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UNITY JOINT STOCK MUTUAL BANKING ASSOCIATION . PRINCIPAL OFFICESUnity Buildings , 8 and 10 , Cannon-street , City . LEICESTER-SQUARE BRANCH . 1 , New Coventry street , Leicester-square . CLOSING OF THE SHAKE LIST . The directors are happy to announce that , in consequence of tht laree number of shares that have been allotted and paid upon , the share list will be closed on Friday , the 30 th November , after ¦ which date no applications will be received . , Arrangements have been made which will enable the bank to commence business early iu January next . This bank , to be incorporated by royal charter , is established for the purpose of founding the principle of MUTUAL BANKING , whereby customers , who create the profits , become entitled to a participation in them , by way of interest on their cash balances . The principle of mutuality has been for many years acted on by insurance companies , and their policy-holders have participated to a very great extent in the bonuses , with much advantage to the institutions ai . d the shareholders . By banks , however , to this period , MUTUALITY has been neg ' ected . The whole of the profits resulting from successful operations have been given to shareholders only . ADVANTAGES OFFERED BY THE UNITY BANK . I . To shareholders , 5 percent ., from the date of payment , on all paid-up capital , as well as 50 per cent , of the profits . II . To customers , in addition to the ordinary amount paid on deposit and current accounts , interest on their cash balances , equivalent to 50 per cent of the profits . This is the plan on which the Unit * Joint Stock Mutual Banking Association is established . By it is created , for the first time , an identification of interest between the customers and shareholders of the bunk , who thus become mutually concerned in the extension of its business . It will be the means of opening up new business , preserving a-conn . ' ction once formed , and productive of practical benefits to the public generally . CONDITION OF LONDON JOINT STOCK BANKS . The success of joint stock banks in London is readily admitted , as well as proved , oy the statements periodically issued by tuose great commercial institution-. In support of this , the following table is submitted , showing the condition of each of the six metropolitan jomt-stoclc banks which have published accounts , the original cost of the shaie ? , their present market value , and the dividends pa . » able thereon : — I o l " ° |* S -a ji »* imi &j * Name op Bank . ' * t % ra ' H . ^ aj ^ , ( o & ° ! s « j ^ J | f ! fj £ & £ London and Westminster I 83 i 1 , 000 , 000 20 47 16 c London Joint Stock 1836 600 , 000 10 32 ^ 25 I « Union Bank of London ltfH 9 422 , 900 10 30 20 ( S . London and County 1859 334 , 135 20 39 i 12 f ~ Commercial Bank ot London ... 1840 3 : 0 , 000 20 31 10 1 ^ ¦ Royal BrilUh Bank 1849 100 . 000 50 ... 6 g , ¦ The above banks publish the following facts with regard to their positions : — I . The entire amount ol subscribed capital in the six jointstock banks in London is 12 , 704 , 2002 . II . Th ( ji amount thereof paid up is 2 , 817 , 0357 . III . The amount of deposits , or customers' balances , is 29 , 376 , 410 ^ IV . The total number of shareholders is 4 , 007 . V . The number of shuivs it-sued , 187 , 081 . Thus is presented proof of kuowu security , extent of business , and general financial resources . These establishments hold half-yearly meetings , and lay before their connections full accounts of their progress and general operations . This course cannot fail in inspiring with couiidonce all who have any dealings with them , while- it gives to the public the means of forming an opinion as to their responsibility . I NCREASED VALUE OF JOINT STOCK BANK SHARES . It i 9 proved to demonstration , that joint stock banking , under proper supervision , au " oi-ds a most legitimate and unusually profitable field for the investment of oapital . Tho dividends paid by tho banks above quoted vary from ( 5 to 25 per cent ., ana the latest quotations of their shares ahow nn increaso of from 55 to 225 per cent , on tho puiJ -up onpitul . The real increase , however , in the value of tho shares may bo better understood , bv the fact that the puid-up capital of thoRe six banks is 2 , 817 , 035 / .., and that its present market value is 0 , 912 , 1 Hit . It has thus increased tvvo-anu-n-hulf fold , so tbnt every 1 / . has now become 21 . 