The Sun.
London, England, 1855-11-24 00:00:00

UNITY JOINT-STOCK. MUTUAL BANK-
ING ASSOCIATION.
PRINCIPAL OFFICES.
Unity Buildings, 8 and 10, Cannon-street, City.
LEICESTER-SQUARE BRANCH.
1, New Coventry-street, Leicester-square.
CLOSING OF THE SHARE LIST.
The directors are happy to announce that, in consequence
of the large number of shares that have been allotted and
Paid upon, the share list will be closed on Friday, the 30th
November, after which date no applications will be received.
Arrangements have been made which will enable the bank
to commence business early in January next.
This bank, to be incorporated by royal charter, is estab-
lished for the purpose of founding the principle of MUTUAL
BANKING, whereby customers, who create the profits, be-
come entitled to a participation in them, by way of interest
on their cash balances. The principle of mutuality has been
for many years acted on by insurance companies, and their
Policy-holders have participated to a very great extent in
the bonuses, with much advantage to the institutions and the
Shareholders. By banks, however, to this period, MUTU-
ALITY has been neglected. The whole of the profits result-
ing' from successful operations have been given to the share-
holders only.
ADVANTAGES OFFERED BY THE UNITY BANK.
I. To shareholders, 5 per cent., from the date of payment,
on all paid-up capital, as well as 50 per cent. of the profits.
11. To customers, in addition to the ordinary amount paid
on deposit and current accounts, interest on their cash ba-
lances, equivalent to 50 per cent. of the profits.
This is the plan on which the UNITY JOINT STOCK MUTUAL
BANKING ASSOCIATION is established. By it is created, for the
first time, an identification of interest between the customers
and shareholders of the bank, who thus become mutually con-
cerned in the extension :of its business. It- will be the means
of opening up new business, preserving a connection onco
formed, and productive of practical benefits to the public
generally,
CONDITION OF LONDON JOINT STOCK RANKS.
The success of joint stock banks iu Loudon is readily ad-
mitted, as well as proved by the statements periodically
issued by those great commercial institutions. In support
of this, the following table is submitted, showing the condi-
tion of each of the six metropolitan joint stock banks which
have published accounts, the original cost of the shares,
their present market value, and the dividends payable
thereon ;

• •
• •
4
NAME Or BANK. t. • 5
3'; "°.c
,s ?. 2"
iz -4
eT X X
London and Westminster .. 1834 1,000,000 20 47 161
London -Joint Stock ...... • • 1836 600,000 JO 321 A 25 2
Union Bank of London .... tB3! 422,900 10 30 20 Ic4
London and County ...... 1832 394,135 20 39;, 12 1
Commercial Bk. of London 1941 300,000 20 31 10 1
soYal British 8ank........ 184 I; 100,000 50 .. 6) at

.-.-
The above banks publish tho following facts with regard
to their positions :—•
I. The entire amount of subscribed capital in the six joint-
Stock banks in London i 5.12,704,200/. -
11. The amount thereof paid up is 2,817,0351.
111. The amount of deposits, or customers' balances, is
29,376,410/.
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 bus:-
;less, and general financial resources. These establishments
hold haltyearly 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.
IXCREASED 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 for 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
increase of 55 to 225 per cent. on their paid-up capitol. 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
C,912,116/, 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 Kelvedon, Essex.
WILLIAM JOSEPH BRUCE, Esq., 16, Duke-street, West-
Minster, and 4i, Hyde-park-place, Cumbeiland-,gate.
0. L. P. EYRE, Esq. (Messrs. Triuder 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 A.delphi, and Belfiore-lodge, Highbury.
'tIOVIAS H. BAYLIS, Esq., Cannon•street, City; and 4,
Nottingham-terrace, York-gate, Regent's-park.
• LLOYD, 4, Suffolk-place, Pall-mall.
'4OBERT JAMES SNAPE, Esq., 2, Stone-buildings, Lin-
coln's-inn.
-YTARD GOULD BRADLEY, Esq., Heathland-lodge,
...tlampstead.
aIIi•JOR MARTIN MULKERN, Ightfield-house, Alsop-
terrace, Regent's-park.

TAE BANKERS.
LONDON AND WESTMINSTER BANK.
Tl4O SOLICITOR.
---31 AS TAYLOE, Esq., 27A., Bucklersbury, London.
BROKERS.
ostirs. R. and J. SUTTON, 22, Royal Exchange, London.

