The Press. — London, England, 1855-11-24 00:00:00

• 1130 . _ UNITY JOINT-STOCK MUTUAL BANKING ASSOCIATION. PRINCIPAL OFFICES. UNITY-BUILDINGS, 8 and 10, CANNON-STREET, CITY. LEICESTER-SW:ARM BRANCH. 1, NEW COVENTRY-STREET, LEICESTER-SQUARE. CLOSING OF THE SHARE LIST. The Directors are happy to announce that, in consequence of the large number of shares that have been allotted and paid upon, the share list will be closed on Friday, the 30th November, after which date no applications will be received. Arrangements have been made which will enable the Bank to commence business early in January next. This Bank, to be incorporated by Royal Charter, is established for the purpose of founding the principle of MUTUAL BANK ING, whereby customers, who create the profits, become en titled 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 and the Shareholders. By Banks, however, to this period MUTUALITY has been neglected. The whole of the profits resulting from successful operations have been given to Shareholders only. ADVANTAGES OFFERED BY THE UNITY BANK. I. To Shareholders, five per cent. from the date of payment on all paid-up capital, as well as fifty per cent. of the profits. 11. To customers, iu addition to the ordinary amount paid on deposit and current accounts, interest on their cash balances, equivalent to fifty per cent. of the Fonts. This is the plan on which the UNITY 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 Bank, who thus become mutually con cerned in the extension of its business. It will be the means of opening up new business, preserving la connection once formed, Sand productive of practical benefits to the public generally. CONDITION OF LONDON JOINT-STOCK BANKS. The success of Joint-stock Banks in London is readily ad mitted, as well as proved, by the statements periodically issued by those great commercial institutions. In support of this the following table is submitted, showing the condition of each of the six tuetropolitan Joint-stock Banks which have published accounts, the original cost of the shares, their present market value, and the dividends payable thereon : . 01, 4, V = 1 •6 . 1 4: 1 6 . '2 A.c 5-3 ..:,., ;,. r, c..) p.. NAIII OF BANK. /114 .61:1 G . CIII ) ....'" . 12 rd'.", /0 .. 7 .., ,0 ' 0 0 ,0 zr 4 44 a d. a 2 •E: ' 4 a, _ a 1.. 4 a s i 8 London & Westminster 1834 1,000,000 20 47 16 d London Joint-stock ....,:895 600,000 10 321 25 Union Bank of London:l939 422,900 10 30 20 it, I..ondon and C0unty....!1839 994,135 20 39i 12 I t, Commrcial. B. of LondonlB4o 300,000 20 31 10 1 ., } Royal British Bank .... 11 1849 100,000 00 .. 6 ,t. The above Banks publish the following facts with regard to their positions:— I. The entire amount of subscribed capital in the six Joint• stook Banks in London is 12,704,2001. _ _ 11. The amount thereof paid up is 2,817,0351. 111. The amount of deposits, or customers' balances, is 29,376,4101. IV. The total number of Shareholders is 4,097. V. The uumber of shares issued, 167,08 t. . Thus is presented proof of known security, extent of business, and general financial resources. These establishments hold half-yearly meetings, and lay before their connections full ac counts of their progress and general operations. This course cannot fail in inspiring with confidence all who have any deal ings with them, while it gives to the public the means of forming an opinion as to their responsibility. INCREASED VALUE OF JOINT•STOCK BANK SHARES. It Is proved to demonstration that Joint-stock Banking, under proper supervision, affords a most legitimate and unusually pro fitable field for the investment of capital. The dividends paid by the Banks above quoted vary from 6 to 25 per cent., and the latest quotations of their shares show an increase of from 55 to 295 per cent, on their paid-up capital. The real increase, how ever, in the value of the shares may be better understood by the fact that the paid-up capital of these six Banks is 2,817,0351., and that its present market value is 8,911,1161. It has thus in creased two-and-a-half fold, au that every 11. has now become 21.105., and there is every prospect of this amount continuing to increase in value. COURT OF