The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1861-02-26 00:00:00

BOORE,

BANKS AND BANKING.

[THIIIID £RTICIA.I

There was a sage once who wrote a learned
treatise to prove that the process of skinning
was by no means unpleasant to eels, and that
lobsters were positively food of being bo;led.
The Irishman's wife declared that she was
"growing mouldy for want of a bating," and
Dwane I. preferred to eat his oysters in a
putrescent state. The celebrated and Rev. Mr.
Maw worm "liked to be despised ;" and in the
last century a criminal brought an action against
a Justice of the Peace because he had not, as part
of his sentence according to the statute, been
publicly whipped. We frequently find that the
obstinacy or the vanity, or the whimsical per-
versity of mankind will prompt them to submit
to, and even advocate, the existence of evils,
merely for the reason that they are of their owls
choosing, and that they do not like to be dictated
to by those who seek to better their condition.
Ladies are apt to lose their temper when the
agitation against shoes that pinch, and stays that
stifle, grows too fierce. There are people who
will declare that the stench of a pigsty is per-
fectly wholesome, and are strongly prejudiced
against the introduction of sanitary reform,
just as there were those in former times to
oppose the introduction of vaccination, and to
deprecate the disfranchisement of Gatton, Grain-
pound, and Iligham Ferrer& These opinionated
, personages are not exactly of the celebrated Dr.
PANOLOBM'S conviction, that this is the best of
all possible worlds; but they are obstinately
determined to maintain their own preconceived
notion of things. They fancy that all who bold
opinions adverse to their own, are either preju-
diced or interested in so doing They cannot
conceive it possible for any one to see distinctly
except through the medium of their own spec-
tacles. It would be as futile to attempt to con-
vince them of error as it would be to wash a
blacknumor white. We have no desire to disturb
the calm repose of such, but we owe it to our-
selves and to the public that we be not mis-
understood. In ;alluding to the insecurity which
those wust feel who bank with private thins, we
have spoken generally, and not in reference to
any one or more ill particular. Wu have simply
stated what we know, and testified of what we
have seen. In our remarks the Poole Lank
we said that it was iniposaitile for the curtosetrs
of any private firm to be curtain that they were
safe—that there was no gum antee that what had
happened at Poole and Ringwood might not
happen in any town in England to-morrow where
private banking was carried on. Nor could we
possibly have a better illustration of the truth
of these remarks than the statement of sonic of
the speakers last week at the meeting of creditors
of Messrs. Ledgard and Sons at Poole. The
Mayor, in opening the proceedings, asked "who
oolong them three weeks ago would have antici-
pated such an event?" "The failure of the Poole
bank had come upon the inhabitants of that
town and the monetary circles in London like a
thunder-clap ;" and Mr. Martin said he had not

the least idea of the position of the bank ; indeed
"Co high was his opinion of the firm, that lie
had banked with it for .the last six-and-thirty
years, and that if it had failed at anytime during
that period he must have been a considerable
loser." The stability of the firm was never
once suspected ; in fact, the inhabitants of Poole
and Ringwood considered it to be one of the
safest provincial hanks in the district, the day
before it stopped payment, and yet there can be
no doubt, from the finaucial statement that has
been published, that the firm has been insolvent
for years. A word to the wise is sufficient.
But if we have not on the one hand intended,
in ourremarks, to allude to any one, or to any
number of private firms in particular, neither
have we on the other hand sought to extol one
particular Joint-stock bank as being superior to
any other. Our Poole correspondent had fur-
nished us with a brief extract of the last published
balance-sheet of the Wilts and Dorset Banking
Company, and we directed attention to the figures
as showing that that bank was established on a
firm and lasting basis. The balance sheet had
at the time been some two or three
weeks in the hands of the shareholders,
but we had not seen it. it copy
has, however, since LeCII placed in our
hands, and on casting a glance over it we have
been struck with one very remarkable circum-
stance, which we think only requires to be
known to secure for the Company a far greater
amount of confidence, if possible, than it has
hitherto enjoyed. The cash which the com-
pany has in hand and in the hands of London
bankers, and its investments in Exchequer Bills,
Bank of England Stock, Government. and other
securities—which in the course of two or threedays
could be converted into cash—is upwards of a
million of money!. So largo an available
capital at its disposal to meet its liabilities in the
event of a sudden panic or any other emer-
gency, is, we believe unparalleled in the history
; of any other bank in this country, unless, per-
haps, it be the Bank of England ; and is far
stronger evidence than anything we have
hitherto adduced, as showing that the Wilts and
Dorset ranks amongst the highest, if, indeed, it
be not the highest, in point of affording security
to its customers. Can any private provincial
bank produce such a guarantee of security?
We. venture to say, emrhatically, No !

.•
&ill there are many persons who entertain a
prejudice against joint-stock banks, on the sup-
posed ground that every one of the shareholders
have the power or the privilege of overhauling
the accounts of the customers, and that that
secrecy which is presumed to be a leading
characteristic of a private bank. Us wholly
unknown in a Joint-stock bank. This objection
is altogether without foundation. The pro-
prietors have neither the right nor the privilege
to inspect a single book or account in the bank ;
and we believe we are correct in saving that this
rule is so strictly adhered to by the Wilts and
Dorset Company, that no shareholder can even
inspect his own accounts in the banking books.
This privilege is restricted to the bank managers
and their clerks, and each manager and clerk is
required to sign is declaration of secrecy before
entering on his duties. The manager of one
branch haa no power to look into the books of
any other branch, and no director or general
director ever haul any power vested in him to
look at any account of any customer of the
bank.

