The Sun.
London, England, 1839-01-14 00:00:00

THE UNION BANK OF LONDON.
Capital 3,000,0001., ii Shares of 501. sash.

Deposit 61. per Share.
DIRECTORS.
Sir Peter Laurie, Alderman. Thomas Moux, Esq.
Andrew Spottiswoode, Esq. Robert Cockburn, Esq.
Thomas Young, Esq. David Skaiffe, Esq.
George Webster, Esq. Benjamin Boyd, Esq.
John Barnes, Esq. Peter Laurie, Esq.
J. Sutherland, Esq. James Farquhar, Esq.
M. Name, Esq. W. P. Craufurd, Esq.
Major-Gen. Arehibalii Robert- John Connell, Esq.
son, Hoe. E. I. C. S.
The great success which has attended the establishment of Joint
Stock Banks in London, as well as throughout England generally,
confirming as it sines the large experience of what may now be said
to have become the universal mode of banking in Scotland—the
fast increasing and almost unanimous eenviction of the public
mind in favour of that system which, while it affords the greatest
amount of security to the customer, is found to yield an este-
slate profit to the proprietary—make it unnecessary to offer any
statement explanatory of the grounds upon which the Directors
have been induced to undertake the organization of the Usaien
Bank of London, as a bank of deposit is the metropolis, and for
the transaction of all business falling strictly within the scope of
banking. They will only observe, that in the monetary capital of
the world there are only three establishments of a similar descrip-
tion, with less than 1,000,0001. of paid alp capital, while in Edin-
burgh, a city, compared with London, of very limited commercial
relations, there are no less than five joint-stock banks, having e
?Lilt up capital of 4,100,0001., the stock of every one of which
bears a very considerable premium, most of them having besides
Paid large bonuses to the proprietors, and all allowing interest to
easterners on their deposits.
The following extract front the official share list of December 25,
1188, shows the state of the five banks alluded to :

accts. Paid up
Dividend. Original Paid Present
Share. up. V
Balk of Scotland £l,oooCap,ooo 6 per cent. £l, £lOO £l9.3alue. 0
Royal Bank of Scotland 2,1.00,500 54 per cent. 100 100 152 0
British Linen Company 500,000 S per cent. 100 109 240 0
CoMmereial Bank of
National Boni ** 'Sand ...,
_••cIN-
•••• 604,060 6 per cent.
land ..... ........ 500,000 6 per cent. 100 10
The remaining 17 Joint-stock Banks in Scotland are in the same
flourishing condition, and such, indeed, has been the progress of
the system that of the many private Banks formerly carrying on
business in Edinburgh only one exists at present.
The Directors, having felt that an additional Bank of this de-
seription was called for, have for some timebeen engaged in making
the necessary preliminary arrangements, and, having received the
most flattering encouragement and assurances of support in busi-
sinese front capitalists in the metropolis and the country, they have
now resolved to commence operations without delay, feeling assured
that the judicious arran"ements they have entered into, and the
principles on which the Bank will be conducted, will btain the
confidence and support of the commercial and trading community,
and the public generally.
By taking advantage of the experience of similar establishments
which have preceded them, and avoiding whatever had been found
faulty or inconvenient in constitution or principle of management,
they anticipate that the same, if not a larger, degree of success
will mark their progress, and open up to the shareholders, as well
Ls to their customers, the combined and reciprocal advantages
which experience has proved will result from a Joint Stock Bank
when properly conducted.
It is the intention of the Directors to allow interest en deposit
accounts, under proper rules and regulations, which, with other
details as to the transaction of business with the Bank, will be
hereafter announced.
As a suScient capital has already been subscribed to enable the
Directors to commence business immediately, they have resolved,
in order to avoid the inconvenience which has been found to arise
in other undertakings from an unrestricted application for shares,
and to induce only those to apply who wish to become bona fide
proprietors, that they will not entertain any application unless made
in the printed forms provided by tisem for that purpose, and accom-
panied by a payment of 21. upon each share applied for, the Di-
rectors reserving to themselves at the time of appropriation the
right to reject or comply with such application either in whole or
in ; the money to be returned if the application be rejected,
and if accepted to be placed to the credit of the party in respect to
the shares allotted to him.
For the guidance of those who may wish to become proprietors,
it may be mentioned that it is not in contemplation to call up *ore
than IW. per share for the next two years.
The Directors have postponed filling up the direction to the full
limber of Li, in order to give them the opportunity of selecting in-
fluential proprietors, whose assistance and co-operation they may
think it advisable to secure for the interests of the concern. Power
is reserved to them for that purpose, and they are also authorized to
complete all other arrangements necessary for putting the Company
into immediate operation.
Deposits, in accordance with the printed forms, may be paid as
Utter :
London—Messrs. B. and M. Boyd, 4, New Bank-buildings.
Liverpool—Liverpool Commercial Bank.
Birmingham—Birmingham and Midland Bank.
Edinburgh—National Bank of Scotland.
Glasgow—Western Bank of Scotland.
Dundee—Eastern Bank of Scotland.
Aberdeen—North of Scotland Bank.
Dumfries—Southern Bank of Scotland.
London, January, 1839.

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