The Sun.
London, England, 1864-03-11 00:00:00

While Exclianr" PROSPECT US.
established to ( Banks ant Credit Institu ions have been
onne,t this country financially with almost
every
r aarket, and to g,ve fad ides tor conveying to
viur snores ev
tiiat as soon as the
try descr' tion of merchandi c, it is remarkable
monetary operation of 'mport'ng is performed the
I.acilitie- are w'thdrawn The bills drawn upon
our mercb
chant's c .rats mature, and must either be et by the mer-
at pital unaided or by sales. Thu-i 'n,
when
mported,p it mer-
ran
;t Y , hare is an excess of any co nmodity ios
price
Pride Ji undu y depressed, and a ricu losses are incurreo.
airy hawsers and discount houses dislike making ad-
lvan' Jes upon merchandise, having no organisation for exa-
n,, aing the goods and correct y estimating their value.
bat they want are good bills, drawn on those who, know-
ing the value, have accepted for a fair advance. Divisf 'n of
/labour is he, e as elsewhere found to be most convenient and
:profitable.
To meet this want, which every merchant must acknow-
ledge, the Warrant Bank ng Company is formed. The bu
mess of the Company will mainly consist in making , dv .nces
upon deposit of the staple articles of produce, represented by
dock warrants or other means of absolute assignment, duly
inspected and v. lued on behilf of the Company, and with a
.proper margin to allow for depreciation.
These advaiprs will be mane in a ceptances by the Cora-
l) 'ny of the drafts of its customers, and as every bill will re-
oyesent mer handise readily convert ble, and b at the same
time secured by the whole ca ital of a pulverini Company, the
nxsct position of which will be patent to at there can be no
doubt that the whole Die ount Market will be available when
it is desired by the holder to turn the bill into c..sh.
It will be readily apparent that the existence of such an
institution, while it will be of great service to mercnants, an I
increase the stability of the entre class, will be an equal con-
venience to ban• ere and ids, ount firms, furnishing them with
a class of hills ra...ely obtainable. In order to render the due
payment of the t.ompany's acceptances ertain, the Directors
undertake that the entire p.iid-up capital of the Company
wi.l be invested, and, gofer as practicable, remain invested in
British and East Indian Government securities, and upon
deposit at call, ai,d it is proposed 'hat the capital thus paid
up and invested within the first year shall reach the sum of
at least £2OO, a'.
The field which exists for such an undertaking will be at
once apparent from a glance at the Board of Trade returns of
foreign impor, s for the past year, which amounted (not to
speak of home produce) to over £200,1 00,000. If we estimate
the average stock of fors ign goods held in warehouse, as
equ.tl to three months' cmsumption, it would represent an
an loan t of £50,000,00e.
Advances may also be made when deemed advisable upon
Stocks and Shares, in permanent undertakings readily con-
vertible.
A re sonable proportion will always be maintained be-
tween the extent of business undertaken and the caked-up
capital. Should it be necessary, the latter will be increased
to one million sterling, to be invested as already indicated,
•simply as a guarantee fund.
Branches will, in due time, be established at Liverpool,
Manchester, Glasgow, &c. &c.
Tee Directors will not rec five any remuneration until the
shareholders have been paid £5 per cent. by way of dividend
on their paid-up capital. Alter payment of 5 per cent, the
Directors will receive one-fifth of the nett profits.
No promotion monr-y will be paid for originating this un-
dertaking. The preliminary expenses will be confined to the
necessary disbursements
Prospectuses and forms of application for shares may be
obtained of the brokers, bankers, solicitors, and at the tem-
porary offices of the Company, but no application for shares
will be considered unless a deposit of £1 per share has been
previou ly p 'id to the bankers of the Company.
In the event of no a lotment being made the deposit will be
returned without deduction, and should the number allotted
be less than the number applied for, the payment in excess
will be applied towards the balance of the deposit.

FORNI OF APPLICATION FOR SHARES,
To be retained by the Bankers.

No.—

To the Director., of the Warrant Banking Company
(L rafted).
Gentlemen,--ITaving paid to your Bankers the sum of ,
being a Depo It of per shit, eon shares in the above
Company, I hereby request that you llot me that num-
ber, and I agree to become a memb'a of the Company in re-
spect of such shires, or in respect of any legs number you may
at or me ; and to pay on alo',ment the further deposit of £4
p r share thereon, an I I r'eqest that my name may be Owed
on the Regis. er of Alefr,oers for the s tares so alloted.
Name in full
Res deuce
Prolesslon or business
Date