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Leader (1850-1860), 7th August 1858, Edition 1 of 2, Page 788, JOINT-STOCK BANKS AND COMPANIES

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      Crnr, Friday Evening. It Is Very Gratify...

      circumstances cornhine to foster speculation , but still there is no sign of undue excitement—the public continue sober-minded , and schemers are for the present baffled and invisible . The applications to the Bank' during the -week have been on the increase , and their general character has been such as to -warrant the assertion that trade is reviving . Gold has come into the country largely ; about three quarters of a million ore reported on the way , and very soon we shall have to record consignments of the precious metals from the new and . productive channel recentlv opened up .

      The position of the Indian finances appears to be , tinder the Eight Million Loan Act , that there is still authority to raise a sum of 8 , 579 , 000 / . The power of issuing India Bonds may also be made available to the extent of 2 , 789 , 500 ? . These two sums make € , 368 , 500 ? ., which exceeds by nearly 1 , 200 , 000 / . the estimated disbursements of the Home Treasury up to the 31 st January next , in excess of the present cash balance . Amongst the assets available in aid of the Home Treasury are , in addition , 1 , 598 , 000 / . in Exchequer Bills and Bonds now in hand ; and no account lias been taken of receipts from the railway companies . It follows from this statement that for six months to conie there will be no question of further pecuniary resources .

      The 3 , 579 , 000 / ., which forms the balance of the Indian Four per Cent . Eight Million loan , is now submitted for public competition . It will , therefore , suffice to mention here that the latest period allowed for receiving tenders is noon on the 17 th inst . The debentures , it will be remembered , have five years to run . So much of the amount tendered is to be paid on the 23 rd inst . as will leave 75 per cent , to be paid in three instalments of 25 per cent , or 894 , 750 / . each , on the 20 th Sept ., 18 th October , and 15 th Nov . But it will be remarked with satisfaction that tenders will be received for as small a sum as 1000 ? ., instead of 5000 / ., as upon the former occasion . The next instalment of 15 per cent , making 85 per cent , paid , falls due on the Indian Four per Cent . Loan on Tuesday next , the 10 th , inst , and the final instalment on the 10 th of September .

      A call of 2 / . per share is to be paid by the 7 th inst . by the contributories of the Justice Assurance Society . At a meeting of the London Life Association to-day it was resolved not to pay the sum . of 4217 / ., in addition to 782 L already paid , on a policy of assurance for 5000 / 1 on the life of the late John Sadleir . On the 9 th instant a call of 10 / . per share on the contributories of the London and County Assurance Company will be made . The Atlantic Telegraph Cable , despite the immense difficulties encountered , has at length been successfully laid . The price of the company's shares , as a matter of course , experienced an immediate and great rebound . The nearest quotation was 8807 . to 920 / . per 1000 / .

      share . The previous day 350 / . was scarcely obtainable . ' The new act referring to crossed cheques received the royal aBsent . Clause 1 provides that if a cheque be issued crossed with the name of a banker , the crossing shall not be altered , obliterated , or added to in any way , but shall be deemed a material part of the cheque , and the cheque shall be paid only to the banker with whose name it is crossed . Clause 2 enacts that if a cheque be issue ' d uncrossed , or crossed with the words " and Co ., " any lawful holder may add thereto the name of any banker , and such crossing shall be deemed a material part of the cheque . . Clause 3 is penal , and provides that

      any person fraudulently altering the crossing on a cheque , or uttering the cheque knowing it to have been fraudulently altered , shall be held guilty of felony . Clause 4 excepts bankers from responsibility if they innocently pay a cheqne from which the crossing has been erased , provided that no signs are visible that a crossing was ever there . Considerable inconvenience is apprehended as regards cheques drawn on London bankers , but crossed to country bankers . . The latter would receive the amount through their London agents , but clause 1 makes no provision for this case , declaring that the cheque must only be paid to the banker with whose name it is crossed .

