The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1858-04-13 00:00:00

BLANDFORD.

Baffin°. —ThenecessaTT tr-a-n-fiie.r of manyaocounts
from Oak and Snow's bank to one or other of the two
Joint Stock banks established in the town, and the
fact of public attention having been lately auspi-
ciously attracted to banking matters, have naturally
given rise to grave considerations relative to the
soundness and commercial adaptability of banking
systems generally, and especially of that one carried
out by Joint Stock banks. Theee considerations in
the public mind will appear reasonable enough, when
it is remembered that the failure of Oak and
Snow's bank has irrecoverably overthrown the sys-
tem of private banking represented by them, and, as
a consequence, given an all but absolute monopoly of
the monetary transactions of this town and neigh-
bourhood to the two Joint Stook banks established
here. This will by no means be regarded as an un-
favourable consequence of the &dime, especially
looked at in relation to tie disclosures that have been,
and are likely to be made relative to private bank-
ing business, as conducted in this place; still less,
when, as in our opinion, the system characterizing
Joint Stock banks, as indicated rather than as fully
developed, is likely to iruperede all others, and to
become in time the universal banking system of this
country. There are, however, features character-
izing the conducting of Joint Stock banks in the
country. of which that portion of the commercial
community immediately affected by them justly
complain. The local identification instanced by
private banks ever proved a mum tending to
enhance their popularity and credit. This local
sympathy country Joint Stock hanks are too much in
the habit of indifferently regarding. They make
their branches feeding sources alone to support their
giant outlays of capital at head office; and thus the
developing agency of such banks on country trade is
frequently negatived by the desire of the governing
body to invest largely or accommodate extensively.
This course mast have a tendency to impoverish
country districts by the abstraction of their capital.;
whereas it appears to us that the branches of such
banks alone properly occupy their respective spheres
of action by applying the monetary resources at
their command in developing the legitimate trade
enterprise struggling for success in their immediate
localities. If legitimate banking is properly confined
to advances being fully covered by securities, and
those securities are occasionally made up of the
known moral character, trade habits and nature of
the business transactions engaged in by borrowers,
then there is no sphere of banking operations where
a knowledge of these personal and trade character's.
tics can be so readily obtained, and of so reliable a
nature as in country districts. It will no doubt be
argued that the profit& arising from such an employ.
meat of banking capital, would not be sufficient to
allow of large dividends being paid to shareholders.
To such an argument we would say, so much the
better; although it is a matter of doubt whether the
profit/ made to meet the all but fabulously large divi-
dends afforded by some Joint Stock banks to their
shareholders do not more frequently accrue on coun-
try current accounts than on large investments or
large advances made to individuals who are engaged
in b,esn where banking competition is greater,
and men's minds are more Maiimd to the exercise of
scrutiny and watchfulness. Whether this be so or
not, it is assuredly true that a spirit of emulation
more or less characterises Joint Stock banks to
secure large dividends to their shareholders; and let
the profits allowing than to do so come from what
source they may, we sea of opinion that legitimate
banking profit may be, even more advantageoneiy
secured by judicious application of capital to deve-
lop country trade enterprise than by large invest-
ments or advances used. elsewhere. The capital re-
quired fully to envy out agricultural improvements
in the present day pri much greater than it was ten
year since. Retell and manufacturing trade in the
country are oOmpelled to expand their operations,
and as a consequence to employ more capital, whilst
there are numerous sources of profitable commercial
enterprise constantly opened up which would call
forth men's skill and energy were the surplus capital
of country distriets legitimately afforded by joint
Stook banks, rather than thrown in giant bulks into
other channels where the risk of loss is greater, and,
when sustained, frequently entails inevitable ruin on
the capitalists speculating in them. County Joint
Stock Banking Companies would do well to regard
themselves as not originally intended to become
sources of great profitable investment to shareholders,
but more particularly as affording banking accommo-
dation to the counties in which their branches were
established, and which were previously destitute of
the convenience • and, if they would carry out the
original design of their founders, their course is plain
enough. Let them plane, as managers, at their
different branches, well paid men, whose commer-
cial sagacity and prudence they can confide ; who
can use power without abusing it, and whose recom-
mendations to outlay the capital of the bank shall
not only be listened to at head-office, but be acted
on; then we may hope to see Joint Stock banks
practically carrying out that system of management
conducive to their own interests and beneficial to
the trading _ community amongst whom they are
located. We feel convinced the dzs not far dis-
tant when each separate county in land will have
Its own Joint Stook hank named after itself, coon.
lining its monetary working operations within the
limits of the county it represents, and giving a
favourable impulse by its pecuniary assistant* to
thaw natural or developed sources of commercial
wealth peculiar to the county in which it is established.
We fully believe that Joint Stook banks inherently
possess the power of developing the soundest prinoi•
plea of internal government, and the most healthy
external monetary relations • but we likewise be.
live that the full extent of the one or the other has
not yet been arrived at.—Oorropoisdetii.
Mr. William James, clerk to Messrs. King and
Johns, of this place, solicitors, hae been appointed
by the directors of the Atlas Immo' Office their
agent here in the room of Mr. W. O. Oak, the
senior partner in the late Bleadkord Bank, Bank.
rups.
Wool. Malin= —lt will be eon by mimeos to
our advesoleons
mg Mime weliery
vete Mil

