The Sun.
London, England, 1851-10-23 00:00:00

THE BANKING INSTITUTE.

A general meeting of the friends and promoters of
this scheme was held yesterday evening at the Lon-
don Tavern, for the purpose of adopting rules, and
appointing officers for the management of the insti-
tute; Mr. W. G. Prescott in the chair.
This institute has for its objects the periodical
meeting of all parties connected with banking and
commerce, the reading and discussion of papers, the
republication of rare and useful works, the establish-
ment of a mutual guarantee fund for the fidelity of
bank officers, and the opening of a central room as a
library and place of meeting for London and county
members.

The CHAIRMAN said he had been requested by
many gentlemen interested in the subject of banking,
and connected with that profession, to take the chair
on the present occasion for the establishment of a
" Banking Institute." He had done so with great
pleasure, and although other obligations might pre-
vent his being permanently connected with it, he
should feel happy if by presiding at the first meeting
he could in any way forward the success of an insti-
tution which, he believed, would be both serviceable
to the public as well as to its members.—(Hear,
bear.) Amongst the social arrangements on which,
under the present advanced position of society, the com-
fort of a large portion of the community depended, few
were more important than the currency and banking
institutions, and it was of the utmost importance to cul-
tivate and extend as far as possible the scientific and
practical knowledge of them. This institution, if
properly carried out, was well calculated to obtain

this object. This association was only following the
example of other professions who had established
similar institutions, and he could not see why the
profession of banking should not be able to create and
maintain an institution fbr the benefit of its members,
and the extension of a sound knowledge of commercial,
monetary, and banking affairs.—(Hear, hear.)
The Hon. Secretary (Mr. FALTON) then read the
report of the proceedings of the provisional com-
mittee, which showed the great support the proposal
had already received from the whole of the banking
community, joint-stock as well as private, both in
London and in the country, and stated the plan on
which it was proposed to establish the institution.
Mr. J. W. GILBART moved the first resolution :
" That the establishment of a banking institute is
calculated to be advantageous to all parties engaged
in banking pursuits, and is deserving of the support
of the banking interest." He said that this institu-
tion was not intended to be of the character of several
associations of bankers, which had been promoted for
the purpose of watching legislative proceedings in re-
lation to banking, but its sole object was the mutual
instruction of its members in literary as well as pro-
fessional studies. He urged npon the meeting, in
very forcible language, the advantages of such asso-
ciations in improving the intellectual qualities of those
who were employed in a routine business like bank-
ing. He would only add that this institution had his
most cordial support and good wishes.—(Cheers.)
Mr. CHARLES CAVE (of the firm of Grote, Pres-
cott, and Grote) seconded the resolution, which was
also supported by Mr. G. CHAMBERS, and carried
unanimously.

Mr. HYDE CLARKE then moved that certain gen-
tlemen (411 of whom were officially connected with
banking establishments) should be elected as council
for the ensuing year, with power to add to their num-
bers ; and that they be requested to invite gentlemen
holding a high position in the banking world to be-
come honorary officers of the institute.
This was seconded by Mr. NEWMARCEI and carried
unanimously.

A resolution was then passed for the adoption of
the code of laws drawn up by the provisional com-
mittee ; and after a vote of thanks to the chairman and
to Mr. Gilbart, the meeting separated.

THE MONMOUTHSHIRE AND GLAMOR-
GANSHIRE BANKING COMPANY.
The petition just prebented to the Master of the
Rolls for bringing the affairs of this company under
the operation of the Act of Parliament for winding
up joint-stock companies unable to meet their pecu-
niary engagements, sets forth that it was established
in 1836, with a capital of 190,0001., in shares of 25/.
each, and that a deed of settlement was executed by
the subscribers for that purpose. From 1836, when
the company commenced their trade, until 18M, they
continued to carry on their business at Abergavenny,
Chepstow, Monmouth, Newport, Pontypool, Trade-
gar, the principal place of business being at New-
port, where it was carried on by Mr. John Frazer,
one of the registered public officers of the company,
as the manager. Changes from time to time took
place in the body of proprietors, the shares were
bought and sold, and transfers were made. Large
profits also, it is alleged, were made, or were consi-
dered to be made, and accordingly considerable sums
were allowed to the shareholders as dividends on their
shares, until 6th October last, when the Commercial
Bank of London, who were the London correspon-
dents of the company, declined to honour their drafts,
upon which the company was compelled and ceased to
carry on business, and on the 7th Oct. a public notice
to that effect was affixed to the bank doors.

The petition then proceeds to give an official state-
ment of the assets and liabilities (no full or correct
account of which has yet been published), as follows,
and which was presented at the recent meeting of
shareholders, from which the press was excluded :

DR.
Existing liabilities ... £558,
Loss likely to accrue from bills dis-
counted and rediscounted ...

2 2

„ , 25,000 0 0

Cash ...
Bills of exchange ...
Overdrawn accounts ...
Doe from sundries ...
Further amount in hand

£553,796 2 2

... £10,301 6 3
•.• 30,194 1 2
... 62,215 13 6
... 2,342 17 4
... 3,947 10 9

£109,037 9 0
Available—Mortgages, collieries, life
policies, shares, buildings, &c., at
actual cost ... ..• ... 53,119 0 0
Securities in hand of London Joint
Stock Bank

.. 236,308 0 0

£403,462 9 0
Dormant accounts £634,783 0 0
The petition further sets forth that it will be found
that the item 634,7831., entitled " dormant accounts,"
consists of advances of money that have been impro-
perly made by the directors of the company, either in
whole or in part, to some one or more of the directors
or shareholders in the company, or to the customers
thereof, which are uncovered by any security, and that
the whole or greater part cf the said "dormant ac-
count" will be lost to the company, and that after
realizing the whole of the assets of the company there
will be a sum amounting to nearly 400,0001. to b. 3
made up by the shareholders of the company in dis-
charge of its liabilities, The petition (presented by
Mrs. Margaret Rankin, of Weston-super-Mere,
through her solicitors, Merrs. Emmett and Knight)
concludes by stating that proceedings are now being
threatened by creditors against individual sharehold-
ers in the company for the recovery of their debts,
that calls in arrear are due from various shareholders,
and prays that an order absolute to refer the investi-
gation and settlement of the company's affairs to one
of the Masters in Chancery may be made, as no suffi-
cient means for that purpose and to compel contribu-
tion to meet losses exist, except under the provisions
of the Joint Stock Companies Winding-up Acts.
The following are, we understand, the contemplated
arrangements entered into by the above company for
the liquidation of the demands upon them, viz., all the
small depositors to be paid off at once, which it is
calculated can be done with about 15,0001. On the
Ist of January next to pay a dividend of five shillings
in the pound on the remaining claims; in about four
months after, a second dividend of five shillings ; and
at two subsequent periods, not yet named, two fur-
ther dividends of five shillings each.