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

THE WARRANT BANKING COMPANY
(Limited.)
FOR ADVANCES ON MERCHANDISE AND SECURITIES.)
Incorporated under the Companies' Act. 1862.
Capital £2,000,000, in 40,000 shares of £5O each.
First Issue, 20,000 shares.
Deposit Zl per share on application, and £1 per share on
allotment. Future calls will not exceed £5 per share, at
intervals of three months.
DIRECTORS.
Joseph Bravo, Esq., of J. Bravo and Co., London.
Archibald Bruce, Esq , of the late firm of Bruce and Co.,
Abchurch-lane, London.
W. J. It. Cotton, Esq., of Culverwell, Broo':s, and Cotton,
London.
A. D. Dc Pass, Esq., of De Piss and Sons, London.
Abe! Heywood. Esq., e,c-Mayor of Manchester, Director of
the Allilnce Bank, Manchester.
Geor-re Harvey Jay, Esq., Tokenhouse-yard, late of the firm
of Quitter. Ball, and Jay, London.
Thomas Jolly, Esq., of Thorn .s Jolly and Co , Manchester.
William M'Andrew, Esq., of William IPAndrew and Sons,
London.
A. R Marriott, Esq., of Henry Marriot and Co., Manchester.
William M. Neill, Esq., of Neill Brothers and Co., London
and Manchester.
George Palmer Robinson, Esq, Director of the Alliance
Bank, London.
Albert R cardo, Esq., of A. and W. Ricardo, London.
Rawstron, Esq., of Ralph Rawstron, Manchester.
BANKERS,
London, Liverpool, and Manchester—The Alliance Bank.
SOLICITORS.
London—Messrs. Fyson, Tathams, Curling, and Walls, Fre-
derick', -place, Old Jewry.
„ Messrs. Flux and Anfles, Mincing-lane.
Liverpool —Messrs. Fletcher, Hull, and Stone.
Manchester—Messrs. Sale, Worthington, Shipman, and
Seddon.

BROKERS.
London—Messrs, J. and J. Whitehead, MO-mate-street,
Liverpool—Hears. Gasquoine and Chamberlain.
Manchester-Messrs. Shore and Kirk.

TEMPORARY OFFICES.
21, Throgmorton-street, London.

PROSPECTUS.

While Exchange Banks and Credit nstitniions have been
established to connect this country financially with almost
every foreign market, and to give fact Ries for conveying to
our shores every descriution of merchandi ,e, 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monetary facilities are withdrawn.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. '1 hu,, when tempo-
rari'y there is an excess of any commodity imported, its
price is undu y deprc.sed, and s, rirus losses are incurre
Ordinary bankers and discount houses dislike making ad-
vances upon merchandise, having no organisation for exa-
mininc• 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 meet this want, which every merchant must acknow-
ledge, the Warrant Banking Company is formed. The bu,i-
ness of the Company will mainly :onsist 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 valued on behalf of the Company, and with a
proper margin to allow for depreciation.
These advances will be made in a-ceptances by the Com-
p,ny of the drafts of its customers, and as every bill will re-
present merchandise readily convertible, and b 3 at the same
time secured bythe whole ea- ital of a powerful Company, the
exact position of which will be patent to al,, there can be no
doubt that the whole Dis ount Market will be available when
it is desired by the holder to turn the bill into c tsh.
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, sofar as practicable, remain invested in
British and East Indian Government securities, and upon
deposit at call, and it is proposed that the capital thus paid
up anti invested within the first year shall reach the sum oi:
at least ,E 200,000.
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 £200,000,000. If we estimate
the average stook of forPign 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
Stocks and Shares, in permanent undertakings readily con-
vertible.

A reasonable proportion will always be maintained be-
tween the extent of business undertaken and the called-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, Are. dye.
Toe Directors will not receive any remuneration until the
shareholders have been ptid £5 per cent. by way of dividend
on their paid-up capital. Atter payment of S 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
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.

FOini OF APPLICATION FOR SHARES.
To be retained by the Bankers.
No.—
To the Directors of the Warrant Banking Company
iL mitecP.
Gentlemen,—having p nd to your Bankers the sum of
being a Deno it of £t per shaTe on shares in the above
company, I hereby request that you wig ,llot me that num-
ber, and I azree to become a member of the Company in re-
spect of such shares, or in respect of any less mr-r b?,r you may
al'ot me ; and to pay on allotment the further deposit of £4
p r share thereon, and I reqest that any name may be placed
un the Register of Membe' a for the s aces so alloted.
Name in full
Res'dence
Proress'on or business
Date

THE WARRANT BANKING COMPANY
(Limited)
NOTICE IS HEREBY GIVEN, that no farther APPLI-
CATIONS for SHARES in this Company will be received
after THIS DAY, MONDAY, March 21st.
By Order.
Temporary Offices, 21, Throgmortou-greet,
14911(10)1, March,2l, IS6I.