The Sun.
London, England, 1849-11-20 00:00:00

ROYAL BRITISH BANK.
This institution, incorporatsd by royal charter, and
established for the purpose of introducing into this
metropolis the principles of the Scottish system of
banking, yesterday entered upon its career of useful-
ness, by commencing operations at the premises of the
bank, Tokenhouse yard. In the evening the Governor
and Deputy Governor, together with a large company
of the directors and shareholders, celebrated the inau-
guration of the undertaking by a dinner at Love-
grove's Hotel, Ludgate hill. Mr. John M‘Gregor,
M.P., the Governor of the bank, presided. On the
removal of the cloth, the usual loyal and patriotic
toasts were proposed and duly honoured, after which
The CHISHOLM, M.P., gave the toast of the evening
" Prosperity to the Royal British Bank." He said
that since the union between England and Scotland,
the people of the latter country might boast of the
many advantages they had conferred on the sister and
richer country. The Scottish agricultural societies
set the example, which was copied by the great agri-
cultural societies of England, and he might point also
to the Scotch banking system as being more appropriate
to advert to on this occasion. That system they were
now for the first time introducing into the English
metropolis—(Cheers) —and if he might be excused
the feeling of nationality, it was inborn with his (the
Chisholm's) fellow-countrymen. Scotchmen might,
perhaps, boast that there were now but two chartered
banks in England—the Bank of England and the
Royal British Bank—and that the charters for both
were obtained by Scotchmen —(Cheers.) He could
speak from his own knowledge of the soundness of
the Scottish system of banking ; and when he saw the
able direction under which the present undertaking
was placed, he could not but feel that it would prove
highly beneficial to those who joined and those who
supported it. He had, therefore, great pleasure in
proposing " The Royal British Bank—its success and
public usefulness."
The CHAIRMAN returned thanks, and observed that
in bringing forward the subject of Scotch banking in
connexion with the city of London, it appeared to him
that to broach it at all was an act of extreme temerity.
Only eight months ago it had scarcely the vestige of
an existence ; yet if any one unacquainted with the
institution and formation of banks had entered the
bank that day—the first day of its operations—he
appealed even to those who had been long connected
with the great bank of this country, the Bank of
England--he would have been unable to say that it
was a bank that had not been many years in
existence.—(Cheers.) The Chairman then adverted
to his speech in the House of Commons, when the
Scotch system of banking was attacked there ; and
remarked that the undisputed facts which he then
adduced had given birth to this bank, and was the
cause of their being assembled at that board.—
(Cheers.) He believed that all those connected with
the bank would faithfully do their duty, and not dis-
appoint the just expectations of the people.
Mr. ESDAILE, a director, then proposed " Pros-
perity to the Bank of England," and bore testimony to
the high national importance of that great corporation,
and to the practical wisdom and incorruptible in-
tegrity of those who had had the control of its opera-
tions. The speaker then briefly adverted to its his-
tory, and concluded by observing that the directors of
the Royal British Bank would do well to take a
lesson from the wise and liberal, the firm, cautious,
and disinterested policy of the Bank of England.
The CHAIRMAN then gave " The health of Mr.
Cameron, the general manager of the Royal British
Bank."
Mr. CAMERON acknowledged the compliment.
Mr. APSLEY PELLATT (a director) proposed the
next toast—" The Friends and Well wishers of the
Royal British Bank, particularly those connected
with the London and provincial periodical press."
He said that if the undertaking had not had a spice
of philanthropy in it, as well as been founded on
sound commercial principles, he would not have con-
nected himself with the company. Its principles,
emanating from the north, were about to be centra-
lised in that metropolis, and would enable the humble
mechanic and industrious artisan to obtain, on giving
good security, that assistance for enlarging the sphere
of his operations, or raising himself in the scale of
society which the principles of banking in this country
had hitherto denied him. They would give a vivacity
and a spirit to English commerce which had never
characterised it before. Their bank would be in truth
" the bank of the million," in which they would have
an inducement to deposit their smallest savings, which
could again be lent on good security to those who had
remunerative means for employing capital. We
might have abundant harvests, yet the want of a suf-
ficient circulating medium would not allow the
mouths of the people and the produce to come into
healthful contact. The labourer had no means of
getting at it because we had no banking on popu-
larised principles. Mr. Pellatt concluded by proposing
the toast, which was duly acknowledged.
Mr. OwEN then gave, "rhe Church, and religious
institutions and charities of all classes ," and referred
to his daily avocations bringing him into frequent
contact with the indigent and necessitous. Ile had
read those striking articles on " Labour and the
Poor," which were now being published, and had to
thank the editor of the Morning Chronicle from his
heart for the information they afforded.—(Cheers.)
He had earnestly pondered over these articles, and
wondered what could be done to alleviate the misery
they disclosed. How he wished that those who were
drawing their thoughts to that subject would also
direct them to some plan by which this mass of evil
could be removed. He had frequently visited the
desolate spots alluded to by the writer. The institu-
tion dearest to his heart was the London City Mis-
sion, which had between four and five hundred thou-
sand poor people under its care. But the end of all
his reflection was, that we must come back to the
remedy pointed out by the Being who made man, and
his only hope, if this wilderness world was ever to
be converted into a garden, and the mass of misery
to be removed, it was in the powerful application of
the truths revealed in the volume of inspiration.
The Rev. Mr. MARTIN returned thanks.
The CHAIRMAN proposed " The Oriental Bank of

