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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.
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248 THE LEADER , [ No . 465 , February 19 , 1859 .
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THE JOINT STOCK ; ' BANKS OF ' ¦ . . : LONDON . One of the most remarkable featui * es of modern trade is tlie 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 could not be established herethey were contrary to . law ,, which regarded the ni '¦ with abhorrence ^ as housewives regard yennin , and would on no account tolerate them . Even then the State ^—representing the whole people , whose rights had been sold for a very mengre ¦ 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 he established-in England with more than six partners . The original intention of the law was to secure si monopoly to the Hank of England , and as this was conferred in . reiur-n for . . a small loan to the State ,, the transaction-was considered to be a bargain , and as the Bank is itself a chartered joint stock bank , ; none other was allowed In Scotland , joint-stock banks were established very soon after the Bank of . ' -Mngland ; and they floiii-ished there in almost perfect liyedoin from that time to the pi'esent . 1 n somewhat different forms , too , joint-stock banks were established in other countries , and had been found , very useful . Our legislature , however , was not t-. iught the great injuriousness of its restrictions , till numerous and repeated disasters of . private banksbrought about in the main by extreme variations m the value of -securities and produce , : i -ansed . by its conduct—drove it toi * eview its own aefs . and led to the relaxation of tlic old monopoly . Jointstock banks were thereafter soon and eagerly established , because they were required in inOst of the large towns of the kingdom . They were not always well managed , and . the successive failures of the Bank of Manchester , the Hank of Liverpool , and the Great Northern Bank , taught the . public that the joint-stock principle did not necessarily ensure goodmanagement , and that , wanting correct knowledge and wise enci'gy , 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 t \ u > . metropolis . This was soon followed by the London Johu-lrxtock Bank , established in 1836 ; by the Union ami London and County Bank , established in 1830 , and by the Commercial in 1840 . Then there was a pause for u considerable period , till the mismanaged Royal British Bunk came to add to the conviction , that joint-stock bunking demanded above all things Uonosty , care , and discretion . Since 1 HiJ . 3 lour more banks havu been successrully established ,, and several attempts have been made to ostnblish others . Now wo are enabled to compile a table of nine successful jqint-stock banks existing in the metropolis alone , and illustrate by a iyw figures , in conjunction with the facts just stated , the injury of restrictions and the wonderful advantages ot freedom . The nine bunks belong , to 6 , 471 proprietors , who shaved amongst them , for the lmlf-ycar ended December 31 st , not profits to the amount ol 341 , 530 / ., some of it being appropriated toim-reuso their capital under thu nuino of a reserved lund , and 289 , 500 / . having been Jinndutl ovvr l <> tlwm "J bonuses and dividends . Only one , tin . Unity , pwd ho dividend ; the dividc'iulu of tin * oilw" •» tl 10 linlf-year varied between 1-flO nml 10 " -i / i l » vi- centon the pai < l-up oapitnl of the HhuroholdcrH . J | 0 rQsorved fund , <» r « um gained oiul put unidc by the several bunks to meet contingenoion nimiuntfl to
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Citation
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Leader (1850-1860), Feb. 19, 1859, page 248, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2282/page/24/
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