10 fl . and there is uvery propeot of this umonut continuing to inCr c OUUT " oi « ' DIRECTORS OV THE UNITY BANK . OOVKKNOIIS . J . J . Ml'X'IU , E « i , Tiptrec Hull , Kolvodon , Eseox . ' WILLIAM JiSlil ' it UUL'C'IC , Ks < i ., 10 , Duko-street , Westminster , and Ia , Hyde-purk-placi ' , Cumberland-gate . G . L . P . EYitJi , Kaq . ( Mesa . Trmdur m » d Kyro ) , 1 , Johu-stroct , Bedford-row . THOMAS OAHLVL 12 HAY WARD , Esq . ( Messrs . Ilaywordnnd Bans ) , i )\ i , Mlimri a ; and ; l , Highbury-park North . MAJOK IIliNKY STONE * , LL . li ., ail , Nottingham-place , Regent ' s-purk . ROBERT GAUL AND , Esq ., Thnmes-chambera , York-buildinga , Adelphi , und BiJiluro-lodgo , Hinnbury . THOMAS 11 . IIAVLIS , lisii ., Caiiuon-atrtet , City ; and 4 , Nottingham-lerrncu , Yurie , unto , Hegoiil'Mpark . Dr . LLOYD , -1 , HulVolk-place , I ' all mull . ROBERT JAillCri BNAl't , E .-q ., 12 , « tonc-bulldings , Lincoln ' s " inn . EDWARD CiOULO Bit ADLEV , Ew . j , IIcnthland-lodg , Hnmpetcad . MAJOR MA 11 TIX MULKJERN , Itfhtfleld-hoiue , AJUop-toiTAco , Rcgont ' a-purU . IIANKEltS . THIS LONDON AND v \ E . iTMINSTER BANK . . bOl . lOHOU . THOMAS TAYLOR , ICiiq ,, Zlk , BuclUorsbury , London . MUoUBUP , . Mcssra . R . and J . SUTTO s fi . Royal KxclianRO , London . Gbnjsiiai . Mamaqi JU . —U 1 SORUJ 4 OUAMIJKUa , Ksij . ( from MuHurv . iiaruuit , Home , and Co , ) SxoubTAKx . —HiilNUY LAK . K , Kbq . Each of tho dlrvuiora ia duly quuliUuri , having uubaoribed 'for twenty Buuren , and puld tko Uoj > o « it oi 1 , 000 / , In accordance with the deed of BOiUement ,
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THE NEW PRINCIPLE INTRODUCED BY THE UNITY BANK . jj- Regarding- the distinctive principle of the Unity Bank , It has been suggested that there must be a detraction from the profits of the shareholders , by reason of SO per cent , being given to the customers of the bank * . This idea can only have arisen , however , from the want of a careful consideration of the whole subject . In the first place , it is necessary to remember from whom the profits of a bank are derived . They are not made from the share capital . The very first in gredient for the formation of profits is a customer . The amount of prolit must therefore , be governed by the amount of business transacted , and the larger the business , provided it bo properly conducted , tho larger will be the profits . It must be borne in mind , also , that the real extent of ¦ the dividends must depend on the number of cents ., of profits , and that .: 0 per cent , of the profits , extending over large ' transactions , may be far greater than 100 per cent , derived from more circumscribed business . If , then , the customers of ' a bank constitute its profits , the customers should be induced to transact their business with the bank , and thereby the profits of the shareholder , instead of being reduced , will be augmented . The inducement held out to the customer , however , should be such as does not involve or complicate the business of banking . It should not be by the promise of some peculiar accommodation , or some particular and increased rate of interest , or by any departure from that sound -ystem of joint-stock banking which has stood tho test of years of experience , and procured 8 . O great prosperity . But it should be . as it is in the Unity Bank , an advantage which - interferes in no degree with established principles , but merely allocates a portion of that which has already been declared to be profit to those who have been the makers of it . Assurance companies have been accustomed to apportion certain of their profits , bywa . y of bonus , to their assurers ; and so general has become the recognition of the right of the assurer to