The Sun.
London, England, 1833-04-29 00:00:00

LONDON, MONDAY EVENING, APRIL 29, 1833.

Mrs. Smith, Portland-
C
Spencer Smith, Esq.
Miss Smith 1 0
Miss Eliza Smith 1 0
T. Smith, 3,1. D., Bury 1 0
Thomas Stilwell, Esq.
Asundel-street
J Stone, Esq., Dorset 0 10
John Hassard Short, Esq 1 1
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Miss Shore, Norton 1 0
Rev. E Strong, Watford 010
Andrew Spottiswood, Esq. 5 0
R. Scott, Esq., Edinburgh
(2d subscription)
Rev. A. Scott,Whitehaven 5 5
H. Tawney, Esq ,Banbury 1 I
Sir George Talbot, Bart 5 0
Sir Grenville Temple lO 0
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Hon. Mrs. Trevor
IMrs. George Twining. 1 0
Miss Twiss and Mss A.

S. Lutwidge, Esq., ditto....C2
Mrs. Lucas, Edith Weston 0
Rev. S. Lvsons, ditto
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Miss E Marett,
amppton
Mascall, Esq.
Jonathan Matchett, Esq,
Norwich
Lady Macdonald, Wol-
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Rev. Clement Madeley
Horncastle
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officers of his Majesty's
fleet in the Downs 381. 0
S:r G. Mackenzie, Bart. 5
S. Marjoribanks, Esq ,
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Miss G. Marjoribanks
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Le Chevalier de Mattos 2
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The men in the employ of
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Lord Viscount Melvile
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A mite
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G. Moore, Esq., Bury 1 0
Alexander Monro, Esq 1 0
Mr. and Lady A. Murray 5 0
The Earl of Munster 10 10
Commander G. Rodney
Mundy, R.'5.... ........... 1 0.
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J. R. Mullins, Esq., Ci-
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Mrs John Murray 3 31
John Murray, jun., Esq 2 2
Miss Murray 1 1
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R. N. L. Newton, Esq.,
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Rev. G.Newby Newcastle 0 10
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John leave Esq
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Twiss
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Mr. Thorpe
Elev. George Townsend,
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,The Venerable Archdea

con Thorpe 1 0
Mrs. Charles Thorpe 0 10
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Mr. Tryon, Stamford 0 5
Petty Vaughan, Esq 105.6 d.
J. Vickers, Etq., Gates-
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Mrs. Ward 1 0
Lord Waterpark, Derby 1 0
Sir J Walsh, Bart., M.P. 10 10
Dr. James Watson, Ben
gal Establishment
George Wallace, Esq 1 1
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Lord Wharncliffe lO 0
Lady Wharncliffe
'Mrs. Wallrund, Bath 2s. 6d.
His Grace the Duke of _

Wellington, K.G. lOO 0
Marchioness of Wellesley 10 0
Miss M. Wellesley, Dur-
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Miss Cecil Wellesley, do OlO
Hon. and Rev. Dr. 'Wel

lesley, ditto
Hon. and Nev. Dr. G

Wellesley, Sundedand 0 10
'R. Wrench, Esq 0 10
Countess of Westmorland 10 10
Thomas Weldon, Esq.,
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J. Whitfield, Esq., New-
castle
Messrs. Wright and Scott,
Horncastle los. 6d.
Miss Williams
'Sir W. Hedworth Wil _

verpool
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Miss Nutcombe
Mary Nym Glaston
E. Ord, Esq, Newcastle 0 1
Mrs. Otter, Hornci,stle 10s. fid
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General Oliveira
Rev. H. J. Parsons,
Arundel I 1
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Tiverton 1 0,
J. Pakington, Esq., West-

hamson, Bart., M.P. ... 1 0
Hon. Lady Williamson ... 1 0
Domestics of Sir W. Wit.

Damson, Bart., M.P....105. t3d.
Mrs. Whittingstall, Wat-
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Mrs. S. Wilson, Stamford 0 10
W. Wordsworth, Esq.,
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G. A. Wood, Esq.
Mrs. Wood 1 10
Mrs. C. Isabella Wood
W. Baring Wood, Esq 0 5
G. Augustus Wood, Esq 0 5
Frederick S. Wood, Esq 0 5
'LadyGeorgianaS.Wortley 1 0
Her. N. Woodhouse,

wood Park 2 2
Mrs. Pakington, ditto .., 1 1
Dr. Park 5 0
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11. P. Dawkins Pennant,
._ _.

Esq
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Watford 0 10
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By the Most Noble the Marquis
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ton House V 1 0'
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Mayor of Nonvich
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J. Serjeantson, Esq ,
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Lord Selsey
Timothy Stevens, Esq ,

Toi Abbey
W. Dent Dent, Esq.,

Shorttlat Tower 1 1
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Henry Deffell, Esq., Har.
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Hon. T. Dundas, Aske
ltev. H. J. Ouncombe,
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Thei kel by
B. Flounders, Esq., Farm 2 0
Miss Flounders, ditto
Miss C. Hale, Little Ches.
sd
Rev. T. W. :Morley, Br kby 2 0
Col. Mitcheson, Pickering 2 0
William itutson, Esq.
iliss Scott, Catterick
Miss M. Sc..tt, ditto
J. S. Walton, Esq., North
_

ncestcr 1 1
Sampson Senhouse, Esq.,

11. hitehaven
Sir M. A Slice,
John Smith, Esq., Dcrby
Samuel Skinner, Esq 3 0
Russell M. Skinner, Esq 1 0
E. Shipperton, Esq ,
Durham 1 0
R. .
Abbot,ford Subscription, 15
Strand, April 2'

Allerton
A. DUNDAS, /lon. Sec.
• N.Tthunitherlgnd.stiert,
;7, 1833.

both they and the private bankers lean in times of danger
and difficulty. The object, therefore, of the Committee
above mentioned was to promote the formation of an In
stitution of this description.

