The Express.
London, England, 1859-08-16 00:00:00

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NIGH WATILS AT LONDON 11111 DOW

SWUM,. TUESDAY, AUGUST 16.

Tea Win et half-yearly meetings el the ewes
City Joint-Stock Banks WIN completed on the 4th
last by the !meeting of the Landes and County
Bask. A brief glance at a few of the points pre.
.rated in the half-yearly Reports of the Directors
may not be altogether uninteresting.
First, as to the amount of deposits and current
ansonate :—the figures relating to esch Bank are
vabjoincd :
L0ed...9 sad Wooteniaoltr 514696,436
I.4edos Joist-Stock v,rztaii
Uslms Bask at Lomas 9,661,963
London ayes'
Comemoid Sod 979.361
C.ty ark
Book of Leedom 14330.66

Tow MAK=
Compartd with the returns mode at thongs Deem.
bee, 1838, there is an aggregate inwease et 137,0811.
or 2 per cent., and cowed with thew at the 30th
June, 1858, an lemma of 646,7741, or also about 2
pet cent. On the 30th June, 1839, the Bank of
England /111440111111, rate of discount WY 3 per cent.;
on the 31st Dec., 1868, 21, and on the 30th June,
1858, 3 per cent. The alteration in the value of
money during the period embraced t the ooroparieon
has not been of a character to affect the aggregate
maim of deposits. _ .

A comparison of the amount of deposits and cur-
test accounts held by each Bank at the three periods
mentioned shows the following changes: London
and Westminster Bank, an increase of 230,6211.
compared with 31st December last, bat a deems* of
747,309/, compared with the 30th June, 18681 Lem I
don Jcint-Stock, an nitrous of 334,4901. compared
with 31st December, 1838, bat a durum of 386,4111.
compared with 30th Jane, 1868 ; Union Bank, a de-
crease of 484,4024 compared with 31st Dumber,
1858, but an lacrosse of 649,8291. compared with
30th Jane, 1838 ; London and County, an increase et
363,068/. compared with 31st December, 1838, and
an increase of 440,909/ compared with 30th June,
1638; Commercial Bank, • durum of 24,3231. com-
pared with :ilst December, 1838, and a decrease of
68,7211. compared with 30th Jane, 1868; City
Bank, an incr.'s* of 136,7861. compared with
Stet of December, 1838, and an increase of
634,2821, compared with 30th June, 1868 ;
sad hank of Loudon, an Menem of 49,8441.
sompared with 31st December, 1838, and an
leseresse of 291,1241. compared with 30th June,
1838. The result of this comparisos is that, of the
elder Becks, the Lanka sad County are making the
most satisfactory progress as regards the extent of
guseral banana The Leedom and Westminster and
London Joist-bock daring the first six months of
1869 have (sly partially recovered the business lost
daring the lest sin scathe of 1811. The Union
Bank, on the other bad, bee parted with two-
thifda of the ems whisk wee added to
their bilasoes at the 30th hum 1818. The
progress of the young City Beak le r.-
teachably rapid ; the increase is the doped% law
dam the .nth Jam, 1819, amuses to frilly 30 per
mat. The Bonk of Laid= have increased their
laleacee by 27 per cant. within the same period.
Bash of three two Banks was established in the yser
1666. The paid-up capital in each cue is the mate
as that of the Commercial—via., 300,0001. An
inquiry into the mesas by which the two young
mitahliehments bare already far outstripped the
Commercial. fifteen or sixteen years their senior,
might be interesting to the shareholders in the !stir.
As regards dividends, the principal feature con-
Mem in the inability of the London Joint-Stock
Bask to make up the rate of dividend (12i per cent
per seams) declared at the corresponding period of
Met year without resorting to the objectionable plan
et trawls' apse the guarantee fund to the extent
at 4.7821. At the corresponding period of last year,
we may remark, the dividend and bonus top e's*?
mete at the rate of 24 per cent. per annum, sad ha
the last six months of 1834 at the rate of so less
tkus :121 per cent. per annum, making thus
37* per treat. foe the whole year 1838. Time sir-
Oaleatance that the profits for the lest xis months
are inadequate to • dividend at the rats of I2i
per cent., and allow of no beam at all,
seems to demand some explanation beyond that
assigned by the Director,, vis. : the depreciatiomia
the market value of the " Government and other
ff afraiishie securities held by the Bank." In any case
the serious fluctuation in the dividend impresses the
meesseity of adopting a different mode of valuing
Ness securities. Bank dividends ought not to be thus
elosely dependent irdoe the " ups and downs" of the
nuke:. Th. guarantee fund of the establishment.
after the deduction of 4,7621., amounts still to
101,1471. ; hut this sum is not large in relation to
the sum of 9,722,2121. doe by the Bank to their cum
tome*. Most persons hold the opinion that a
Bank guarantee fund ought not to be drawn upon
in order to make up dividends. The fall which
took place in the price of the shares upon the

of as directors

indicates that a good deal of disappolatuent wan
OCCIAiOatd. A mere legitimate mode in which I
large accutualations ander the head of guarantee ,
fund mil be dealt with is that pursued by
the UOlOl Baok of London, who have this
ball year capitalised 120,0001. of their reserve fund,
Terminating 21. per share, whereby the total paid-up
capital entitled to dividend is increased from 000,000/.
to 720,0001. It mast be remarked, to the credit of
the Voice Batik, that they have atoned for former
ahortcomiegs by adding, for the last twelve month.,
the very large sum of 41,0001. to the reserve fund.
After the capitalisation of 120,0001., the balance at
the credit of this fund consists of 108,1621. Console,
worth now upwards of 100,0001. I
Some other Banks
that we know of would have announced a large
addition to the dividend, though aware that the fa-
cream would act be permanently maintained, and
that it would occasion injurious finetnatioae in the
price of the shares.
After all, however, the vial criterion of the rela-
tive degree of security offered to their customers by
these establishments rests with the amount—whether
In cash, money at call," or Government securities
—held immediately available for any emergency,
however sudden. Regarded from this point of view