And, as compared with the Month ending the 23rd Mar., 1850, it shows A decrease in the Notes of Private Banks, of An increase in the Notes of Joint Stock Banks, of.. £127,734 Total decrease, as compared with the same period of last year.. £118,780 The following appears to be the comparative state of the circulation, as regards the fixed issues, after deducting the amounts of the Bedford and Bedfordshire Bank, and the Peterboro' Bank (Simpson & Co.), whose returns do not now appear in the London Gazette, viz. :— The Private Banks are below their fixed issues The Joint Stock Banks are below their fixed issues.. Total BELOW the fixed issues £1,380,561 724,231 £2,104,792 Irish and Scotch Circulation Returns. Average Circulation, and Coin held by the SCOTCH and IRISH BANKS during the four weeks ending Saturday, the 22nd day of March, 1851. TOTALS (Irish Banks) ... 6,354,494 2,177,914 2,442.997 4,620,912 |1,411,950 15,292 20,478 12,377 SUMMARY OF IRISH & SCOTCH RETURNS TO MARCH 22, 1851. The Returns of Circulation of the Irish and Scotch Banks for the four weeks ending 22nd March, when added together, give the following as the average weekly circulation of these banks during the past month, viz. : Average Circulation of the Irish Banks £4,620,912 Total Average Circulation of these Banks £7,654,147 The fixed issues of the Irish and Scotch Banks at the present time, are given in the Banking Almanac, as follows: 8 Banks in Ireland, allowed to issue.. £6,354,494 18 Banks in Scotland, allowed to issue 3,087,209 26 Banks in all, allowed to issue....... .£9,441,703 The following appears, therefore, to be the comparative state of the circulation:Irish Banks are below their fixed issue 1,733,582 Scotch Banks are below their fixed issue 53,974 Total below the fixed issue........£1,797,556 The amounts of Gold and Silver held at the head offices of the several banks, during the past month, have been as follows:Gold and Silver held by the Irish Banks£1,411,950 Gold and Silver held by the Scotch Banks 943,769 Total of Gold and Silver Coin ..... £2,355,719 Being an increase of £4,101 on the part of the Irish Banks, and a decrease of £9,720 on the part of the Scotch Banks, on the several amounts held by them during the preceding month. CIRCULATION OF THE UNITED KINGDOM TO MARCH 22, 1851. The following is the state of the Note Circulation of the United Kingdom, for the month ending the 22nd March, 1851. Circulation of Notes for the Month ending March 22nd, as compared with the previous month: The comparison of the month ending March 23rd, 1850, with the month ending March 22nd, 1851, shows an increase in the Bank of England circulation of £3,942, a decrease in Private Banks of £127,734, and an increase in Joint Stock Banks of £8,954; being a total decrease in England of £114,838: while in Scotland there is an increase of £39,614; and in Ireland an increase of £130,588. Thus showing that the month ending March 22nd, as compared with the same period last year, presents a decrease of £114,838 in England, and an increase of £55,364 in the United Kingdom. The return of Bullion in the Bank of England, for the month ending March 22nd, gives an aggregate amount in both departments of £14,421,827. On a comparison of this with the Return for the month ending Feb. 22nd, there appears to be an increase of £38,162; and a decrease of £2,781,284, as compared with the same period last year. The stock of specie held by the Banks in Scotland and Ireland during the month ending March 22nd, was £2,355,719, being a decrease of £5,619 as compared with the return of the previous month, and a decrease of £71,011 as compared with the corresponding period last year. Waterlow and Sons, Printers, 65, 66, 67 & 68, London Wall. THE BANKERS' MAGAZINE, AND Journal of the Money Market. JUNE, 1851. The Great Exhibition. NOTICE OF ARTICLES EXHIBITED, CONNECTED WITH BANKING AND MERCANTILE PURSUITS. "In what way can any of the articles collected at the Industrial Exhibition of 1851 be rendered especially serviceable to the interests of practical Banking?" -Question for the Prize Essay of £100. THE opening of the great Exhibition has enabled many of our metropolitan readers to form an opinion in answer to the question proposed as above. During the ensuing month, the greater portion of our country subscribers will, no doubt, avail themselves of the opportunity of visiting the magnificent display of the industry of the world, and they also will be in a position to give their answer to the inquiry. The mass of material, of every quality and description, which is brought under notice in the great Exhibition, is, however, so bewildering, and the difficulty of fixing the attention on any definite object is at first so great, that we believe we shall be rendering some assistance to those who wish that "practical banking" should benefit by the display, if we direct attention to a few of the objects more particularly connected with banking and mercantile pursuits, and describe briefly their merits and peculiar characteristics. As we have no intention of becoming a candidate ourselves for the prize offered in our own pages, we hope we may be allowed to notice briefly some of the articles which appear to us calculated to promote the interests of practical banking, without