The Sun.
London, England, 1834-06-30 00:00:00

(No. 13,043.)

PROSPECTUS.-N,
HIEL

ATIONAL BANK of
AND,

COMMITTEE :
Geo. Evans, Esq., M.P. D. Roche, Esq., M.P.
Fits• Stephen Ffrench, Esq. R. L. Shell, Esq,, M.P.
M.P. J. R. Todd, Esq M.P.
C. Fitz. Simon, Esq., M.P. N. A. Vigors, Esq., M.P.
C. S. Foster, Esq P. J. C. C: Bell, Esq.
J. Grattan, Esq.. M.P. J. H. Elmore, Esq.
A. H. Lynch, Esq., M.P. E. F. Green, Esq.
D. O'Connell, Esq., MP. R. Sutton, Esq.
M. O'Connell, EN., M.P. Thomas Vigne, Esq.
The O'Conor Don. M.P. H. L Wigram, Esq.
C. O'Brien, Esq., M.P. Win. Wilkinson, Esq.
Previous to the year 1825 banking. in I-eland was a mo-
nopolv; enjoyed exclusively by the Bank of Inland. In
the following year the Bank of England was curtailed of its
extensive privileges, and since then the system Of banking
in both countries may be said to be placed upon a more
solid foundation., The disasters so frequently occurring
amongst private bankers were often a serious inconvenience
to whole districts, which were not only ruined by a failure,
but, in consequence, often deprived of the utility of a bank-
ing establishment.
Scotland had long felt the practical benefit of a sound
banking system, to which may be traced the .rapid deve-
lopment of agricultural and commercial prosperity, and
other exciting causes being absent, the growth and im-
provement in her moral and social condition. In these
respects it would be difficult to calculate the inestimable
benefits which a joint Stock system of banking has con-
ferred upon Scotland.
• It was natural after the injury which the panic of 1825
occasioned (and which may.in no small degree be attri-
buted to our unsound state of banking in England), that
the attention of the public should be directed to the secu-
rity of the. Scotch system. Some public spirited indivi-
duals had made the attempt so early as 1822, but the privi-
leges of the Bank of England proved too great an obstaele
to the;r patriotism ; and it was not till after the occur-
rences in 1825 that the legislature formed the determiria-,
tion to grapple with these monopolies, and place England
and Ireland on a footing of equality with their sister
country. To the panic, therefore, the effects of whiCh
will he long remembered, the public are in a great degree
indebted for the establishment of a sounder system of
banking than had yet prevailed in either kingdom.
It may, therefore, betaken for granted, that the expe-
rience of Scotland has proved the beneficial results of Joint
Stock Banks, whether as regards the security they afford
to the public, the confidence they inspire as to their sta-
bility, or the healthy influence of credit; which, by en-
couraging productive industry, administers to its wants,
and to the constant expansion of national prOsperity. To
the numerous stockholders in the Scotch Banks, which
include the landowners and the wealthier classes of. the
community, Joint Stock Banking has been a source of
immense profit, as the value of an original investment has
in more than one instance trebled, and been, in all, con-
sidei ably enhanced.
The local Joint Stock Banks which have sprung up in
England have succeeded beyond the most sanguine cal-
culations of their founders; notwithstanding the limited
resources they possess, compared with the capital and
credit of a national establishment. The shares in the local
Joint Stock Banks of England are now selling in the
market at the following premiums, which are founded on
the dividends paid upon their capitals:—
II eland is a country, of all others, peculiarly suited for a
profitable employment of capital. First, because the state
of credit, owing to the want of a sound banking system,
has been such as to tempt capital, by yielding it a high rate
of interest, which is six per cent. Secondly, because a
truly national system ()thanking would encounter less com-
petition than prevails in Great Britain. And, thirdly, be-
cause a sound principle of banking would ensure a wider
circulation to its paper and credit, by which last, alone, a
bank can be made useful to the public, and profitable to
the shareholders.
Manchester and Liverpool District Bank, 75 per cent. pm.
Lancashire Banking Company 6O ditto
Wolverhampton and Staffordshire lllO to 120 ditto
Birmingham Company
Bank of Birmingham
Westmoreland Bank
Bradford Commercial Company
Huddersfield 6O ditto
Leeds Company., 4O ditto
Saddleworth Company .............. 6214 ditto
Stourbridge and Kidderminster 3O ditto
Dudley 6O ditto
Derby
Provincial Bank of Ireland O2 ditto
_ _

The Bank of Ireland and the Irish Provincial Bank,
with the exception of three local Companies Dublin and
Belfast, enjoy at present.the undisputed monopoly of bank-
ing, without the ability, from the nature of the principles
on which they are founded, to confer any decided advan-
tages on Ireland, in return. The annual amount divided
by the Bank of Ireland, is 270,000 L (exclusive of bonusses
which have been added to the capital) and the declared
profit in the last year of the Irish Provincial Bank was
56.3161. 18s. Bd. on their trading capital of 500,000/.
This last bank.was established in 1825 —it was unquestion-
ably very much required, and has, so far as it has been
able to extend itself, conferred great benefits on Ireland.
This, in a great measure, is to be attributed to its connec-
tion with English capital, which inspired great confidence,
and materially contributed to the development of Irish
credit. But the Irish Provincial Bank has not succeeded
in becoming, notwithstanding it has been established nine
year's, a National Bank. Irr this time it has only ex-
tended itself to twenty-one towns in Ireland, arising,
most probably, from the defective principle on
which it is established ; and which multiplies, with
every additional branch, the details and difficulties
of management, otherwise it would be difficult to
account for the tardiness it has displayed in its move-
ments. It appears, therefore, impossible that the Irish
Provincial Bank can extend itself much farther with equal
safety, and, at the same time, insure good management.
As far as it has done so, it has been highly profitable to
its proprietors ; but as nothing is more certain than that
competition will follow success, to foresee it is of vital
importance in the beginning. The Irish Provincial Bank
seems to have lost sight of this, and omitted to unite it-
self with a body in Ireland, with whom to share its pro-
fits, as well as to fortify itself on a principle, by which re-
sistance could be made to inevitable competition—a com-
petition based on success, the best temptation and security
to capitalists.
--- • - • - • -

It is not, however, likely that the Irish people would
remain for any length of time deprived of a national sys-
tem of banking, or capitalists fail to secure a field which
has proved so productive, and which conducted upon an
enlarged scale, is more certain to increase the advantages
bf investment.