WORKZO lid Ines CL US—Lady l'ortuann has
kindly presented this excellent institution with a
number of volumes of valuable boob.. We are glad
to find so ranch interest taken in en institution of
this description by those who can afford to nicest the
working man, and bops ere long to hear Shit some
more f o our wealthy neighbours will follow the ex-
ample set by her ladyship said • few others.
BANKING AND BAX/XlB.—The news spa the at.
tempt the Government to obstruct inquiry into the
of the dinacioni at the Western Bank of Boot-
Lad do m nolincenteggeiretemeseen AMhsegli.eor
to the eaten of the! eridooratio, PasiLunecitw,
moneyed influence broiled to hoar to issue bat the
measure meted to the British Bank Directors shall not
be visited on the Glasgow offenders, the teak Of those
who are disposed to struggle for • pare end impartial
administration of the law will doubtless prove most
costly, wearisome, and difficult, • sufficient feeling is
said to have been awakened to Insure that the question
shall not be extinguished without • struggle. Investi-
gatiotis for the public good often owe their origin to the
indiscreet efforts of partisans not merely to wean, but
to justify wrongdoers, end the oue of the Wertarn Bank
to present another illustration in this direction.
promise.
recent reply of the Lord Advocate to the question
of M. Brady in the House of COMIOIIIIIIII to whether
the Government intended to take any steps hasobvions-
ly increased the general perceptice of the partiality is-
tended to be exercised. The bes Ministry failed to pai.
sue the matter with duo vigffsnee, but the then At-
torney-Gonerad had the grace to pay some homage to
the claims of justice by admitting • consciousness that
he might be open to reproach for having delayed to in-
stitute proceedings in this and certain anal•gous oases.
At that time, however, the British Bank prosecution
had not been completed, and there was therefore some
pretext for waiting to decide the expediency of • farther
movement. The law having now been laid down with
perfect clearness, and its penalties being at this moment
in course of infliction non one set of persons, its appli-
cation to all other instances cannot be evaded without
an open avowal, such as would be • diagram mod repug-
nant to Englishmen, that our system is not inflexible.
Yet the Lord Advocate not merely intimated that his
colleagues had no intention to take cognisance of the
Western Bank can, but framed his reply so as to create
an impression that there was nothing to lead any one
to suppose that the directors of that concern had
readseed themselves amenable to quondam. The state-
ment was clearly intended to put Mr. Brady down, and
thus to end the matter, as the forms of the House
allowed no rejoinder. The true way to spoil this con-
trivance would be to introduce a distinct motion, pro-
nouncing the neassaity of investigation. The Lord
Advocate and the Ministerial members generally would
then be obliged to explain why the rule that was good
for the British Bank is not giod for the Western of
Scotland. The public merely seek to be informed, and
they are not so anxious to multiply national stains but
that they will heartily rejoice if it can be shown that in
the latter case there are good reasons for exemption, and
that there has been no real delinquency. If this cannot
be made manifest, and it is still determined that
no steps shall be taken, let the Government open ths
gates of the Queen's Bench Prison and suffer the British
Bank Directors to go free. In former days neither
Parliamentary influence, moneyed connexions, nor
public sympathy could save • culprit from death for
forgery, the argument beingthst, while that punishment
remained on the statute books if one was spared others
who had suffered must be held to have been murdered.
Is that doctrine exploded, or have we fallen upon less
scrupulous times? The point concerns not an isolated
matter, but the judicial reputation of the country.