      The shares in the Red Sea and India Telegraph Company touched I to f prera . The applications are stated to be already very large . The scrip of the Great Southern of India Railway Company was quoted to-day 8-16 to 5-1 G prem . This company have already obtained a guarantee of 5 per cent , from the Indian Government . Messrs . Hyde , Hodge , and Co ., a highly respectable firm In the Honduras trade , have stopped payment . Cirr , Six o ' clock . The latest quotation for Consols is 961 i , both for money and account .

      788 T H E L E A D E R. __ [No. 437, Atou...

      788 T H E L E A D E R . __ [ No . 437 , AtoustJ ^ is . ^ ,

      The Noirniumnkuland And Durham District ...

      The NoirniuMnKULAND and Durham District Bank . —The Vice-Chancellors' Court has approved of the arrangement by wliich the Dement Iron Works pass into tho hands of some of tho shareholders of the District Bank . The particulars of the arrangement may be dejeribed as follows : —Fifty-four sharoholdera purchase the works , collieries , and houaoa for the workmen , for 930 , 000 / . Tho payments will thus bo made : —175 , 000 ? ., caeh : 84 , 500 / ., bix months ; 96 , 500 / .,

      twelve ditto ; 103 , 500 ? ., eighteen ditto ; 191 , 500 ? ., twenty-four ditto ; 41 , 000 / ., thirty ditto ; 129 , 000 / ., thirty-six'ditto ; 14 , 000 / ., forty-two ditto ; 47 , 500 / ., forty-eight ditto ; 47 , 500 / ., sixty ditto—930 , 000 / . A . dd 36 , 831 / . Os . 6 d . already made by the same parties in respect of the 5 / . call , prior to Mr . Coleman ' s report , making-a total of 96 G , 83 l / . 0 s . Cd . Fifty-three shareholders have , consequently , been removed from the list of contributors to the Northumberland and Durham District Bank .

      Joint-Stock Banks And Companies

      JOINT-STOCK BANKS AND COMPANIES

      London And County Bank. On Thursday The ...

      LONDON AND COUNTY BANK . On Thursday the proprietors of this bank held their half-yearly meeting . More than common interest attached to the meeting of this bank , not only on account of the injurious and unfounded rumours set afloat by interested parties against this among other joint-stock banks , but because of the wiileand special field over which its transactions extend . A joint-stock bank that has , besides its central bank ia' the metropolis , a series of fifty or sixty dependent branches spread over the

      country , would naturally feel a financial crisis more sensibly than joint-stock banks which have little beyond their metropolitan branches to defend . It might therefore be expected that the collapse which occurred in the commercial world , and which tried tlie soundest monetary establishments most severely , wid- prostrated even solvent firms , would be felt with augmented pressure by such an institution as the London and County Bank . We have , however , the materials at hand to enable us to form a correct opinion of the actual effect of the crisis on the interests of this bank , and it 3 capability of sustaining such recurring financial shocks for the future .

      The report laid before the proprietors may be described , without exaggeration , as highly satisfactory and assuring . The bank has not only -weathered the crisis without substantial injury , but has actually been able to strengthen its financial position most materially , giving thereby the best and most direct contradiction of any surmises that might have been ventured upon to its prejudice . The profits for the half-year amount to 94 , 270 / . ; after mating provision forbad debts , and adding the balance from last account , a gross sura of 101 , 664 / . is obtained for the purposes of the bank . Out of this sum 24 , 000 / . is paid in the shape of interest to depositors and customers , 43

      , 000 / . for salaries , & c , 25 , 000 £ for 5 per cent , dividend for half-year , making a total of 10 per cent yearly , and 5000 / . for rebate on bills not due and balance carried forward . This is a very good statement , but it by no means exhausts the favourable features brought under the notice of the proprietors . The reserve fund has been augmented by 5000 / , and now stands at 105 , 000 / . A large number of new accounts have leen openedabout 440—and the total number is now 22 , 550 . The customers' balances have increased by the sum of 650 , 000 / ., out of which amount very trifling or no interest is paid on no less a sum than 600 , 000 / . It appears that fewer applications for discount accommodation by customers mi