Mr. R. H. KENNEDY, Deputy-Governor of the
Royal British Bank, and who is also a director of
the Oriental Bank, returned thanks for the latter
institution.
The CHAIRMAN gave " The Joint Stock Banks,
and the banking institutions generally of the United
Kingdom."
Mr. PATTERSON, in acknowledging the toast, ob-
served that it was not altogether correct to say that
this bank was the first to introduce the Scottish prin-
ciple into England. The leading characteristic
principle of the Scotch banks was first established in
this country in its joint-stock banks more than
twenty years ago. The joint-stock principle, how-
ever, was not the only principle belonging to the
Scotch system. Others, perhaps more important and
more valuable in their direct bearing on the commer-
cial community were omitted : no attempt was made
even to make them known to the English people.
The joint-stock banks, however, by adopting the
principle which first popularised banking to a great
extent, and broke up the monopoly which previously
existed, earned great credit for their discernment,
and were peculiarly entitled to the cordial thanks of
the friends of the Royal British Bank, inasmuch as
they might be truly called its pioneers.—Loud cheer-
ing.) This bank recommended itself to public,
confidence because, although in one sense original
yet it walked by the lights and guides of another
nation's experience in the same course. It sought
to transplant the principals of the Scottish system
into England; and as much of those principles as had
been transplanted here twenty years ago had taken
deep root, and produced a good tree that had yielded
abundant fruit.—(Cheers.) 'I he Royal British Bank,
by introducing the system of cash credits and of
deposits, on the principle of receiving the smallest
sirs, and of allowing
.interest on them, and indeed
in
improving on these principles, would entitle itself to
the gratitude of the British community ; because it
would confer, to a greater extent than the Joint-
stock banks had yet done, on a class of the com-
munity hitherto strangers to the benefits of banking,
those advantages accruing from the joint-stock banks
to the middle cla,ses, which had given them so much
stability, and such great facilities for the transac-
tion of their business.—(Cheers.)
The CHAIRMAN then proposed the health of the
foreign constituents and well-wishers of the Royal
British Bank.
Mr. HARTS returned thanks, and expressed a hope
that the foreign business of the bank would become an
important item in their balance sheet.
The healths of Mr. Moxou, one of the trustees, and
of Mr. Mullins, solicitor to the company, were seve-
rally given from the chair, and briefly acknowledged,
in appropriate speeches, for which we have not space.
Mr. PARKES then gave the health of Mr. Mac-
gregor, the chairman, which was drank with much
cordiality; and the company shortly afterwards
separated.

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