this partici' pation , that no assurance association would now be established without this essential to success . The justice of the principle consists in this—that as the assurers make the profits of the company , they ought to be participators in its prosperity . What is just in assurance will be found just also in banking . The customers of a bank make the profits of the bank , and they oufjht also to be participators in its prosperity . It has been aserUd , also , that the 50 per cent , of the profits proposed to be divided , while it would detract from the prolits ' of the shareholders , would be but a trifling benefit to the cus- ' tomers . It might , in the first place , bo replied that no benefit is considered " trifling " by those who rightly estimate pecuniary ' affairs ; that the benefit , it trifling , is in addition to all the other benefits usually derived by banking at a joint-stock bank ; and that no correct data can yet be formed of tho profits which wiil be made . On the other hand . it must be remembered that hitherto persons have taken their banking account where personal feeling-, accommodation , or convenience of locality , might lead them . Now , for the first time , by the introduction of the principle of mutuality , sell-interest is appealed to . And - ^ when , to the large number of the public attracted by this all- „ powerful stimulus , is added the number of the connections of s the Unity Insurance Associations in all parts of the country , who have a peculiar identification with and interest in its success , it may lairly be stated , that antecedent data are not surrieient to form an estimate of the advantages -which both the shareholders and customers will derive from the Unity Bank . f Great diflieulty exists in estimating the effects likely to be produced by the establishment of this new and most desirable feature in banking . It is one that must become highly popular with every commercial interest , and with every class of the public , because the simplicity and advantages are at once to be t j been and a * preciated . To tho-e great commercial bodies which arc compelled to Jwve large cash bulanccs constantly at their bankers' , it will prove to be a serious consideration , and a most important source of prorit * The railway , dock , gas , water , steum navigation , insurance , and other companies , professional men , merchants , brokers , gentlemen of fortune , and traders of all kinds , will duly estimate the difference in tlie system now proposed , from that heretofore existing . In fine , as joint stock baults become a public necessiiy , as is now proved , so will tho principle of mutuality—wher .-by _ these admirable institutions may ho rendered still more service ,-able to the public , and in no way less safe—demand the best con- I sideration of tlie community at large . J BUSINESS TO BE UNDERTAKEN . L All the usual business of banking will bo undertaken ; and u arrangements will bo made for extending tho transactions of the h Bank in every desirable quarter . Cuuubnt A-CCounts will bo made up half-yearly , namely— si to the 30 th of June and the 31 st of December , and the intercut v , will be allowed at tne rate of % l , per cent , on them . Diu'osit Accounts . —With respect to those , the rate of in- C tcrest allowed oh money placed at soven days * notices will bo 11 . C per cent , under the rate of discount on first-class lillli adopted by tho Bank of Kugland , regulated thereby . Tho bunk will give receipts for tho sums so deposited , or , for tho convenience of dopooitor . i leaving England , promissory notes , cr bills , Including interest as well as principal , i \ t not less than nix months J . uato . , i . , ' ' ' Tho bank will undertake tho agency of country and foreign HJ bunka , wlietlior joint stock or private , and will uflbrd uvery uc- n commodutlon to travellers and others , with rcHpuct to circular ^ notes and letter of credit . It will receive all kindn of income for Its custoiuei'H , including annuities , « livi < lencln , military , naval , and civil omoern * pay . It will undeitalic the h « 1 c and truiiHKr