In what respect then is a private bank surerior
to a joint-stock company I We know of none,
although we ilo know that in many respects the
customers of joint-stock banks enjoy privileges to
which those of private banks are utter strangers.
It is the boast of Englishmen that '• Britons
never shall be slaves." yet where is the customer
of a private bank who dare assert his indepen-
dence I It is a well known fact that a large
proportion of the customers of a bank are more
or less under an obligation to their respective
banks for advances, either temporary or perma-
nent, and, as a matter of course it is to their
interest to stand well in the estimation of their
banker. To do anything contrary to his wish
cannot for a single moment be entertained.
The overdrawn account, or the required occa-
sional accommodation upon a bill, rises like a
phantom before their minds, and frightens them
from the independence of manhood into imbe-
cile slaves. The banker, fully aware of the
powerful influence which he wields over them,
naturally exercises it for political and other
purposes. The bank, departing from its legiti-
mate character and office for which it was esta-
blished, is employed to exercise an undue and
noconstillitional influence over the free agency
of the elector. It imposes upon hint the neces-
sity—under fear of coming to want and ruin if
Ito acted otherwise—of voting contrary to his in-
clination and conviction. It bribes in the shape
,)1. discounting a bill, or making an advance on
an account ; it exercises unrelentless intimida-
tion by threatening to withhold accommodation
at the time when likely to be most required. Is
this a mere fancy sketch—a picture of an unreal
I object I Were scrutinies to be made of the result
I of contested elections, would it not in numerous
instances be found that the successful candidate
owed no small portion of his majority to the in-
terest and influence of the private bank of the
district 1 The customer of a private bank,
especially if he should sometimes want accom-
modation, can no more ho separated from the
will or caprice of his banker, than a cat can be
separated from her skin. "The creature will
make horrible cries if you attempt to strip it
off." This the private bankers know, and they
act accordingly. But in dealing with a joint-
stock bank, in a political sense, the customer is
fret. He retains his manhood, and is at least
six inches taller on the day of a contested elec-
tion on account of his independence. He walks
forth with a firm and elastic step, is ashamed to
look no man in the face, and at night he can lie
down under the- conviction that he has per-
formed his duty to his country according to the
best of his judgment. His bank, instead of
being a private political machine for the manu-
facture of voters, is an institution founded upon
solid and substantial wealth, ministering to, and
supporting and upholding legitimate trade aud
commercial enterprise.

I)ORCHERTER PITCHED CORN MARKET, Saturday,
February 23rd.—We had again a large attendance
at our market, but there appeared more sellers than
buyers, and the trade was languid in the extreme;
in fact this has been the general tune of business
for some weeks past. We (ppde prices of all grain
lower—good samples of English wheat hieing sortl
about .CI4 per load, and a decent sample of barley
would fetch about 355. per qr. Oats, beans, and
peas could be bought a little lower. The seed
trade was firm, and there were some goal samples of
American and French broad clover, which fetched
74d. ti Sd. per lb.

MIDINkB. BAKU( AND ENEMOIOI RIPOSITOKY SAUL,
Feb. Zird.—The largest of these sales ever held
mos off on Saturday, when the enormous number
of fat bullocks iunounted to nearly WO, and so good
was the trade that 3 or 4 only nim•tin.l unsold.
This ietieeta more credit than usual on those who
send stock, as we have frequently known beasts
entered with fancy•resesved prices. We were pleased
to see dealers from London, and many other places,
actively bidding, and at the close walking id with
&goodly number of purchases, nut only of beasts, but
of sheep also, of which there was a large number.
Judging (ruin the aduiirable roamer in which these
sales are conducted, and on all aides supported, it
would really le a desideratum that they should be
held much more frequently.
STISPLR CHASF..—WO hear it ill contemplated to
form a steeple chase similar to these which were
held a )car or two ago. We trust that thJ &forte
of the promoters of this sport may succeed, and that
the sporting gentry of our neighbourhood will aid
them in their endeavours to furnish healthy exercise
and amusement.

KNOVICEK WHINCIIINCI. —Pilling the past week
some mischievous person wrenched the knocker
from the door of Mr. Bonen, wine merchant, South-
street. We have no doubt but that it was the at
of some drunken fellow, and we hope that his labour
may be recorded as it deserves.
CoUNTING THE C 044. —Varimis rumours have
heen atluat diming the past week to the effect that
the honor of a gentleimui, well known for Ilia gene
malty to the poor, had been burglariously mitered ;
and that the supposed thief, in his endeavours to
(n .it from the clutches of the lON ), but from
those of the worthy householder himself, had received
sundry bionics and contusions. We are glad to tind,
however, that the unfortunate wight, who coveted
not the sordid ilrmis of the owner s house. but the
bland smiles, and oh ! dare we say it, perhaps the
tit hits at the disposal of that oft•loved individual.
the wielder of he ladle, has received pardon for his
offence, promising never again "Si late at e'en to
court his lady fair." We trust his unlucky mishap
may act as • warning to those
Who choose the dark end silent night
Food vows of love to make ;
Lest, haply, iniaime evil hour
They chance CAW heads to break.

Owing to the supposed burglary at the Rev. Mr.
Falkner s, we hear that the Key T. Fisher and
many other of our respective inhabitante have been
ti considerable expense in fortthing (as it were)
against any attempt that might he made by thieves
hereafter. We are truly sorry that such • false
alarm should have ceased so much uneasiness in Ws
our quiet little town.