If, however, the Banks which have been already formed
are not on the best principles, they have effectually pre-
Pared the way for such an estahlishment as was proposed,
by clearly proving the profitable results which are like!)
to ensue to persons embarking their capital in it. N.
of them app-ar to have done ills for even the shares o•
the least successful may be sold at their original cost, if not
above it, wh,le the greater part have succeeded in an extra-
ordinary manner as will be seen by the following pre-
miums at which the stocks of several of them sell :

Per ct. prem
Manchester Bank 30
Workington Bank :)
Halifax Bank CO
Lancaster Bank 60
Huddersfield Bank 70

Per ct. prem.
Gloucester Bank 90
Bradford Bank 130
Batik of Birmingham 100
Birmingham Bank 160

From these results the disposition of the public to sub-
scribe to such undertakings cannot be doubted, more
especially to one on a huge scale, such as proposed, which
will divest banking of nearly all risk, and reduce its profits
to an average certainty.
Under these impressions steps are now being taken fox
the immediate formation of such an insfitutiou ; and at a
meeting held for this purpose, Sir Henry Parnell, Bart.,
in the chair, the following Committee was chosen to carry
it into effect x

Hon. D. G. Hallvburton, M.P.IA. L. Hay, Esq.. M.P.
}Jon. C. Langdale, M.P. W. James, Esq., M.P.
Right Hen. Sir Henry Parnell, W. A. •iackinnon, Esq.
Bart., M.P. T. P. Macqueen,
Right Hon. C. Tennyson, M.P. ti. E Magan, Esq.
G. F. Angas, Esq. William Pratt, Esq.
Sir William Coswav, Lint. G. Robinson, Esq M.P,
Edward Blount, Esq. H. Ross, Esq., M P.
Oliver Farrer, Esq. I'. M. Stewart, Esq., M.P.
Thomas Gisborne, Esq., M.P. Thomas Joplin, Esq.
H. D. Goring, Esq. And L. Murray, Esq., Hon. Sec.
The objet of this Committee is, therefore, to form such
an institution as has been described, namely, which shall
spread its branches in all directions, and not only carry
banking on its best principles into the agricultural as well
as commercial districts, but, i❑ times of difficulty, form a
stay and support to the existing private Banks wherever
its branches may be established.
A bank, however, of this comprehensive nature cannot
he formed at once ; it must commence on a more limited
scale, arid spread itself with greater or less rapidity as may
be justified by its success. It will be proper, however,
that its constitution should contain the principle of its
future extension; and the following simple plan has been
proposed far this purpose, which it has beets deemed pro-
per to adopt.
It is proposed that the institution shall commence with
a niillio❑ of capital, and after this sum is fully employed,
and a further enlargement of the capital becomes requisite,
such enlargement shall be effected by fresh issues of shares
at the existing premium. The extension of the concern
will depend, of course, upon its success; and if it be suc-
cessful its shares will be at a premium, which premium, it
is proposed, shall devolve to the original subscribers of the
capital of one million. By this means an inducement will
he held out to the first shareholders by whom the institu-
tion is founded to ,xtend the benefits of it fly the forma-
tion of nesv estsblishments, by making it a source of profit
to them.

Nor does this plan of giving an addit;onal source of
profit to the first founders if the undertaking appear to be
unfair. It is found by experience that many persons who
would not subscribe to an undertaking in the first instance
are very willing to give a premium fur its shares after it is
successful ; and it is obvious that the first establir.hers of a
concern who have undertaken any risk there may have
been in establishing it ought to derive whatever profit
may be obtained by its extension after success has been
secured; while the respectability of the undertaking will
in no respect be dimished by the fact that there will be no
nominal capital, and that the full amount subscribed will
have to be paid up.
Hence, in estimating the probable amount of profit which
may result from the proposed undertaking, if the success
of the Banks alreAdy formed be taken as a criterion, the
prospects of advantage to the original subscribers from the
profits of Banking on the one hand, and the enlargement
of tve capital on the other, secured by this plan, could nut
be fully stated without the appearance of great exaggera-
tion. It may, bovi.ever, be assumed as probable that the
Stock of this Institution will before, say seven years, beat
50 per cent. preml urn, and that its capital will nave been
en' aged to, say three millions, at half that premium on
the average, making a profit to the original shareholder of'
100 per cent., namely, 50 per cent. by the success of the
Bank, and 50 by the increase of its capital. But if, to be
stillhat nether
ounot,hei
it will ,d thebee pr o
hsiidi fie the t r
abe,a kfeitri
it a t only
be kept in mind that there is but little chance of loss, and
that the capital is not sunk as in other undertakings, while
the expense s at the outset are comparatively small.
It is therefore propos,d—
CONSTITUTION.

I. That a Metropolitan Establishment shall be formed for
Banking in the Country.
2. That it shall have its supreme seat of Direction in London.
3. That it shall have Branches in the provincial towns where
they now, or hereafter, may be admitted by law, and where
they can he formed with the prospect of advantage to the In-
stitution

4. That the Board in London shall consist of twenty-four or
such other number of Acting Directors as may be hereafter
agreed upon ; together with Honorary Directors, President,
&c., with such powers as may be hereafter determined.
5. That the business of the Branches shall be conducted by
Boards of Local Directors, on principles to be hereafter ar-
ranged.