The Sun.
London, England, 1855-11-26 00:00:00

ci)
5,
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}TAME of BANE. 3 —e,
.9. 14' °
£
London and Westminster .. 1834 1,000,000- 20 47 161
London Joint Stock .. 1836 604,000 10 '3254: 25-i e
Union /tank of London .... 1839 422,900 10 30 20
London and County • • .... 1839 394,135 20 39h 12 r
Commercial Bk. of London 1841 300,060 20 31 10 I
Royal British Bank.. • • .... 1849 100,000 50 • • 6.1

The above banks publish the following facts with regard
to their positions
1. The entire amount of subscribed capital in the six joint-
stock banks in London is 12,704,2001.
11. The amount thereof paid up is 2,817,0351.
111. The amount of deposits, or customers' balances, is
29,376,4101.
IV, The total number of shareholders is 4,097.
V. The number of shares issued, 187,084.
Thus is presented proof of known security, extent of busi-
stets, and general financial resources. These establishments
hold half-yearly meetings, and lay before their connections
full accounts of their progress and general operations. This
Course cannot fail in inspiring with confidence all who have
any dealings with them, while it gives to the public the
Means of forming an opinion as to their responsibility.
INCREASED VALUE OF JOINT-STOCK BANK SHARES.
It is proved to demonstration, that joint-stock banking,
under proper supervision, affords a most legitimate and un-
usually profitable field or the investment of capital. The
dividends paid by the banks above quoted vary from 6 to 25
per cent., and the latest quotations of their shares show an
inc.:ease of 55 to 225 per cent, on their paid-up capit a. The
real increase, however, in the value of the shares may be bet-
ter understood, by the fact that the. paid-up capital of these
six banks is 2,817,0351., and that its present market value is
6,f)12,116/. It has thus increased two-and-a-half fold, so that
every 11. has now become 21. 10s., and there is every prospect
of this amount continuing to increase in value.
COURT OF DIRECTORS OF THE UNITY BANK.
GOVERNOR. •
J. J. MECHI, Esq., Tiptree Hall, Kelvedon, Essex.
'WILLIAM JOSEPH BRUCE, Esq., 16, Duke-street, West-
minster, and 4A, Hyde-park-place, Cumbeiland-gato.
G. L. P. EYRE, Esq. (Messrs. Trinder and Eyre), 1, John-
street, Bedford-row.
THOMAS CARLYLE HAYWARD, Esq. (Messrs. Hayward
and Sons), 93, Minories ; and 3, Highbury-park North.
MAJOR HENRY STONES, LL.B., 33, Nottingham-place,
Regent's-park.
ROBERT GARLAND, Esq., Thames-chamber, York-build-
ings, Adelphi, and Belfiore-lodge, Highbury.
THOMAS H. BAYLIS, Esq., Cannon-street, City; and 4,
Nottingham-terrace, York-gate, Regent's-park.
Dr. LLOYD, 4. Suffolk-place, Pall-mall.
ROBERT JAMES SNAPE, Esq., 2, Stone-buildings, Lin-
coln's-inn.
GOULD BRADLEY, Esq., Heathiand-lodge,
:Hampstead.
MAJOR MARTIN MULKERN, Ightfield-house, Alsop-
terrace, Regent's-park.
BANKERS.
THE LONDON AND WESTMINSTER BANK.
SOLICITOR.
- - - - -

THOMAS TAYLOE, E;:,2s.,i3ilcklersbury, London.
BROKERS.

Messrs. R. and J. SUTTON, 22, Royal Exchange, London.

GENERAL MANAGER.
GEORGE CHAMBERS, Esq.
(from Messrs. Barnett, Hoare, and Co.)
• SECRETARY.
HENRY LAKE, Esq.

Each of the directors is duly qualified, having subscribed
!Or twenty shares, and paid the deposit of 1,0001., in, accord-
ance with the deed of settlement.
TEE NEW PRINCIPLE INTRODUCED BY THE UNITY
BANK.

Regarding the distinctive principle of the Unity Bank, it
las been suggested that there must be a detraction from the
Pr( .fits of the shareholders, by reason of 511 per cent. being
given to the customers of the bank. This idea can only have
ien, however, from the want of a careful consideration of
the whole subject. In the first place, it is necessary to re-
toe caber from whom the profits of a bank are derived. They
are not made from the share capital. The very first ingredi-
ent fur the formation of profits is a customer. The amount
of profit must, therefore, be governed by the amount of bus.-
nes s transacted ; and the larger the business. provided it be
pt operly conducted, the larger will be the profits. It must be
bo•,•ns in mind, also, that the real extent of the dividends must
derend on the number of cents. of profits, and that 50 per
eeett. of the profits, extending over large transactions, may
be far greater than 100 per cent. derived from more circum-
scribed business. If, then, the customers of a bank consti-
tnt a its profits, the customers should be induced to transact
the it business with the bank, and thereby the profits of the
ehr reholder, instead of being reduced, will be augmented.
Th a inducement held out to the customer, however, should he
Mk At as does not involve or complicate the business of bank
Ins It should not be by the promise of some peculiar accom-
rno dation, or some particular and increased rate of interest,
Or by any departure from that sound system of joint-stock
bat eking which has stood the test of years of experience, and
pttcured so great prosperity. Eut it should be, as it is in
the Unity Bank, an advantage which interferes in no degree
Nvil,h established principles, but merely allocates a portion of
the t which has already been declared to be profit to those who
have been the makers of it, Assurance companies have been
accustomed to apportion certain of their profits, by way of
bor ius, to their assurers ; and so general has become the re-
ctos of the right of the assurer to this participation• that
no assurance association would now be established without
thi s essential to success. The justice of the principle consists
in this—that as the assurers make the profits of the company,

