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

our own. If the Pacha be completely independent of
the Sultan, then is our.Consul-1,3-eneral in Egypt an
independent diplomatic potentiie. also, subject only
to,ordera from Downing-street. Whereas, if Egypt
be still considered a province of the Porte, there is a
consular agent there bound treonsider the British
Minister at the capital as his suisrior. Whether this
weighty Matter is settled by the award of Downing-
street, or by a .pfofound inquirilinto the nature of the
Tanzimate, we are not fully aware. That the affair
of the railroad would .be sktied; and satisfac!-
torily, without armies or war4,..or even prolonged
quarrel, we were well awifre. Reschid Pacha
is ; not, a statesman. who would: choose fur
his ground of quarrel with Egypt a
question in which British ,interests were so
deeply concerned. But the per Mission to execute the
railroad, 'and the setting aside"rill remonstrances or
diplomacy respecting it, by
no-niearis appeases the
rivalry or extinguishes the quarrel between the Sultan
and the Pacha. assume'some other form, put
forward other causes or pretexts. And the defeat of
the'Rotte,which its waiving its objection, is tantamount
to, will bin augment the inclinationto quarrel. We
must.eenfess to taking the same view of the Tanzi-
maurquarrel as of the. railrad business, which is,
that it is much better to make mattera up, dissuade
the Sultan and Reschid, Pacha ,frem falling into the
old blunder of Mahmotid, vvhose. grand policy it was
to strengthen his empire by subduing Egypt; and to
represent to Abbas that hia true atrength lies far more
iu a good' understanding. with Turkey, than even in
oortiplete independence, however one or other great Eu-
ropeanpowerLnight,llupport him for the moment in such
pretensions. There can be no doubt, however, that the
opening,of the railroad, making Egypt the great place of
transit between east and west, and especially between
Great Britain and her principal colonies, consider-
ably alters the old relations between Turkey, Egypt,
and England, and has a but too natural tendency to
place Egypt:under English' influence, and Constanti-
nople under Russian patronage. Do what we will for
the Turks, they will soon come "to perceive that we
are .more identified with Egypt than with Constanti-
nople, and feel more interest in:Alse„Nile than the
-Bosphorus. A . retrograde -party, hating England,
would: goon whisper this to an nndiacerning Sultan
or inexperienced Vizier; and neither Reschid nor
Abdul Reschid are immortal. In that case we might
haie to• pay for our supremacy in Egypt by a total
sacrifice of-our political and :commercial consideration
and justice in Turkey. This renders such diplomatic
quarrels extremely delicate, and requires at least a cer-
tain unity and subordination; amongst our own agents ;
for if they disagree, how are Turk- Vied Arab to he kept at
peace ? We have sot yet been favoured with the
Turkish view of the dispute '.hetween them and Egypt;
whilst from Egypt we have had ilome very just objec-
tions to an introduction of 'the Tanzimaut. But it is
unfair to allege that the Sultan has made no progress
in the reform of his administration, and in the assimi-
lation more Anil More of his provinces to the better
sense "arid equity gf Europe. We are well aware, indeed,
that Turkish reformers are-timid, slow in their ad-
vances, and as often deterred by obstacles as bravely
surmounting-them. There is still lamentable disor-
der infinance, speculition and corruption amidst Offi-
cials high and low. .:- But on the whole Turkey is
more tranquil than ever it Was under the most fierce
and cruel administration, and there is throughout the
empire- that general decay of ferocity and fanaticism,
which gives hope of a Christian spirit growing over
the country, the beat prelude to Turkey taking rank
among-St the civilised countries of the world, and gra-
duallfsbaringin social, and religious
enlightenment which can, better than armies, secure
its independence. .

Bills of exchange

Overdrawn accounts
Due from sundries
Further amount in hand

EVENING, OCTOBER 23, 18bi..

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,
hear.) 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 ether 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 for the benefit of its members,
and the extension of a sound knowledge of commercial,
monetary, and banking affairs.—(Bear, 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 upon 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 CL4RKfi then moved that certain gen-
tlemen (all 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. NEWMARCH 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 presented 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 251.
each, and that a deed of settlement was executed by
the subscribers for that purpose. From 1886, when
the company commenced their trade, until 1851, they
continued to carry on their business at Abergavenny,
Chepstow, Monmouth, Newport, Pontypool, Trede.
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 correc
account of which has yet been published), as follows,
and which was presented at the recent meeting o 1
shareholders, from which the press was excluded :
Da.
Existing liabilities ... £558,
Loss likely to accrue from bills dis-
counted and rediscounted ... 25,000 0 0

£583,796 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, &0., at
actual cost ... 58,119 0 0
Securities in band of London Joint
S:ock 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
nr shareholders in the company,
4or to the customers
thereof, which are uncovered by any security, and that
the whole or greater part of the
,said "dormant ac-
count" will be lost to the company, , and what after
realizing the whole of the assets of.the.company there
will be,a .sum amounting to •nearly 400,0001. to be'
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 solicitois, 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.