In founding the National Bank of Irelind, so as bide-
serve the name of National Bank, two leading, principles,
entirely overlooked in the Irish Provincial Bank, must be
adopted, viz.:—

Ist. The power of extension, without increasing at
head-quarters the labour of management.
2d. To insure its success against competition by pro-
viding the means of defence.
The plan of extension of the National Bank of Ireland
includes a system of self-management, and an union with a
large body of local proprietors where each branch is formed,
upon a principle, which will stimulate its exertion by in-
creasing its direct interest in its Own success. ,
It is proposed that each branch shall have a separate ca-
pital proportioned to the extent of its business, one half to
he subscribed by resident shareholders, so as to identify
their interest with their own establishment, and the other
half to be subscribed by the National Bank of Ireland,
whose connection with each branch, whether its separate
capital consists of 5,000/. or 50,000/. will afford It the
credit of whatever capital (however large) the National
Bank of Ireland may have actually paid up at the time.
It is proposed to commence this undertaking with a
Capital of One Million, which, as the branches extend, will
he increased by fresh issues of Shares, at a 'Premium, to
new subscribers ; the premium, on each extension of capi-
tal, to go to the original proprietors. This premium will
be calculated on the actual success of the undertaking, and
capitalists who may be disposed to set up a rival bank,
will be enabled by the constant enlargement of the capital,
to embark in the National Bank of Ireland without running
the race of competition.

The following are the terms and conditions of subscrib-

ing :
First. That a Company shall be formed in London, to
extend to Ireland the benefit of a sound banking system.
Second. That a Bank be formed in each town in Ireland,
where practicable, by law, and which, offers a prospect of
success to the operations of the Company.
Third. That the object of the London Company shall
be to connect itself with Shareholders exclusively inte-
rested in the success of each local establishment.
Fourth. That the principle of the Bank shall be the
division of profits of each bank, with such local shareholders
in Ireland. The capital of each branch to be subscribed
equally, by shareholders on the spot and the Company in
London.
Fifth. That the capital of the London Company shall
be 1,000,000/. in shares of 501. each, to be called the Ori-
ginal Capital, which may be increased as the business of
the Company extends : but the premium, on any addition,
to go to the first subscribers.
Sixth. That the Bank shall be formed as soon as half
the capital is subscribed.

MANAGEMENT.
Seventh. That the Bank shall be managed by a Board
n London, consisting of Twenty-four Directors, in whom
'shall be vested the supreme control.
Eighth. That each Local Bank shall be managed by a

NEW NOVELS,
Printed for LONGMAN, • REES, ORME, and Co.,
London.

DACRE : A NOVEL. Edited by the Coun-
tess of MORLEY. 3 volumes,spost Bvo., 3h. 6d.
Just ready. •

LIFE and ADVENTURES of JOHN MARSTON
HALL. By the Author of " Darnley," &c. 3 vols. post
Bvo. 31s. 6d.

111.
MARY of BURGUNDY.; or, the Revolt of Ghent,
By the Author of " Darnley," &e. 3 vols. post evo. 31s. 6d.

• •
IV.
The COURT of SIGISMUND AUGUSTUS; or,
Poland in. the 16th Century ' • an Historical Novel, with
Notes, &c, By a POLISH REFUGEE. 3 vols. post
Bvo. In the press.
V.
LEGENDS of the LIBRARY-at LILLIES. By Lord
and Lady NUGENT. -2 vols. post Bvo., 21s.

TRADITIONARY STORIES of OLD.FAMILIES,
and LEGENDARY: ILLUSTRATIONS of FAMILY
HISTORY. • With Notes, Historical and Biographical.
By A. PICKEN, Author of " The Dominie's I'Legacy."
2 vols. post Bvo. 21.5.

GLASGOW CORN MARKET.—June 25.
The arrivals of Grain are good, and we note no alteration
i
prices. .
IZlTheat, per 2401 b. s. d. s. d 1 Oats, per 2641 b. 5..1, 5..1.
British, old 25 0 to 27 01 Irish IR 0 to 20 0
:—new 240 250. Brilish .... ...... ...... 190 21 0
Canada, free 27 0 29 0 Beans , her 2601 b.
Irish
Barley, per 3201 b. Scottish
English 0 —.6 Pea.e, Scottish .. 19 0 21 0
Scottish 2l 0 22 6 Oatmeal, per 140Ib. 16 0 18 0
Irish

(PRICE 7l).

IMPERIAL PAIILIAMENT.

ROUSE OF LORDS, June 28.

The LORD CHANCELLOR took •his seat on
the Woolsack shortly after 4 o'clock. At this time
there was a large attendance of Peers and Members
of the House of Commons, most anxious to hear the
examination of the Printer of the Morning Post, who
was ordered to appear at the bar for a breach of pri-
vilr•ge.
Several petitions were presented in favour of tile
Etablished Church ; and
Lord ROSEBERRY postponed the further consi-
deration of the Scotch Entail Bill to Wednesday.