      , as ght be expected , bave been made this half-year , and this places half a million more of cash in hand , and at call , thnn was the case At the close of the previous six months . On a review of all the circumstances , it would appear that the greatest care and caution has been exercised by the executive of the banks , that while no proper commercial accommodation has been withheld , no encouragement has been given to anything that bore remotely the character of speculation . The position of the London and County Bank is most satisfactory , but this character could only have been earned by the sound judgment and supervision of the chief manager , Mr . M'Kewan , and the managers of the numerous branches connected with the bank .

      The Bank Op London. On Tuesday The Propr...

      THE BANK OP LONDON . On Tuesday the proprietors were called together to receive the half-yearly report . Of course , the more recently established banks are those on which attention is more particularl y fixed , in consequenco of the peculiar and trying period through which they have had to pass during the past half-year . It is very satisfactory to have to record that this bank has materially extended its connexions , that though commerce has been everywhere more than unusually inactive , yet the operations of the bank have been both sound and profitable . The sum of 21 , 081 / . stands to tho credit of profit for the past aix months , out of which sum , after providing for certain expenses , tho directors were onabled to declare a dividend of 5 / . per cent , and to carry over a small Burn to tiio next half-year , after adding 8800 / . to the reserve fund . Tho chairman , in a lucid speech , pointed out tho most encouraging features of tlio roport . The current accounts—the most profitable part of banking business—had increased ; tho deposit account had decreased—a matter for congratulation moro than otherwise under the existing circumstances of

      the commerc . al world . The chairman called on T proprietors to bring all the accounts thev could k » « bank—a very proper cull , and one which , if the ' nil ™ tors understand their true interests , they will n t i slow in responding to . The proceedings w ° . be with a cordial vote of thanks to the manaeer Mr Ar P snail , and other officers-a vote that applr ^ d to £ e been well merited whentli e progressive and sound comli tion of this new tank is taken into consideration

      From The London Gaze Tte . Tuesday^ Augu...

      FROM THE LONDON GAZE TTE . Tuesday ^ August 3 . BANKRUPTCY ANNULLED . — Samuet . wvan Bristol , provision merchant . » auuei , Tbockce , BANKRUPTS . - Loeis LicnTENSTEiy , Wood «*« A # . Cheapsido , merchniit-WrLiiAM Eixekdy VirALEv «?{ William John- Hu . lstkad , Wood-stree t Ch ! tF , L Y warehouseman — Sidney Hodqktnsox , - <& ih rtXPl'h Albion-tcrraco , Peck ham . wholesale stationer andcomSVc sion agent—John Dukuick Ayres , and Davto im-ii ?^ L " Mellis , Nottin Bham , and New York merchaSsIjol ^ Miller . Newcastle-under-Lyne . travelling KcV ^ Jav ™ Bate , Birmingham , innkeeper— Tiro ^ r a a rti ™ SE HENEY WiLKiKSdK . Lean . iViJtdn Priors , WanvfcksM ™ plumbers- Samvicl Stuart , Wcdncsbury , Stalords ™ ' grocer—Jamks Gii . lham , Exeter , boot andsW ™ vi . ' SCOTCH SBauJ 2 STttAlUC ) Ns :-C . I " cuiw ^? ¥ ;] c » - Arpylcshiro-J . Cor . virr .. Stirling , carpet manufacturcr-G Gakdbst . Broufithton FcrTy , Broeer-jV and ^ mSm Glasgow , builders-J . Stephen-son , Glasgow , oil and toIoto merchant-J . and J . G «\ v , Dryuon Mains , Edinbnre * farmers—J . Smith , Glasgow , manufacturer J-lUin » " 1 £ » .

