The Sun.
London, England, 1864-03-21 00:00:00

PROSPECTUS,

While Exchange Banks an i Credit Institu,ions have been
established to connect this country financially with almost
every foreign market, and to give fact Pies for conveyinz to
our shores every descrirtion of merchandi •c, it is remarkable
that as soon as the operation of importing is performed the
monetary facilities are withdrawn. The bills drawn upon
our merchants mature, and must either be 'net by the mer-
chant's capital unaided. or by sales. Thuq, when tempo-
rarily there is an excess of any commodity imported, its
price is undu y depr,-.sed, and s, Hon-losses are incurre

ordinary bankers and diicount houses dislike making ad-
vances bpon merchandise, having no organisation for exa-
mining the goods and correct y estimating their value.
What they want are good bills, drawn on those who, know-
ing the value, have accepted for a fair advance. Division of
labour is here as elsewhere found to be most convenient and
profitable.
To inset this want, which every merchant must acknow-
ledge, the Warrant Banking Company is formed. The busi-
ness of the Company will mainly consist in making ,dv Awes
upon deposit of the staple articles of produce, represented by
dock warrants or other means of absolute assignment, duly
inspected and valued on behalf of the Company, and with a
proper margin to allow for depreciation.
These advances will be mace in a ceptances by the Com-
pany of the drafts of its customers, and as every bill will re-
oresont mer-hanclise readily convertible, and b' at the same
time secured by the whole ca, ital of a powerlul Company, the
exact position of which will be patent to ali, there can be no
doubt that the whole Dis ount Market will be availablewhen
it is desired by the holder to turn the bill into cash.
It will be readily apparent that the existence of such an
institution, while it will be of great service to merchants, and
increase the stability of the entire class, will be an equal con-
venience to bankers and discount firms, furnishing them with
a class of bills rarely obtainable. In order to render the due
payment of the company's acceptances certain, the Directors
undertake that the entire paid-up capital of the Company
will be invested, and, so far as practicable, remain invested in
British and East Indian Government securities, and upon
deposit at call, and it is proposed 'hat the capital thus paid
up and invested within the first year shall reach the sum of
at least .000,C00.
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,(00,000. If we estimate
the average stock of foreign goods held in warehouse, as
equal to three months' consumption, it would represent an
amount of £50,000,000.
Advances may also be made when deemed advisable unon
stooks and Shares, in permanent undertakings readily con-
vertible.

A. relsonable proportion will always be maintained be-
tween the extent of business undertaken ar d the cal'ed-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,
319nchester, Glasgow,
Tie Direci ors will not receive any remuneration until the
shareholders have been paid £5 per cent, by way of dividend
on their paid-up capital. Atter payment of 5 per cent. the
Directors will receive one-fifth of the nett profits.
No promotion money 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 un'ess a deposit of £1 per share has been
p eviou• 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 I,ss than the number applied for, the payment in excess
will he applied towards the balance of the deposit.

FORII OF APPLICATION FOR SHARES.
To be retained by the Bankers.

No.--
To the Directors of the Warrant Banking Company
(L'mitedl.
Gentlemen,—Having paid to your Bankers the sum of ,
being a Depo it of Li per share on shares in the above
company, I hereby request that you will sllot me that num-
ber, and I agree to become a member of the Company in re-
spect of such shares, or an respect of any leas number you may
al'ot me ; and to pay on allotment the further deposit of £4
p r share thereon, and I reqest that my name may be placed
on the Register of Alembe,s for the s, arcs so alloted.
Name in full
Res' deuce
Profession or business
Date