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248 THE LEA PER. [No. 465, February 19, ...
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THE JOINT STOCK BANKS ¦ . ¦ op ¦ ¦' . . ...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
248 The Lea Per. [No. 465, February 19, ...
248 THE LEA PER . [ No . 465 , February 19 , 1859 .
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The Joint Stock Banks ¦ . ¦ Op ¦ ¦' . . ...
THE JOINT STOCK BANKS ¦ . ¦ op ¦ ¦' . . ¦¦ . . ¦ LONDON . Oxe of the most remarkable features of modern trade is the . great success of the London Joint Stock Banks . The oldest of them has not yet been twenty-five years in existence . Till the year 182 G such banks eould not be established herc--they were contrary to law , which . regarded them with abhorrence , as . housewives regard vermin , and would on no account tolerate them . Even then the State—representing the whole people , wlio . se rights had been sold fora very meagre mess of pottage to the Bank of England—was obliged to ask its consent to repeal the law , or contract , of 1708 , and allow banks to be established in England with more than six partners . The original intention of the law was to secure a monopoly to the Bank of England , and as this was' , conferred in return , for a small loan to the State , the transaction was considered to be a bargain , and as the Bank i . s itself a chartered '' joint stock bank , none oilier was
allowed . In Scotland , joint-stock bnnks were established very soon after the Bank of England ; and they nourished there in almost perfect freedom from that time to the present . In . ' somewhat different forms , too , joint-stock banks were established in other countries , and had been , found very useful . Our legislature , however , was not .. taught the great injuriousness of its restrictions , till numerous and repeated disasters of private banks- — brought about in the main by extreme variations in . the value of securities and produce , caused by its conducts-drove it-to review its own acts , and led
to the relaxation of the old monopoly . Jointstock banks were thereafter soon and eagerly established ^ because they were .-required in most of the large towns of the kingdom . They were not always well managed , and the successive failures of the Bank of Manchester , the Bank of Liverpool , and the Great Northern Bank , taught the public that the joint-stock principle did not necessarily ensure good management , and that , wanting correct knowledge and wise energy , banks could no more be successful than legislation , or any other work of man . In 1833 an Act further relaxed restrictions and enabled joint-stock banks to draw bills on their London agents , payable on demand , for a less sum than 501 . ; and in . 1834 , the first joint-stock bank—The London and Westminster- —was established in the metropolis . This was soon followed by the London Joint-Stock Bank , established in 1836 ; by the Union and London and County Bank , established in 1839 , and by the Commercial in 1840 . Then there was u pause for a considerable period , till the mismanaged
Royal British Bank came to add to the conviction , that jo'int-stock banking demanded . above all things honesty , care , and discretion . Since 1835 four more banks have been successfully established , and several attempts have been made to establish others . Now wo are enabled to compile a table of nine successful joint-stock banks existing in the metropolis . alone , and illustrate by a few figure ? , > n conjunction with the facts just stated , < he injury of restrictions and the wonderful advantages ot
freedom . The nine banks belong to 6 , 471 proprietors , who shared amongst them , for the half-yenr ended December 31 st , net profits to the uinount <> l 341 , 530 ^ ., some of it being appropriaiod to increase their capital under the name of a reserved fund , anrl 289 , 500 / . having boon handed over tn tliein in bonuses and dividends . Only one , the Unity , paid no . dividend ; the dividends of tlio other * in the half-year varied between 1-50 and 16-20 J > t * i * cont . on the paid-up capital of the fthareholdors . The reserved fund , or sum gained nnd put aside hy the several bunks to meet contingonoioH amounts to
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Citation
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Leader (1850-1860), Feb. 19, 1859, page 24, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_19021859/page/24/
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