their own national money for ours, on their paying a still higher commission. Silver may be readily obtained at the Bank of England, at such a premium as would allow a good profit to any persons opening an Exchange Bank on the principles I mention; and I do think that the public would esteem it as a boon. The expense of working it, under proper management, would be but trifling, in comparison to the profits that I believe might be realized." Birmingham. AGE OF PRIVATE BANKS. F. M. F. A Correspondent at Nottingham says:-"In your Magazine for April I observe a doubt thrown out by a 'Sussex Banker,' whether Messrs. Smith and Co.'s bank can really trace its existence to the year 1700. I beg to say it can, and now possesses documents (as cheques, books, &c.), which prove the fact. How much earlier it can date we know not, but it is probable that the bank is considerably more ancient than 1700. Messrs. Smith, Payne and Smiths, London; Messrs. Samuel Smith, Derby; Messrs. Samuel Smith, Brothers, Hull; Messrs. Smith, Ellison & Co., Lincoln; and their branches, were originally off-shoots from the Nottingham House.” DIFFERENTIAL DUTY ON FLOUR. I take the liberty of forwarding herewith a paper, drawn up with the object of showing how the present laws are affecting commercial interests in this part of Ireland. Laws cannot be founded on sound principles that cause the great proportion of the population to be sufferers, without securing any advantage, in any shape, as a set-off thereto. The question of the impending ruin of the milling (flour) trade, is at present attracting attention; with us, it being the staple manufacture, it is a question that touches all classes, more or less. The merchant, miller, bank shareholder, railway shareholder, tradesmen, labourers, ratepayers (poor), agriculturists, from landlord to tenant, and all the parties in any way depending on those several classes. With bankers, for instance, I may explain. With wheat, if imported in its natural state, there is constant speculation, every change of hands causing a bank transaction; but take for granted that it passes direct from the merchant, importer, or factor to the miller, the miller ships for distant markets the surplus quantity of produce for which there is not local consumption, thus causing constant banking transactions. Take any board of directors of banks, having branches in milling districts, and the result of an inspection of their accounts of issues, advances, &c., in 1844 or 45 and the past year will speak volumes. Some propose a remedy (without looking into the question) of turning to flax, in its various branches, the manufacture of sugar, &c., but quite overlook the great fact that there is ample room for all those to a large extent, without uselessly destroying the milling interest, and the great amount of property, already invested therein. The generality of Irish mills were built for that express purpose, so that it will be almost useless to try and turn them to other purposes. For other trades new buildings must be erected. The fact of the immense increase of milling power in France, of itself shows that the foreigner is sensible of the great advantage he has over the manufacturer of these countries. If it pleases Providence to allow the potato crop now planting or already in the ground to succeed, mills of late years wholly occupied grinding maize, &c., must close up. Were it not for the said occupation, most of those concerns should have closed ere this, or carried on a business yielding no profit, but a considerable loss. Clonmel, 12th April, 1851. I am, very respectfully, JAMES CLIBBORN. [We have not room to publish the printed statement forwarded by Mr. Clibborn, which is intended to prove "the injurious effects of the restricted importation of foreign flour." The following extract will explain the nature of the remedy proposed; the writer says "As the time may not be far distant when some modification of the laws relative to cereal produce shall appear advisable, it will not be deemed intrusive to point out one line of action which, while it would leave the raw material perfectly under the control of the legislature, either to be taxed or not, as for revenue or other purposes might be deemed eligible, would throughout give relief to the payer of poor rates, and the agriculturist, by affording employment and abundant supply of low priced food from a quarter whence they have been cut off in a manner as sudden as by some it was unexpected. It has, too, the advantage of being an old theory, now proved by working to be fact. We allude to the need that exists for imposing a differential duty on flour, amounting to say 5s. per sack of 280lbs. over what may be paid on a quarter of wheat." The arguments used in support of this proposition need hardly be re-published in our pages, being already so well known to every one who has taken any part in the discussion of free trade. If the 5s. protection asked for by the millers is granted to them, how can the claims of the agriculturists generally be refused?-Ed. B.M.] Reports of Joint-Stock Banks. SHEFFIELD AND ROTHERHAM BANK. Ar the Annual Meeting of proprietors, held at the Cutlers' Hall, Sheffield, February 5th, 1851, the Directors presented the following report :— "In again presenting themselves before the shareholders, your Directors have to regret that, owing to causes which are now to be explained, they cannot express the same pleasure as on many former occasions. Your Directors are quite aware of the anxiety which has prevailed in the minds of the shareholders on the subject of the losses at Bakewell, and it has been a source of great concern to them that they have been so long prevented making the full and explicit statement which they are now prepared to do. At the last Annual Meeting it was their wish and intention to have made such a statement to the shareholders, and the necessary preparations were made, but on a serious