound up their letter by indicating that, in view of the attitude taken up by the government, they would not proceed further with their bills; and the correspondence was closed by a letter f...
-Recent Banking Legislation. Part 8
Reference has frequently been made in the preceding pages to the bill introduced by the late government, dealing with the charters of the Colonial banks. As, however, in consequence of the fall of tha...
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-Bohn's Select Library of Standard Works
Price 1s. in paper covers, and 1s. 6d. in cloth. 1. Bacon's Essays. With Introduction and Notes. 2. Lessing's Laokoon. Beasley's Translation, revised, with Introduction, Notes, etc, by Edward Bell, ...
-An Alphabetical List Of Books Contained In Bohn's Libraries
Detailed Catalogue, arranged according to the various Libraries, will be sent on application. ADDISON'S Works. With the Notes of Bishop Hurd, Portrait, and 8 Plates of Medals and Coins. Edited by H. ...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 2
Bell (Sir Charles) on the Hand. With numerous Woodcuts. 5s. Kirby on the History, Habits, and Instincts of Animals. Edited by T. Rymer Jones. With upwards of 100 Woodcuts. 2 vols. 5s. each. Kidd on...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 3
CICERO'S Letters. Translated by Evelyn S. Shuckburgh. 4 vols. 5s. each. ____ On Oratory and Orators. With Letters to Quintus and Brutus. Translated by the Rev. J. S. Watson, M.A. 5s. ____ On the Na...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 4
DRAPER'S History of the Intellectual Development of Europe. By John William Draper, M.D., LL.D. 2 vols. 5s. each. DUNLOP'S History of Fiction. A new Edition. Revised by Henry Wilson. 2 vols. 5s. each...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 5
GUIZOT'S History of the English Revolution of 1640. From the Accession of Charles I. to his Death. Translated by William Hazlitt. 3s. 6d. ------ History of Civilisation, from the Fall of the Roman Em...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 6
VIII Astoria, A Tour on the Prairies. IX. - Life of Mahomet, Lives of the Successors of Mahomet. X. - Adventures of Captain Bonneville, U.S.A., Wolfert's Roost. XI. - Biographies and Miscellaneous Pa...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 7
MANTELL'S (Dr.) Petrifactions and their Teachings. With numerous illustrative Woodcuts. 6s. ------ Wonders of Geology. 8th Edition, revised by T. Rupert Jones, F G.S. With a coloured Geological Map ...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 8
OMAN (J. C.) The Great Indian Epics: the Stories of the Rama-yana and the Mahabharata. By John Campbell Oman, Principal of Khalsa College, Amritsar. With Notes, Appendices, and Illustrations. 3s. 6d. ...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 9
PROUT'S (Father) Reliques. Collected and arranged by Rev. F. Mahony. New issue, with 21 Etchings by D. Maclise, R.A. Nearly 600 pages. 5s. QUINTILIAN'S Institutes of Oratory, or Education of an Orato...
-An Alphabetical List Of Books Contained In Bohn's Libraries. Part 10
------ Synonyms Discriminated. A Dictionary of Synonymous Words in the English Language, showing the Accurate signification of words of similar meaning. Edited by the Rev. H. Percy Smith, M.A. 6s. S...
-The York Library. A New Series Of Reprints On Thin Paper
The volumes are printed in a handy size (6 1/2 x 4 1/4 in.), on thin but opaque paper, and are simply and attractively bound. Price, in cloth, 2S. net; in leather, 3s. net. 'The York Library is noti...
-The Aldine Edition Of The British Poets
This excellent edition of the English classics, with their complete texts and scholarly introductions, are something very different from the cheap volumes of extracts which are just now so much too c...
-Handbooks Of Athletic Games
The only Series Issued at a moderate price, by Writers who are in the first rank in their respective departments. 'The best instruction on games and sports by the best authorities, at the lowest pric...
-The Club Series Of Card And Table Games
1 No well-regulated club or country house should be without this useful series of books. Small 8vo. cloth, Illustrated. Price 1s. each. Globe. Bridge. By 'Templar.' Whist. By Dr. Wm. Pole, F.E.S. Sol...
-Bell's Cathedral Series
Profusely Illustrated, cloth, crown 8vo. 1s. 6d. net each. ENGLISH CATHEDRALS. An Itinerary and Description. Compiled by James G. Gilchrist, A.M , M.D. Revised and edited with an Introduction on Cath...
-Bell's Handbooks To Continental Churches
Profusely Illustrated. Crown 8vo, cloth, 2s. 6d. net each. AMIENS By the Rev. T. Perkins, M.A. BAYEUX. By the Rev. R. S. Mylne. CHARTRES: The Cathedral and Other Churches. By H. J. L. J. Masse, M.A. ...









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