The Express.
London, England, 1858-01-06 00:00:00

THE EXPRESS, WEDNESDAY EVENING, JANUARY 6, MS.

nodl° fense regards D. Janet-W. W. White and J.
wage, Jn, Liveepool, brokme—T. Collier and B. F. Coi-
gn sank St. Luke's, watch oase makers W. R.
Goddard and J. W. Lanaratek_Kingston-upon-linil, hook.
sellin—W. Whiteley and J. Thornton, Amesbury. York-
shire, farmers—T. Howard end R. Howard, Bridgo.bortie-
plan Southwark, builders—J. Sikkim and G. &gar, Ash-
next-t3andwkh, Kent, surgeno—S. 8. Stedman sad C. L.
Bombed, Arundel, Suns, surgeons —C. Run, New-
stead, and J. Bidet jun., Wadaley, Yorkshire, q
C. R. Gibson and B. Wen, Dartford and Gravamen attor-
neys—J. Ralik I. Warner, end C. Warner, Winchester,
attorneys—W. H. Rogers end J. Gay, Leeds, mil iner.—T.
Fonhaw and H. Germane, Manchester, oomminion arrietta—
R. Philpoti end J. H. White, Ltverpool, cotton brokers—O.
J. kl`Comble and A. E. Winn Aldermanbury, City,
neck tie manufacturers—A. Lin ern. W. C. Critten-
den, J. M. Lingerd, and A. Lifland: jun., 'Stockport, cotton
manufacturers, so far as regards A. Lifland son., and A.
Lingard, jun.—W. Hann and J. Schofield, Liverpool,
general broken—C. B. Hindle and H. Co., Bristol, nein
—J. Bow and T. G. Bing*, Manchester, wholesale drug-
. Hayden and H. W. Leeman, Bruton-street, Bet-
rary:se liquare, tailors—P. Davey and A. S. Davey, Old Barge-
houre-wharf, Blackfriars, cos)merchants—J. Barfield and
T. Lay, South Shields. Durham, ship broken—B. Bothnia,
R. H. Bollans, and E. &Una, York, tin plats workers, so
far as regards R. BoUans—J. Iladwen, 8. Hadwen, end G.
B. Hawes, Kebroyd Mills, near Halifax, Yorkshire, silk
7
so tar en regards 8. Hadwen—J. Baxter end W.
.V.l, Lewes, finsex, printers—W. blurgatroyd and
G. 8. Harwood, Bradford, Yorkshire, stuff merchants -J.
H. Berlin and H. Wright, Birmingham, booksellers—T.
Colman and H. W. Stacy, L ,westott, Suffolk, booksallere—
L. Pike end J. Balker, SavUe-row, tailors—T. Soden jun-,
and 0. W. Overton, Coventry, ribbon manuhaturese—C.
Barka and J. 8. Barks, Eton, onion makes—J. Dale,
Z. B. M' W. 8. Liebman, and F. Sprbigmenn,
Newcastle-- ship brokers, so far ea regards J.
Dale— end J. Pickles, Manchester, iron mer-
chante—J. Todd, W. A. Todd, and W. Todd, Norwich,
tailore—T. Ferri and W. Morphy, Liverpool, general coot-
Weeks mmeheinte —J. Alder, C. 1. Knowles, L. W.
Kenna, S. H. Known, Ann Knowles, J. Knowles, and
F. H. Knowiss, Ocnersel, Yorkshire, don merchants, so
fir as regards J. Alder, C. 7. Knowles, L. W. Knowles, and
S. H. Lan. (es neenton of L. Known, deressid), and
Ann Kanise—D. G. Binge and D. Bridnena, Glasgow,
oemmiselme serrehmats—W. Renwick, A. liknoess, J.
Seed, en W. A. ilkinm, London and Glasgow, amebae,
so far as mends W. Reawick—Montrose and Leaks Ship-
ping Cengswllmtrose and I.:non—J. Dineen (do-
omed), manufacturer so far as regards In eon-
Minn illUblirait and eV, Bank.
SCOTCH SH_QIJILIT TIONS.
JAXIN WALLACI WU.I.I.AN WALLACII, Glasgow,
sewed main mannotnnes, Jan. 12, at the Obegow
Sleek Exchange,
lotion WILSON OVA HA V, ElV.Lburn, neer Olmgow, MIN
at Jen. 11, the Globe Glesgow.
Wttytaer WIXOATI CANZION 13101/OW, brash ormadeo-
torn Jan. 8, et the Globe Hotel, Glasgow.
DAVID WIC Erna, Glasgow, painter, Jan. 8, at the
Panty Hall, Glasgow.
WILLIAM reCLLOCX, Glasgow, general merchant, Jen.
I, at the Globe Glasgow.
Joan Minn, HDuribog, Harmer, Jan. 11, at Per-
ker's End, Caper.
1101111 LT GALLOWAY, Mks, seedaman, Jan. 13, at the
Boyd Hunan Mks.
ILICX•111L, CIXICOW, chemist, Jan. 8, at the
Globe Hotel, Onion
Joon 11•CKINTW4, Innesses, spirit merchant, Jan. 15,
at the Cake Hotel, Internee.