oi slock in thu public-funds , &c . ; and vill bu ivspontdble for tho "W sale custody of title dooilH und other securities belonging to iln X . customers , to which they will at all times huvo convenience of fdt acccbS . ,, . , ,. l- ' i Applications lor prospectuses und forinn of application lor tlie . ft , remaining sharus , to bo inudo to Mumm . It . and J . Sulton , stock u broke , b ,-2 ^ Royal Exchange j or to tlio scerotnry , Jitiho principal „ , omces , 10 , Ciuinon-stroot , City . —IIKNRY LAK . K , Secretary . tc POHM OP APPLICATION FOR SHARKS . TO TUB PIBilClOIta OJf TUH UM 1 TX JCIMT-STOCK MUTUAL BANK- p | INO ASSOCIATION . ' Gentlemen , — I request thut you will allot mo nhurofl ol r UHH ouoh in tho above aflsooialion ; and in consideration ol euoh J allotment , or uny loss number you may appropriate to ino , 1 N horcby undertake to pny tho d « noait , or llrut cull of UH . per g , share thorcon , und 4 i ) l , at the time of incorporation . 1 furllur at uudorUko to exueuto tho deed of Bottleniont when required . w Dated this day of , ISO *' Referenco Names ( in full ) - Residence ( Profession or trade £ l'laoo of bualneBH I UNITY ~ *~ —JOINT STOCK MUTUAL BANKING AS 8 OCIATI 0 W ni I ' rlnoipul Oillo «< n : Unlty-buildlngo , » auu 10 , Cimuon-strect , City . i » CL . OHINU OF THK 811 AKK LlfcJT , UNOTIOK i ^ b-oruby given thut no further application » Pr SlIAltliH in this Uunk will borccolvcd after FrlUay , tlio aoili ox tl Novombor . By Onto " , HISISKYLAKE , Socrctury- L Unity Buildings , ft'l Forjrubor , lfl » 0 . r s :. e ¦ s I , j ! . I > l ' > [ , . i 1-rIho lll ' ° Su wa ^
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, . r THE MISCELLANEOUS WORKS OF W \ , M . THACKERAY . This day is published , in crown 8 vo ., price 6 s ., VoL I . of s lVfJSeELLANIES . By W . M . TaAckBRAi . e ¦*¦*¦* - " Vomjmb I . contains—THE BALLADS—THE HOOK OF SNOBS—MAJOR :. GAHAGAN—THE FATAL BOOTS , A 3 STD COX'S DIARY . e Buabbuht & Evans , 11 , Bouvcrie-street . b ¦ —— : ,
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s d - , s CHEAP EDITION OF DR . CHALMERS'S WORKS . Justrea . dy , Vol . VI ., cloth , price Cs ., I "P VIDENCES of the CHRISTIAN REVELAf M-J TION , LECTURES on PALEY'S EVIDENCES , and the , CHRISTIAN'S DEFENCE AGAINST INFIDELITY . j Edinburgh : Thomas Constable and Co . London : Hamilton , ! . Adams , and Co . i _—___ _ .
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- j Just published , price 6 d . NOTE S for HOME CIRCULATION . By A , B , and C - I London : Effwoham Wiijson , Royal Exchange .
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- Just . published , fcap . 3 vo , cloth , price 3 s . > 'W'HAT is TRUTH ? "We discern gleams of » » a dawning faith more expansive and more humane than l church or sect has yet conceived . "—Lender . ' London : John Chapman , 8 , King- William-sfrei't , Strand .
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- > This day is published , post 8 vo ., price 2 s ., THE SUBJECTIVE LOGIC of HEGEL , " Translated by H . SLOMAN , Dr ., aid J . WALLON . Re-[ vised by a Graduate of Oxford . To which arc added some Re * , marks by II . S . . London : John ChatmAK-, 8 , King William-street , Strand .
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¦ ' ' ' ; rf ' i This dav is published , Two Vols . 8 vo ., cloih , 14 s ., AGE , AUTHORS , and AUTHORITY of the PENTATEUCH . INTRODUCTION to tho BOOK of GENESI " , with a Commentary on the Opeung Portion . From tho German of Dr . PETEK VON liOHLEN , late Professor of Oriental Languages and Litenitnre in the University of Konigabcr s . Edited by JAMES II ISVWOOD , M . P ., F . ltS . London : John Chapman , 8 , King Wiiliam-stroet , Strand .
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- ^ „ This day is published , prico 23 ., POL ITICAL ECONOMY and REPRESENTATIVE GOVERNMENT in AUSTRALIA "These tracts were printed before the lamented death of Sir Willi : iTn Molesworth had deprived the Colonies of the right man in the right pluce . " The inscription is retained , because the sentiment which inspires it endures . " James Ridgway , Piccadilly .