till 7 ought to be participators in its prosperity. What-ii
jua I. in assurance will be found just also in banking. The
eta comers of a bank make the profits of the bank, and they
ou.At also to be participators in its prosperity.
It has been asserted, also, that the 50 per cent. of the pro-
fit s proposed to be divided, while it would detract from the
profits of its shareholders, would be but a trifling benefit to
tbs.) customers. It might, in the first place, be replied that
lac benefit is considerid " trifling" by those who rightly esti-
sa.,te pecuniary affairs ; that the benefit, if trifling, is in addi-
tic n to all the other benefits usually derived by banking at a
Jolt nt-stock bank ; and that no correct data can be formed of
till 3 profits which will be made. Ou the other hand, it must
be remembered that hitherto persons have taken their bank-
; account where personal feeling, accommodation, or con-
Irtt.nience of locality might lead them. Now, for the first time,
bjl the introduction of the principle of mutuality, self-interest
is appealed to. And when, to the large number of the public
at traded by this all-powerful stimulus, is added the number
of the connections of the Unity Insurance Associations in all
ps its of the country, who have a peculiar identification with
find interest in its success, it may fairly be stated, that ante-
cedent data are not sufficient to form an estimate of the ad-
vantages which both the shareholders and customers will
derive from the Unity Bank.
Great difficulty exists in estimating the effects likely to be
irmoduced by the establishment of this new and most desirable
feature in banking. It is one that must become highly popu-
lar with every commercial interest, and with every class of
the public, because its simplicity and advantages are at once
to be seen and appreciated.
To those great commercial bodies which are compelled to
'have large cash balances constantly at their bankers', it will
prove to be a serious consideration, and a most important
source of profit. The railway, dock, gas, water, steam navi-
gation, insurance, and other companies, professional men,
merchants, brokers, gentlemen of fortune, and traders of all
:kinds, will duly estimate the difference in the system now
proposed, from that heretofore existing. In fine, as joint-
stock banks became a public necessity, as is now proved, so
-will the principle of mutuality—whereby these admirable in-
stitutions may be rendered still more serviceable to the public,
sad in no way less safe—demand the best consideration of the
'community at large.
BUSINESS TO BE UNDERTAKEN.
All the usual business of banking will be undertaken ; and
:arrangements will be made for extending the transactions of
the Bank in every desirable quarter.
Column Accouns will be made up half-yearly, namely—to
the 30th of June and the 31st of December, and interest will
13 allowed at the rate of 21. per cent, on them.
Dziosrr Accounvs.—With respect to these, the rate of in-
terest allowed on money placed at seven days' notice will be
11. per cent, under the rate of discount on first class bills
adopted by the Bank of England, regulated thereby. The
bank will give receipts for the sums so deposited, or, for the
convenience of depositors leaving England, promissory notes,
or bills, including interest as well as principal, at not less
than six months' date.
The bank will undertake the agency of country and foreign
banks, whether joint stock or private, and will afford every
accommodation to travellers and others with respect to circu-
•hr notes and letters of credit. It will receive all kinds of
income for its customers, including annuities, dividends, mili-
tary, naval, and civil officers' pay. It will undertake the sale
and transfer of stock in the public funds, &o. ; and will be
responsible for the safe custody of title deeds and other secu-
rities belonging to its customers, to which they will at all
times have convenience of access.
Application for prospectuses and forms of application for
the remaining shares, to be made to Messrs. R. and J. Sutton,
stock brokers, 22, Royal Exchange ; or to the secretary, at
the principal offices, 10, Cannon-street, City.
HENRY LAKE, Secretary.

FORM OF APPLICATION FOR SHARES.

70 TUE DIRECTORS OF THE UNITY JOINT-STOCK MUTUAL BANKING

ASSOCIATION.

Gentlemen,— I request that you will allot me shares of
1001. each in the above association, and in consideration of
such allotment, or any less number you may appro?riate to
me, I hereby undertake to pay the deposit, or first call of
104 per share thereon, and 40t, at the time of incorporation.