consideration of the whole question, affected as it was by the litigation with the late manager, it was finally resolved to wait another year, in the hope that, before its close, such litigation would be brought to an end. Your Directors have, however, now to report that, although they have, after innumerable and vexatious delays, succeeded in obtaining an award against Mr. Harrison for more than £8,000, they have been compelled, by a new interpretation of an old law, to adopt the unusual course of bringing an action at law in order to enforce payment of the sum awarded; and their solicitors are instructed to urge on the proceedings with all possible expedition. In order, however, that the minds of the shareholders may be fully set at rest as to the amount of the Bakewell losses, it has been resolved to make up the accounts, leaving out altogether any estimate of the amount that may be recovered from Mr. Harrison. Your Directors, being most anxious that all the accounts at Sheffield and Rotherham should stand in the books at realizable amounts, have very carefully gone through the whole of them, and with reference to such as required it, have made such deductions as were necessary; and they have also had the several properties held by the bank valued, and the result shows that a con siderable deficiency exists; and this deficiency, added to the losses at Bakewell, are now to be met. This your Directors, do by stating that the reserve fund will not, as it was once hoped it would, suffice to cover the Bakewell losses; and that, taking the whole of the deductions which have been made from the doubtful accounts at the other banks as bad, there will remain a deficiency of £17,078 17s. 4d., which it may require the surplus profits of the next three years to make up, paying, during that period, a dividend of five per cent. It is therefore proposed to transfer the whole amount of the present and prospective losses to an account to be opened for that purpose, from which the various items of loss, as they shall from time to time be ascertained, will be transferred to the debit of the reserved fund. The bad debts of the present year, it is to be observed, are included in the deficiency above named. Your Directors have the satisfaction of being able to state that the profits of the year are highly gratifying, being considerably more than those of the year preceding and they now declare a dividend of 5 per cent. on the full paid-up capital, which will be payable at the banks of the Company on and after the 17th instant. After payment of the dividend, income-tax, and the ordinary expenses of the three establishments, there will remain a balance of £7,979 4s. 5d., to be carried to the reserved fund, which will then amount to £33,738 2s. 6d. In drawing their report to a conclusion, your Directors think it right to state, that their interest in the bank has remained unchanged for several years, and that they, with their families and friends, hold considerably more than onefourth of the whole amount of the paid-up capital; and they beg to assure the shareholders that the prospects of the bank are highly encouraging; its resources are ample,-it possesses a large and increasing business, and now, as they confidentially believe, that all doubt and uncertainty as to the position of the bank will be removed, they have the strongest confidence in the future prosperity of the establishment, aided, as they doubt not they will be, by the hearty and vigorous co-operation of the shareholders." General Balance Sheet, 31st December, 1850. LIABILITIES. Balances owing by the Company, deposits, and notes in £447,732 14 3 circulation.. Balances owing to the Company, bills discounted, and cash in hand Bank premises The report was unanimously adopted, the retiring Directors re-elected, and votes of thanks passed to the several officers for their valuable services. DUDLEY AND WESTBROMWICH BANKING COMPANY. Ar the seventeenth Annual General Meeting of the shareholders, held at the Bank, Dudley, 4th February, 1851, the following report was submitted by the Directors. "The Directors have now to offer their seventeenth report, which they are convinced will be regarded as satisfactory by every shareholder. It will necessarily be comprised within a narrow compass, but not the less gratifying on this score, as the Directors feel that they may confine their remarks, without any lengthened explanations, to the healthy state of the bank, and to the favourable result of the past year's profits, which, notwithstanding the depression in the leading trade of the district, have exceeded those of former years. Such a result will enable the Directors, after paying all the expenses of management, to recommend a dividend of ten shillings per share for the last half-year, in addition to the five shillings per share paid for the former halfyear, free of income-tax. Beyond the payment of these dividends, the Directors propose to appropriate the sum of £5,362 10s. to the guarantee fund, by which it will be increased to £42,000. They also propose to write off £656 6s. 10d. from the building account, considering that there may be some depreciation in the value of the bank properties, if reckoned at cost prices, for which it will be desirable to make some provision. And they are of opinion that the balance of profits should go over to the reserve, so as to form a guarantee against any unforeseen contingencies. In conclusion, the Directors feel that they cannot withhold the expression of their testimony to the zealous and judicious services of the manager, which show that he is sensibly alive to his duties, and steadily and earnestly bent on carrying out the policy which was laid down by our late worthy and respected manager, which experience has proved to be so well calculated to promote the permanent interest of the bank." Banks in India. BANK OF BOMBAY. Statement of the affairs of the Bank of Bombay, on the 31st December, 1850. |