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f t j London : W . Kent and Co ., 51 and 52 , Patcrnostor-row . TRA CTS for the PRESENT CRISIS . By Sir ARTHUR HALLA-M ELTON , Bar .. Just Published : No . 31 Leading Articles on Ma lateral Oppression . ( Illustrative of the style of a certain , leading journal . ) 32 . At Whose "Expense are we Fighting V 3 !> . -Schools for Pauper Children 34 Tho reason why Russia does not sue for Peace . 35 . Tho present Aspect of the War . 3 ( i . Midnight Colloquy with a Journalist . Tho llrst aeries is now complete , price Id . each , or 9 d . a dozen . A second edition of the earlier Tracts is in tho press . Published by Keiiblakb , Park-street , Bristol ; and sold also by BahtiiEtt , I ' atornostor-row , London .
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_ I J L u h ' si v , C C R OBERT OWEN'S WORKS ; explanatory of thu SURROUNDINGS required to produce the MILLENNIUM IN PRACTICE , or tho " Now Existence of Man upon tin- Earth ; " with some curious NEW . SP 11 UTUAL MANIFESTATIONS . Part 7 now published , prioo 2 s . Those desirous oi understanding tho revolution now in rapid progress over tUo civilised world , should road and study Micho Works . London : Published by Hoi-toaku & Co ., 117 , Fleet-street ; Clayton & Son , 223 , Piccadilly ; liny wood , Manchester ; GunsT , Birmingham ;' SxuAKT , Liverpool ; David Ghken , Leeds .
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J . ' ' ' HJ n ^ Just published , prico 2 a ., post freo , ' Jn . « d . AN ESSAY ON SPERMATORRHOEA ; ifs Naturo un . l Troiitiucnt , with an exposition of tho Frauds thut m « practi-ed by p , and effectual euro of Nervous Dor . m ^ -ni . nt . By aMKMUEK OF THE litlVAL COLLEGE Of PllYSIClANtf , London .
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"W X . fdt l- ' i ft u „ , tc p | Italian and Frencli Languagea . MR . A It It IVAH E N E , D . LL ., from the UnlvorHlly ol Pultiu , who hua lie « in tituubllnliud . in Lnmloii f « r throo yenrs , Hives private Iohbouh in Itullnit nnd 1-ronch ut , his own Iioub .-, or ihn liourto oi Iiih puiilla . Ho rIho nttoiulB Hchoolrt both Iu town and country . Mr . ARHIVAlll-Ni : UiiichcH on a plun thoroughly pruaUuul , mid tho most nifdiocro mind cannot toll to thoroughly comprehend hia ' ° Apply by letter to Mr . A . IUUVABJSNE , No . 4 , St . Michaol ' sniaci < . Broinnton . . _ .
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' r J N g , at w *' THE IIACKNKY urul G UILDFORD FSrATIH . -Tho COKSEKVAT 1 VK LAND HOCIKTY . — NextThurMdiiy , November 'il <\ , at thoOIHcoh . »» , Norfolk- « troot , Su « ml , L > ndLn the llaokuoy KatuU-, lii MidUIOM x , elt-o lj . tho auulo . ol tho' 'North Lo . i . Um" or "All round the Town Ra Iway . audtho Qulldftird li . tuto , Wc « t Murrey , "III bo nltotKA Kor ihtiifl and Information to oht « ln p ! otn m >> y ta l CHARLEH LKWIH OKUN MIttuW , fluop-lmy .
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- ( £ ni i » tl L oTTu T H AUS T It ALUN UANJUiN M O COM PANIC . Incorporated » iy Hoyiil i '" 'i : * * throuKb Uio Bniik ' B Agontf . No 04 Old Broad Mrcot , Apply « t Uio C « mimny » U {]^^ VUIW X , M « uiatfcr . LC Lon O dOn , November , WOO . ... ,. / .. ••*¦• . i . « ' .. ) .. in r ' ' . " > , i " .. v ; ¦'•***>»»*
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Nov . 17 , 1855 . ] - THE LEADER . ' 1115
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Citation
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Leader (1850-1860), Nov. 17, 1855, page 1115, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2115/page/23/
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