DIRECTORS OF THE UNITY BANK. OOVEIINOR. J. J. MECHI, Esq., Tiptree-hall, Kelvedon, Essex. WILLIAM JOSEPH BRUCE, Esq., IC, Duke-street, West minster, and 4 A, Hyde-park-place, Cumberland-gate G. L. P. EYRE, Esq. (Messrs. TAnder and Eyre), I, John-street, Bedtbrd-row THOMAS CARLYLE HAYWARD, Esq (Messrs. Hayward and Sons), 98, Minories, and 3, Higbbury-park North MAJOR HENRY STONES, LL.B., 38, No 1, Re- gent's-park. . ROBERT GARLAND, Esq., Thames-chambers, York-buildings, Adelphi, and BeMore-lodge, Highbury THOMAS H. BAYLIS, Esq., Cannon-street, City, and 4, Not. tingham-terrace, York-gate, Regent's-park 1)R. LLOYD, 4, Suffolk-place, Pall-mall ROBERT JAMES SNAPE, Esq., 2, Stone-buildings, Lincoln's inn EDWARD GOULD BRADLEY, Esq., Heathland-lodge, Hampstead MAJOR MARTIN MULKERN, Ightfield-house, Alsop-terrace, Regent's-park. BANKERS. THE LONDON AND WESTMINSTER BANK. SOLICITOR. THOMAS TAYLOR, Esq., 275, Bucklersbury, London. BROKERS. Messrs. R. and J. SIITTZ)W;27,fIoyaI Exchange, London, GENERAL MANAGER. GEORGE CHAMBERS, Esq. (from Messrs. Barnet, Hoare, and Co.) SECRETARY. HENRY LAKE, Esq. THE PRESS. Each of the Directors is duly qualified, haying subscribed for twenty shares, and paid the deposit of 1,0001., iu accordance with the Deed of Settlement. THE NEW PRINCIPLE INTRODUCED BY THE UNITY BANK. 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 50 per cent. being given to the customers of the Bank. This idea can only have arisen, how ever, from the want of a careful consideration of the whole sub ject. In the first place, it is necessary to remember from whom the profits of a Sauk are derived. They are not wale from the share capital. The viny first ingredient for the formation of profits is a customer. The amount of profit must, therefore, be governed by the amount of business transacted; and the larger the business, provided it be properly conducted, the larger will be the profits. It must be borne in mind, also, that the real ex tent of the dividends must depend on the number of cents. of profits, and that 60 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 busitiess 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 accommoda tion, or some particular and increased rate oi interest, or by any departure from that sound system of Joint-stock Banking which has stood the test of years of experience, and procured so great prosperity. But it should be, as it is iu the Unity Bank, an ad vantage which interferes in no degree with established princi ples, 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, by way of bonus, to their assurers; and so general has become the recognition of the right of the assurer to ibis participation, 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 ought also to be participators in its pro sperity. It has been asserted, also, that the 50 per cent. of the profits proposed to be divided, while it would detract from the profits I the Shareholders, would be but a trifling benefit to the customers. It might. iu the first place, be replied that no benefit is considered "trifling' by those who rightly estimate pecuniary affairs; that the benefit, if 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 the profits which will be made. On the other hand, it must be remembered that hitherto persons have taken their banking account where personal feeling, accom modation, or zonvenience of locality might lead them. Now, for the first time, by the introduction of the principle of mutuality, self 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 the Unity Insurance Associations iu all parts of the country, who have a peculiar identification with and interest in its success, it may fairly be stated, that antece dent data are not sufficient to form an estimate of the advantages which both the Shareholders and customers will derive from the Unity Beek. - - - - Great difficulty exists in estimating the effects likely to be pro duced 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 its simplicity and advantages are at once to be seen and appreciated. To those great commercial bodies which are compelled to have large cash balances constantly at their bankers', it will prove to be a serious