      Friday , August G . BANKRUPTS .-Chari . es Walter , Tiieh : street , Man- - lebone , pawnbrokcr-JoaiK Pkeston , Spaldine , Lincolnshire , jeweller—Geoiuje Coksfield Williams North ampton . corn dealer—Geobge MELLonand Jamis Terras Manchester , joiners—William Button , Yoxhall , Stafford ! shire , grocer—Charles Walton and William "Waltov Gracechurch-strect , City , ship owners — Joirir Kinc * Westeop , Stainiiig-lane ,. City , glove manufacturer— Johw BowEKfl Smitit . Rugby , Warwick , baker . SCOTCH SEQUESTRATIONS .- Jo us Mbnzies . Glasgow , gardener—William Gill , sometime residing at Park Villas , Richmond—Rowland Muckltsston . sometime dealer , Stratford-place , London— James NAUGmoir Dundee , brewer . .

      The _ New Tkansatlantic Packet Station.—...

      The _ New Tkansatlantic Packet Station . —A . deputation of Members of Farliamen t , merchants , shipowners , and others interested in the Transatlantic trade , and also in the prosperity of the town and harbour of Gal way , waited upon the First Lord of the Treasury , at his official residence in Downing-street , on Wednesday , for the purpose of bringing under the notice of the Government the national importance of forming a- secure and convenient harbour at Gal way for large American steamships , and , with that view , to construct a breakwater and pier , at a cost of 152 , 000 / . After a good deal of conversation , Lord Derby sa ' wl : — " I cannot , of course , give you a reply without consulting with the Chancellor of the Exchequer and ray other colleagues .

      It is , however , a principle of the Government to help those who help themselves , and I am bound to say that you have done something in that direction . I will only now add that it is not improbable that the Government may be disposed to co-operate with the town of Gahvay to some extent ; but to what extent I cannot say until I speak to the Chancellor of the Exchequer , and until wo see how the project of a Western packet station is likely to succeed . " A Nuisance in tub Gheest and St . James ' s Pauks . —Lord Palmerston , on the last morning of the session , as will be seen in another column , called attention to the annoyance caused in the Green Park and St . James ' s Park by the constant presence of iron hurdles debarring

      people from walking on the grass . The nuisance undoubtedly is great ; biit tho House was told it would be removed in time . TUerc is another nuisanoe , however , still greater , vhich we fear will not be removed within tho life of any of us . Wo allude to the perpetual ¦ whine of the bagpipes Mown before the troops of the Scots Fusilier Guards -who for some mouths past have been stationed at tho Wellington Barracks in 15 irdcage-walk . Formerly , tho regiments were changed , and tho frequenters of the two Westminster parks had a little temporary re . lief from this anguish ; now , the Scotchmen are for ever about tho precincts of the Royal palaces . We say

      nothing of the slight thus put on English regiments , for her Majesty has accustomed us to give way to the children of the North , and , if tho « ' Southrons" ever objected , they have probably by this time got familiarised to a state of tilings which would have astonished them in former days ; but , nt any rate , let our ears be spared . We have never yet mot an Englishman who liked the bagpipes . It was a mistake to put those kilted musicians at the liead of a regiment which , though partially Scotch , is not essentially Highland ; hut , if what is done cannot bo undone , the Fusiliers might at least be sent , with their beloved music , to garrison some town north of tho Tweed .

      Sir IIucih Rosic . —Tuesday night ' s Gazette contains a general order -whicli hati been issued by tlio Govornor-Goneral of India , expressing his high gratification at tho recapture of tho town and fort of Gwalior by Sir Hugh Rose , and ortioring , us a mark of his appreciation of tho Maharajah ' s friendship , thut a Royal snluto in honour of tho event ahull befired at every principal station in India .

  • Citation
    • Leader (1850-1860), Aug. 7, 1858, page 788, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/ldr_07081858/page/28/