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custom, in preference, to those establishments which I
distinguish themselves by the largest additions to
the reserved fund, they will soon find that the power
to enforce a more enlightened and stable policy lies
in their own hands. Hitherto all parties seem to
have entertained and acted upon very unsound views
ss regards the dividends of the Joint-Stock Banks.
The shareholders are to blame, in the first place, for
not restraining their natural desire for the largest
possible dividends. The directors and managers are
open to censure in a higher degree, because upon them
specially devolved the duty of checking the greedi-
ness of the shareholders, and of applying the large
realised profits in the manner most conducive to the
permanent solidity of the Joint-Stock Banking sys-
tem. They will perhaps plead that the appetite of
the proprietors was too ravenous to be resisted ; bat
the validity of the plea cannot be admitted. The

firmly expressed recommendation of the directors
would in all cases be adopted, provided they have
sufficient decision and sagacity to stand by it. There
has not yet been even an approach to such a spectacle
as that of a bank board magnanimously resigning or
honourably expelled from office for rejecting the im-
portunities of shareholders desirous of large dividends
at the cost of the reserved fund. We should really
like to witness such a spectacle and we pledge our-i
selves that, if any such case of martyrdom in defence
of a sound principle come under our ken, we will do
our part by making honourable mention in our
largest type of the name of each member of so vir-
tuous a board. But in apportioning the blame in-
curred by the parties to the present system, the
customers of the banks must not be allowed to escape.
A bad habit has been engendered of measuring the
degree of trust to he reposed in each of these
institutions by the ratio of dividend declared.
A more unsound process of reasoning can scarcely
be imagined. Colon's parlous, our sentiment would
rather be, the lower the dividend, the safer the
bank. But, quitting the question of the relative
degree of blame attaching to proprietors, directing,
and the public, the discreditable fact remains that
the seven chief banks, with 3,567,2151. of paid-up
capital, and 42,733,4301. of deposits, bad, by the list
accounts, an aggregate reserved fund of only
878,9181. And here again the largest banks set the
worst example. For instance, the London and
Westminster, with a million of paid-up capital and
fourteen millions of deposits, and dividing in one
year 180,0001. as dividend and bonus, had a reserved
fund of only 164,7281. The case of the London Joint
Stock and Union Banks is nearly as bad : the former,
with 800,0001. of paid-up capital, and 10,698,5301,
of deposits, had a reserved fund of only 188,4211. ;
and the latter, with the same amount of paid-up
capital, and with 10,874,6401. of deposits, had a
reserved fend of only 130,0001. The London and
County Bank again made the best appearance, for
with 600,0001. of paid-up capital, and 3,8,17,2811. of
deposits, they had a reserved fund of 100,0001.
In these remarks, which embrace only a few of
the salient points of a very large and important
question, we insinuate neither an invidious
comparison nor the slightest doubt of the sol-
vency of the London Joint-Stock Banks.
So far as the public can judge, all of
them deserve credit for careful management ;
and, beyond a doubt, there is the amplest possible
security in the unlimited responsibility of the pro-
prietors for the discharge of every claim. But, bear-
ing in mind the vast mischief which the embarrass-
ment of only one of these establishments would
occasion, the public feel that no measure tending to
still greater security should be omitted. A great step
would be gained in this direction were the reserved
fund raised to an amount bearing a fairer ratio to the
deposits. In proportion to the extent of the business
transacted should be the amount of the fund which
would be immediately available to make good any
loss or deficiency, from whatever cause arising. The
formation of a large reserved fund ought to be
universally recognised as one of the first duties of a
well-managed and solid bank. Sincerely wishing to
see the management of oar London Joint-Stock
Banks regulated by the highest possible standard,
and serving as a model to every similar establish-
ment in the kingdom, we commend the points now
raised to the earnest consideration of the directors
and proprietors.

THE INDIA AND CHINA MAILS.

COLO-VIAL BANS.-(THIS DAY.)

This afternoon the usual half-yearly general meet-
ing of proprietors of the Colonial Bank was bald at the
London Tavern. Mr. C. Mezvarr, chairman of fig board
of directp!, in the chair. . . .

The following was the balance sheet, made up to the 30sh
of June last year :—Debts : Circulation. 291,5761. 17s. 6d.;
deposits and other liabilities., 1,385,1981. 6s. • paid-up caps-
to; 600,0001. profit, 30,0341.12 e. ; total, 2,206,6081. 15e. ed.
Assets : Specie, 212,7801. 16s. 2d. ; due to the bank In the
colonies on bills discounted and purchased, including those
put due, 771,7941. 19s. 3d. • due to the bank in the colonies
on current accounts, 8,7031. 16e. 7d. • due to the bank In
London on bills remitted, cash at banker., &c. 1,197,806!.
4s. Id. ; beak premises end furniture, in London and the
colonies, 6,6441.25. 9d.; balance of bad debts, 10,0781. 17e. Bd.
Total. 2,200,8081. 16s. 6d.
The report stated that the accounts, so far u the half-
year jest ended is concerned, were equally satisfactory, and
the profit of the half-year would fully equal that of the cor-
responding half of 1866. The net milts of the half-
year ending the 30th June but, atter providing for
income tax and bad and doubtful debts, amounted
to 30,0341. 125., out of that sum they recommended the
payment of a dividend of three per cent for the half year, or
six per cent. per annum, amounting to 15,0001. and 'leaving
15,0141. 124., from which deduct 10,0781. 17s. Bd., and there
would remain 4,9551. 14a. 4d. as the commencement of •
rearm fund. . . .

The7e7iJitmsti, in moving the adoption of the report,
observed that the bank had passed through the
recent crisis in a most satisfactory manner; there
might be losses hereafter, but everything that could
be possibly foreseen had been provided for. The bad debts,
which were formerly 200,0001., had been brought down to a
comparatively low scale, and es the business of the bank
now stood upon a very solid hula, the proprietors had every
prospect of improved dividends.
The report was unanimously adopted, after which the
dividend was declared and the retiring directors having been
reelected, the proceedings terminated with the usual com-
pliment to the chairman, officials, and directors.