consideration, and a most important source of profit. The railway, dock, gas, water, steam navigation, insurance, and other companies, professional men, merchants, brokers, gentlemen of fortune, and traders of all kinds, will duly estimate the difference in the system now propose'l from that heretofore existing. In fine, as Joint-stock Banks became a public neces sity, as is now proved, so will the principle of mutuality—where by these admirable institutions may be rendered still more ser viceable to the public, and in no way less safe—demand the best consideration of the community at large. BUSINESS TO BE UNDERTAKEN. All the usual business of banking will be undertaken; and arrangements will be made for extending the transactions of the Bank in every desirable quarter. CURRENT ACCOUNTS will be made up half-yearly, namely—to the 30th of June and the 31st of December, and interest will be allowed at the rate of 21. per cent. on them. DePosrr ACCOUNTS.—With respect to these, the rate of in terest allowed on money placed at seven days' notice will be 11. per cent. under the rate of discount on first-class bills adopted by the Bank of England, regulated thereby. The Bank will give receipts for the sums so deposited, or, for the convenience of de. positors leaving England, promissory notes or bills, including interest as well as principal, at not less than six months' date. - - The Bank will undertake the agency of country and foreign Banks, whether joint-stock or private, and will afford every ac commodation to travellers and others with respect to circular notes and letters of credit. It will receive all kinds of income for its customers, including annuities, dividends, military, naval, and civil officers' pay. It will undertake the sale and transfer of stock in the public funds, &c.; and will be respon sible for the safe custody of title-deeds and other securities be longing to its customers, to which they will at all times have convenience of access. Applications for prospectuses and forms of application for the remaining shares to be made to Messrs. R. and J. Sutton, Stock Brokers, 22, Royal Exchange; or to the Secretary, at the prin cipal Offices, 10, Cannon-street, City. HENRY LAKE, Secretary. FORM OF APPLICATION FOR SHARES. TO THE DIRECTORS OF THE UNITY JOINT•BTOCX MUTUAL BANKING ASSOCIATION. Gentlemen,—l request that you will allot me shares of 1001. each in the above Association; and in consideration of such allotment, or any less number you may appropriate to me, I hereby undertake to pay the deposit, or first call of 101. per share thereon, and 401. at the time of incorporation. I further undertake to execute the Deed of Settlement when required. Dated this day of , 185 . Reference Names (in full) Residence Profession or trade Place of business SATURDAY, UNITY JOINT-STOCK MUTUAL BANKING ASSOCIATION. Principal Ofilces:—UNlTY-BUILDINGS, 8 and 10, Cannon street, City. CLOSING OF THE SHARE LIST. NOTICE is hereby given, that no further 'pollutions for SHARES In this Bank will be received after FRIDAY, the 30th of November. By order, HENRY LAKE, Secretary. ilnitybuildings, 9th November, labb. PROFESSIONAL LIFE ASSURANCE COMPANY, admitting on equal terms Persons of every Class and Degree to all its Privileges and Advantages. Offices, 76, CHEAPBIDE, London. (Incorporated.) DIRECTORS. Chairman—Major H ENRY STONES, LLB. Deputy-Chairman—JAMES ANDRKW DURHAM, Esq. Wm. Wellington Cooper, Esq. Rev. H. Hamilton, De Yowl. Andrew Durham, Esq., of Bath terr., Kingstown, near Dublin and Belfast Captain E. Nash Norcott, R.N. Rev. J. Glendall, M.A. Thos. George Williams, Esq. Jacob Moutonlore, Esq. E. Gamaliel Winthrop, Esq, AUDITORS. George Ben, Esq., 18, Par lirederick Wollatt, Esq., Crown ment-street I court E. W. G. Evans, Esq.. 15, Basinghall-street. Manager—Ben. Massey, Esq. Physicians—Thomas Alfred Barker, M.D., 71, Lower Grosvenor. sheet; Wm. W. Gull, M.D., Guy's Hospital. Surgeon—W. White Cooper, Esq., F.8.C.5., 19, Berkeley-square. Bankers—The Commercial Bank of London. Solicitor—Edward M. Elderton, Esq., 3, Lothbury. With a numerous and influential Proirieteli and Shareholders. There are two important clauses In the Deed of Settlement, by which the Directors have power to appropriate one-tenth of the entire profits of the Company :- Ist. For the relief of aged and distressed parties assured for life, who have paid five years' premiums, their widows and orphans. 