The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1861-02-19 00:00:00

BANKS AND BANKING.

1•200/1D AITICLS.I

ragas is not, perhaps, in the commercial his-
tory of this country any chapter more imposing
or more deserving the serious consideration of
the public than that which describes the origin
and progress of Joint-stock Banks. The prin-
ciple of mutual association and co-operation in
all matters where great interests are involved
is now so generally recognised that it has become
• predominant feature in our social system.
The great chartered companies of former times
were founded to extract the riches of foreign
countries, to import tea, to collect spices, to
hasu whales, to bunt wild - bream beyond
Hudson's Bay, or to tax the opulence of India
The associations to which we now allude date
their origin from 1826, when the. Joint-stock
Act was paired. They are established as aids
and facilities of our, home commerce, widening,
of course, so as to ageism the vast circle of its
(amigo religiose ; and safaris's'''.is sollord to
their workinp, hes 'hewn that there are no
schemes more practical and no investments
more remunerative. We have only to glance
over the reports of the directors to ascertain
that divisions have again and again been de-
clared which might have appeared fabulous
even to the bubble-mongers of the last century;
and, whether the times be one of oppreasion, or
of prosperity, these establishments pass through
victoriously, with overwhelming balance-sheets,
enthusiastic half-yearly meetings, large returns,
and an ample surplus. In illustration of these
remarks we might take up the half-yearly
balance-sheet in any year of any of the Joint-
stock Batiks with which we are acquainted. We
have, however, a osee in point. Our Poole cor-
respondent has this week furnished us with an
abstract of the report of the 26th annual meeting
of the shareholders of the Wilts and Bonet
Banking Company, held at Salisbury • fortnight
sines, from which it will be seen, that notwith-
standing the losses from failures in the leather
trade, the directors—after setting amide • suffi-
cient sum from the current profits of the year
to cover the maximum amount of loss it is
wandered possible the company may sustain,
and deducting the expenses of management—
have been enabled, from the profits, to declare
• dividend—with • bonus—of 12 per cent. on
the paid-up capital, which now amounts to
£150,000. Besides this, they have added
£15,966 to the surplus fund, which now amounts
to £30,082. This proves at once how flourishing
is the business. 'se, the profit and loss is •
subject which more immediately concerns the
shareholders than the public, but the exceedingly
favourable state of the balance-sheet shows that
the Joint-stock system is based on • firm and
lasting foundation.
To depositors and the mermatile oommenity, the
advantwas of hat-stock Campania' ever private
beaks ate eacestlingly annistoss, ass of Alai— sad
OW all n• win Ilse Ns swirl* wide

they offer. It is mid that on • certain occasion wheo
Brighton—at that time hula small fishing place—
was in danger of being invaded by a foreign foe, one
of the inhabitant. after convening • public meeting,
harrangued his fellows on the propriety of fortifying
the town, alleging as • reason for their so doing, that
it would be by no means pleasant for any one of them
to wake up to have his head off in the morning. In
like manner we might remark that it would be by no
MOLDS pleasant for one to wake up on any morning
and find himself ruined and his family beggared by
the failure of some private bank. Yet this has been
the sad experience of thousand.. We could at this
moment point te a single Union, from which up-
wards of a down paupers were a short time since
receiving weekly parochial relief, who would have
been in oomparatively opulent circumstances but for
the failure of • private banking anti, supposed to be
one of the most respectable and richest in the 0000 -
try, but which it was afterwards found had been
as hopelessly insolvent for yaws that the creditors re-
ceived • dividend of lees than la in the from
the Court of Bankruptcy when its affairs were
wound up. Such a state of things could happen
in connection with Joint-slosh Banks, which by Act
of Parliament, :av compelled annually to publish a
list of the whole of the shareholders. On referring to
that last published by the Wilt. and Dorset Bank we
find that the number of its shareholders is 274. The
parties are principally resident in the two counties,
and the majority of them are persons of large intlw
0009 and capital, fully able to meet all the liabilities
of the company many times over, even were there no
amte whatever in the Bank to meet them. But
this can never to, and the public are consequently
doubly secured against the failure of • Joint-stock
Bank. The thing is impossible. Theme facts are
now so patent, that Joint-stock Companies are
obtaining an aimendenoy in all directions, even in
quartets where they were at first regarded with
distrust. But in proportion asthe Joint-stock banks
have been whining ground, so in like Tatio have
private beaks lost in public emilideaos, awl every
day is hasteaing their final overthrow.
We last week stated that within thalami 20 years
so lass than 16 private banks fa this county had
been eked. The list has never yet been printed
in a °Wadies tore, and as it may tsairto stop any
caviling as to the truth of our sistaineat, we now
publish it.

Blaadlord
Pryer Oo Wareham Msrgad 11141
W bora* ...
Pools
k { Vilma. } Closed 18411
-- • -

Ptak" kCo
Osadri k Co. .... t BellMiallier... }Bankrupt 1848
Lymo... .....
Brodie, Lag, k Co. Udterbary.. do 1848
&pray a Co.
Oak kCo
Ledgard k Ce.

This does not include an agency established by
the Messr• Williams, at Cense, which was closed
after • short trial. 11 thus appears that of the 9
private banking firms which were in ezistmios 20
years ago in this county, two only at the present
time remain. Need we feel surprised that
public confidence in private astabliihments has
been shaken, or need we expect that those which
still exist will ohm* • better fate than their pre-
decessors ?