being thought desirous of interfering with the candidates who may compete as Essayists. Our object is to direct attention to those articles amongst the mass of materials exhibited, which have an especial reference to banking and mercantile pursuits; and as we have found some difficulty ourselves in discovering the situation of the articles to which we refer, we think our readers will be glad VOL. XI. 2 A to have their attention directed to the localities of the building, in which they may find articles connected with their business avocations. Before proceeding to describe the objects which have more particularly engrossed our attention, we should be neglecting a public duty, if we omitted to bear testimony to the admirable manner in which the whole of the business proceedings, connected with the Exhibition, have been conducted. The Executive Committee, and those who acted with them, have provided for every emergency, with so much foresight and skill, that the difficulties against which they have had to contend, are forgotten in the result. But those who know the nature of the difficulties, will appreciate the business talent which has been exhibited; and we are glad to have the opportunity of bearing our testimony to the ability which has characterized all the proceedings of the Executive, which have fallen under our notice. In the present paper, we purpose describing some of the interesting articles exhibited in the Crystal Palace, which have reference to the prevention and detection of frauds; the electric telegraph, and some minor objects of interest-leaving for notice hereafter a variety of objects connected with the improvement of bank buildings, and the dispatch of business, for which we cannot now find space. Our notice will include: 1. Improvements in paper for bank notes. 2. Detective paper for cheques and letters of credit. 3. Improvements in bankers' safes, strong rooms, &c. 4. Envelope machine. 5. Electric telegraphs. Improved Paper for Bankers' Notes. By favour of Mr. Saunders, the inventor and patentee of a valuable improvement in the manufacture of paper for bankers' notes, we are enabled to present our readers with several specimens of his note paper with the new water-mark. The specimens include 1. Specimen of the new water-mark in outline, suitable for bank notes and bills of exchange. 2. Specimen of shaded water-mark for a note. 3. Specimen of water-mark in outline on tinted paper. 4. Specimen of shaded water-mark as an engraving. It is well known that the paper and water-mark in the notes of the Bank of England present the chief difficulties to the forger, and that the excellence of the engraved plate and of the manu factured paper constitute the only real security against fraudulent imitation. The paper and water-mark of the Bank of England note are justly celebrated; but by the improvement of Mr. Saunders, it is possible to produce a bank note paper far exceeding in excellence that used by the Bank of England. The specimens annexed will themselves explain their own peculiar qualities; but the following succinct account, by a gentleman fully acquainted with the merits of the new paper, will direct attention to many points connected with the invention, which might otherwise escape notice. Case No. 160, of Section 17. The class of articles exhibited in this case is one which has always and justly been deemed of great importance to bankers. The articles relate to the identification of paper. This object has been, to a certain extent, obtained by the process of water-marking. Hitherto the mode has generally been by working the desired pattern in wire on the paper mould; difficult designs being obviously impracticable on this plan. A great, but very expensive improvement, and by which more intricate patterns can be obtained, was some time since introduced, by cutting steel dies, and therefrom stamping metal patterns. The mode patented and adopted by Mr. Saunders is, however, stated to be even less expensive than the usual water-mark at present adopted. Not only is the process more economical, but in artistic skill and size, the water-markings exhibited in the Crystal Palace are unique, a Cathedral and the Exhibition being represented in outline, nearly two feet square. There is also a beautiful small landscape, copied we believe from the "Wooden Bridge" in the Vernon Gallery. The specimens annexed to this number of the Banker's Magazine, will indicate, to those who may not have an opportunity of visiting the Exhibition, the delicacy of these tracings. In addition to these outline subjects (and we would particularly commend the "St. George and Dragon," shown in the case at the Exhibition, for its beautifully free tracery), the case on the right of the door leading to the Machinery Department at the end of Section 17, contains a series of what the manufacturer terms "shaded water-marks," and of which the female head attached to this number is a specimen. As matters of art, some of these "shaded water-marks" are highly praiseworthy, and if introduced into bank notes and papers of a similar kind, as proposed, forgery would seem to be rendered impracticable. We can scarcely conceive a greater improvement in the security of cheques and bills of exchange than the insertion of |