2nd. For the relief of aged and distressed original Proprietors, assured or not, their widows and orphans, together with five per cent. per annum on the capital originally invested by them. No extra charge for going to or residing at (in time of peace) Australasia, Bermuda, Madeira, Cape of Good Hope, Mauritius, and the British North American Colonies. Medical men in all cases remunerated for their report. Assurances granted against paralysis, blindness, accidents, insanity, and every other affliction, bodily and mental, at mode rate rates. . . . A liberal commission allowed to Agents. Annual Premium for assuring £lOO, namely:— Age. £ a. d. Age. £ s. d. 20 ll3 0 40 216 6 30 2 2 0 50 4 2 1 Prospectuses, with tables and fullest information, may be bad at the Offices of the Company, or of any of their Agents. Applications for Agencies requested. BEN. MASSEY, Manager. Offices, 76, Cheapside, London. ARGUS LIFE ASSURANCE COMPANY, 39, Throgmorton•atreet, Bank. CHAIRMAN—THOMAS FARNCOMB, Esq., Alderman. DEPirrv-C HA I RMAX—W ILLIAM LEAF, Esq. Richard E. Arden, Esq. Rupert Ingleby, Esq. Edward Bates, Esq. Thomas Kelly. Esq., Ald. Thomas Camplin, Esq. Jeremiah Filcher, Esq. James Clift, Esq. Lewis Pocock, Esq. John Humphery, Esq.. Ald. PHYSICIAN—Dr. Jeaffreson. 2, Finsbury-square. SURGEON—W. Coulson, Esq., 2, Frederick's-place Old Jewry. CONSULTING ACTUARY—Professor Hall, M.A., of King's College. ADVANTAGES OF ASSURING WITH THIS COMPANY. The Premiums are on the lowest scale consistent with security. The Assured are protected by an ample subscribed capital— an Assurance Fund of nearly 400,0001., invested on mortgage,and in the Government Stocks—and an income of 80,0001. a year. Premiums to Assure 1001. I Whole Term. One Year. iSeven I* - iiii Pr. Without Prollts 20 30 40 50 A 0 17 8 1 1 9 1 6 0 1 14 1 9 2 4 10 19 9 1 2 7 1 6 9 1 19 10 3 17 0 El 15 10 2 5 5 3 0 7 4 6 8 6 12 9 ,61 11 10 2 0 7 2 14 10 4 0 11 6 0 10 MUTUAL BRANCH. Assurers on the Bonus system are entitled at the end of five years, and afterwards annually, to participate in four-fifths or 80 per cent. of the profits. The profit assigned to each policy can be added to the sum assured, applied in reduction of the annual premium, or be received in cash. At the first division a return of 20 per cent. in cash on the pre miums paid was declared ; this will allow a reversionary increase varving, according to age, from Ghto 28 per cent. on the premiums, or from 6 to 15 per cent. on the sum assured. One-half of the " Whole Term" Premium nay remain on credit for seven years, or one-third of the Premium may remain for life as a debt upon the Policy of 5 per cent., or may be paid off at any time without notice. Claims paid in oue month after proofs have been approved. Loans upon approved security. No charge for policy stamps. Medical attendants paid for their reports. Persons may, in time of peace, proceed to or reside in any part of Europe or British North America without extra charge. The medical officers attend every day at Throgmorton•street , a quarter before 2 o'clock. E. BATES, Resident-Director. SCOTTISH EQUITABLE (MUTUAL) LIFE ASSURANCE SOCIETY. Established 1881. At Ist March, 185 S, the amount of the Accumulated Capital exceeded £910,000 And the Annual Revenue exceeded The amount paid to the Representatives of Deceased Members was upwards of 606,000 This affords the strongest evidence of the continued prosperity of this Institution, and of the immense benefit to the Families of Deceased Members. For Prospectuses and all Information apply to WILLIAM COOK, Agent. 126. Bishopegate-street. London. THE ONLY STOVE WITHOUT A FLUE. JOYCE'S PATENT.—For warming Churches. Hans, Con• ervatorles. Shops, 'Water-closets, &c. &e. Sole Proprietor, S. NASH, 263, Oxford-street, and 119, Newgate-street, Ironmonger. S. NASH manufactures a portable VAPOUR BATH,recommended for Invalids, &c. .to., by medical authorities, price 11.11 s. 6d. — Prospectuses by post, tree. t