The Sun.
London, England, 1852-01-14 00:00:00

BANKING INSTITUTION.

Yesterday evening a monthly meeting of the subscri-
bers to this institution was held at their offices, 51,
Threadneedle-street; Mr. T. Hewat in the chair.

A brief report from the council, congratulating the
members upon the flourishing aspect of their affairs,
having been read and confirmed,
Mr. J. J. SRAM read a paper upon the law and prac-
tice relating to crossed cheques. He said the practice
was an extremely old one, and had been in connexion
with the clearing-house in Lombard street for more than
a century. In proof of this fact he cited a great variety
of cases from law reports, where actions had arissu
upon crossed cheques; and though the custom was
well known, ft did not excite any remarks from the
judges before whom these cases were tried. In fact,
beyond the custom of the bankers to receive and pay
crossed cheques to the bankers with whose names they
this
chequQ antis entrusted
with
houthtys
wore crossed, it did not appear that they were entitled to
refuse payment of a crossed cheque, no matter by whom
prevented,-if the answers were satisfactory. It was most
important that a question affecting the monetary inte-
rests of such a large commercial community as existed ,
in the metropolis should be settled at once by some defi- 1
nite legal authority. So far, however, from this being '
the case, the bankers themselves were entirely divided
on the point as to whether a doubly or singly (zoned
cheque was payable at once, or not at all. An important
fiction was brought a short time since against Mentz.
Coutts for having paid a creased cheque for 2,000/.
This cheque was crossed with the Bank of England, and
further crossed by being made payable only to the
count of the Accountant-General of the' Court owfitohhrueLth:.l
eery. The solicitor to whom
however, erased the crossings and crossed it with
nam3a of his own bankers. This chequt, Messrs.
alcwa:yfell, utter
paid, and the money having been mate
the solicitor, the parties en via°,3l the
paying a cheque crotstAt to
convicting him, proceeded against 11
c 0
the account
Bank
0( of
essrs. Coatis
for
Only t -
.6.1,1 e Court of Chancery.
EthneglaAndecouunutaa.nr-GaYeant):real of
In the course of the trial
of Lie loading accountants of
ssrs. Bevan, Marshall,
evidence in the case, some mails-
and Barnett, and a number
the various banks gave
taining that- they Would
a little caution, and others ertwice crossed with
come to. At present a
all. It was necessary
refusing his custom, i that they would not pay it
that acme fixed rule should bo
might riek its _ banker was liable to an action for
the system of crossing _on Jr's cheque, while if ho paid it he
as it prevented anythingaltogether. He thought generally
It them was a very good one indeed,
pointing like forgery on the banks.
Mr. GlLBARTthenbriefly addressed the meeting,
out the necessity which existed for some law
which would compel bankers to pay crossed cheques to
o
the parties t whom they were crossed and to no others.
The
kindbankers were now in a position to demand a law of
from the Legislature, and they intended
doing so. _ _ _

A vote of thanks was passed to Mr. Shaw for his Ice-
turo G 2 the subj Lot, and the meeting aeparated.

At a meeting to promote the completion of the
Great Western Docks at Plymouth, held last week, a com-
mittee was formed to procure subscriptions for the 6,000
guaranteed 5 per cent. shares of 101. each, which it had been
resolved to issue, and which, it was alleged, would, with the
amount authorised to be raised on debentures, fully suffice
for the objeets to be effected. The amount already ex-
pended was stated to be about 90,0091., and an offer had
been received to finish the undertaking for 78,0001. Mr.
Braille, the deputy chairman of the Eastern Steam Navi-
gation Company, attended andapointed out that unless the
docks were completed it would be impossible for his com-
pany to bring their vessels to Plymouth. He added also,
to show the necessity for immediate action on the part of
the town; if they would secure the advantages contemplated
that the tenders for the second monthly mail to India and
China would be decided upon at the end of February next,
and that the company, by arrangements which its direc-
tors had made on their own private responsibility. had a.ld-
ready nearly completed one vessel at Bristol,
and had lei
down the keels and built the engines of seven others.
MELANCHOLY DEATH OF A LADY.--Mr. WlikleYs
M.P., held an inquest on Monday, in the Chelsea work-
house, on Mrs. Frances Bonn, aged 139, late of Cameron-
square. Deceased went to pay a visit, in Malcolm-square,
when she fell with such violence on the pavement as to
fracture her skull, and almost instant death ensued. Verdict
—Accidental Death.