GENERAL MANAGER.
GEORGE CHAMBERS, Esq.
(from Messrs. Barnett, Hoare, and Co.)
SECRETARY.
HENRY LAKE, Esc/.
ror Each of the directors is duly qualified, having subscribed
twenty shares and paid the deposit of 1,0001., in accord-
ince with the deed of settlement.
RE NEW PRINCIPLE INTRODUCED BY THE UNITY
BANK.
a., garding the distinctive principle of the Unity Bank, it
!'a. been suggested that there must be a detraction frro m the
Profits of the shareholders, by reason of 50 per cent. being
'on to the customers of the bank. This idea can only have
hieen, however, from the want of a careful consideration of
7e whole subject. In the first place, it is necessary to re-
-I;cernber from whom the profits of a bank are derived. They
efia, Tit made from the share capital. The very first ingredi-
ent for the formation of profits is a customer. The amount
ja,,,,• Profit must, therefore, be governed by the amount of
rtransacted ; and the larger the business. provided it be
oePerly conducted, the larger will be the profits. It must be
ne in mind, also that the real extent of the dividends must
'Pend on the number of cents. orprotits, and that 50 per
Ztnt, of the profits, extending over large -transactions, may
tej,ar greater than 100 per.cent. derived from more circum-
business. If, then, the customers of a bank consti-
th, its profits, the customers should be induced to transact
eir
business with the bank, and thereby the profits of the
el.ehOlder, instead of being reduced, will be augmented.
(' ,inducement hold out to the customer, however, should be
in-se as deed not involve or complicate the business of bank-
g' It should not be by the promise of some peculiar accom-
-0 Tatian, -
or some particular and increased rate of interest,
4,11 Z, any departure from that sound system of joint-stock
ilro'flaT which has stood the test of years of experience, and
th,37.rel so great prosperity. But it should be, as it is in
With „31/,t7 Eank,..,' an advantage which interferes in no degree
that 'etahlished principles, but merely allocates a portion of
have Which has.already been declared to be profit to those who
a,„„hcen the makers of it. Assurance companies have been
br,—"nomed to apportio certain of their profits, by way of
c„.414 s, to their assurers and so general has become the re-
t"ognition of the right of the assurer to this participation, that
thi,,aBs4rance association would now be established without
ila-4!ssential to success. The justice of the principle consists
th "48—that as the assurers make the profits of the company,
e Ought to be participators in its prosperity. What is
"hi assurance will be found just also in banking. The
llstorners of a bank make the profits of the bank, and they
ollght also to be participators in its prosperity.
tit,,lt has been asserted, also, that the 50 per cent. of the pro-
/3,.%Pr°Posed to bet divided, while it would detract from the
tlieuts of its shareholders, would be but a trifling benefit to
e enstomers It might, in the first place, be replied that
mo benefit is conSiderid " trifling" by those who rightly esti-
_ate Pecuniary affairs ; that the benefit, if trifling, is in addi-
-4 to all the other benefits usually derived by banking at a
VIA-stock bank ; and that no correct data can be formed of
Profits which will be made. On the other hand, it must
remembered that hitherto persons have taken their bank-
account where personal feeling, accommodation, or con-
julence of locality might lead them. Now, for the first time,
the introduction of the principle of mutuality, self-interest
it; appealed
ylebdto. And when, to the large number of the public
this all-powerful stimulus, is added the number
athe connections of the Unity Insurance Associations in all
n`, 18 of the country, who have a peculiar identification with
ced interest in its success, it may fairly be stated, that ante-
dent data are not sufficient to form an estimate of the ad-
n•
tages which both the shareholders and customers will
e from the Unity Bank.
DroGreat difficulty exists in estimating the erects likely to be
fduced by the establishment of this new and most desirable
eature in banking. It is ono that must become highly popu-
-4.?.r with every commercial interest, and with every class of
re Public, because its simplicity and advantages are at once
60 be seen and appreciated.
those great commeral bodies which are compelled to
have large cash balances constantly at their bankers', it will
l'r°vo 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
4locls 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,
"11 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.
CURRENT ACCOUNTS Will be made up half-yearly, namely—to
the 30th of June and the 31st of December, and interest will
be allowed at the rate of 21. per cent, ou them.
/3EPOSIT ACCOUNTS.—With respect to these, the
n rate oilfl ibne-
V,rest allowed on money placed at seven days'notice w
G; Per cent. under the rate of discount on first class bills
IDelited by the Bank of England, regulated thereby. Thei
:auk will give recets for the sums so deposited, or, for t
'°nvenience of depositors leaving England, promissory notes,
Or bills, i cludiinterest as well as principal, at not less
than six '
tni?' 'lx months' date.
4ne 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-
; r notes and letters of credit. It will receive all kinds of
income for its customers, including annuities, dividends,
mili-
t' ary,
naval, and civil officers' pay. It will undertake the sale
'Tla transfer of stock in the public funds, &c. ; and will be
responsible for the safe custody of title deeds and other seen-
ties belonging to its customers, to which they will at all
/tines have convenience of access.
4, APplieation for prosectuses and forms of application for
6ne remaining shares, to be made to Messrs. R. and J. Sutton,
stock brokers, 22, Royal Exchange ; er to the secretary, at
,he principal offices, 10, Cannon-street, City.
HENRY LAKE, Secretary.

FORM OF APPLICATION FOR SHARES.
To TIM DIREOTOKS OF THE UNITY JOINT-STOCK MUTUAL BANKING

ISSOCIATIoN.
Gentlemen,— I request thst you will allot me shares of
~,,1""/. each in the above association, and in consideration of
—TII allotment, or auy less number you may appropriate to
-"rn',,l hereby undertake to pay the depesit, or first call of
• Per obard -thereon and 40, at the Ono of incorporation.