The Sun.
London, England, 1869-07-19 00:00:00

TRADE AND FINANCE.

The Bank return of Thursday last was of such a nature
.
as to leave no alternative to the directors but to rednc`
the rate. The great difference between the official Milli'
mum and the out-of-door quotation bad caused by far tile
larger proportion of bills to be taken into Lombard-stree,
and the discounts at the Bank of England accordingl
shewed a falling off of no less than £1,714,250. Some cell:,
siderable decrease was expected to occur, as there is II"
doubt that a large amount of discounts was anticipated,'
The accounts of the joint-stock banks, so far as they
have been published, are fairly satisfactory, and it rai 3t-o
be noticed that the Union has this half-year returned t
the system of paying a bonus. We annex a stateinefuor
'hewing the different dividends already declared, n 8
the sake of comparison, we give the correspon ulte—ct
dends in 1865, when banking property was greatly infle
tent
in value, for the purpose of chewing to what ol
investors in this class of security have suffered
jag 186.
July 1569.
Alliance
15
City
............
Consolidated
Imperial
London and Westminster
London Joint-Stock l2i ......... .•• nit
Metropolitan
Union of London 2O ........... not
The falling off here is very large, but even this dr'eliai'
represent the full extent of the depreciation, as ill —OO
cases large additions have been made to capital, se
pro"
the amount of interest yielded by the investment i 5
portionately diminished. For example, the Loudoil and
a to
Westminster Bank has lately doubled its capital, half of
return to the shareholders will, therefore, be only 1 tho'
what it was formerly, as no addition has been made t 0
dividend to be paid. ,„ their
No doubt the banks are right in keeping ow)
large an amount of reserve as possible, and this 0114,,, at
be certainly effected in baying the reserve thorouVoligt.
command in the shape of capital. But a reserve °no. he
ing of capital is the most wasteful form in which it
no may
in
held, as the interest obtainable upon it by
readily saleable Government stocks is in no WAY The
parable to the return expected by the contributories•efore,
London banks would have avoided such a Piabilt,ittliebroye,,r);!
'1 they had found it possible to do so ; . iStio I
severe crisis through which they passed In diensP
doubt fully convinced the directors of the elPe tosiv6
if not the necessity, of having a certain and „,ex„ tinle
reserve always under their immediate control.
itel
has favoured the operation of increasing the lone
well-established banks, and, although it has beetle avec.
a considerable sacrifice, there is no doubt that th t the
Cu this Puloutio 4
tors have taken a very wise step.
interests
realised by has an instructiv
financiale
institutions note as to the er: wonel
thg
.0_ arot'
which they use, and, singling out the three followi
rate institutions, arrives at the following
Half-year's Itt,4eY •
Capital, Reserve, Half-
and Deposits. net Profit. 1-xi 15 4
Union Bank £11,615,000 .i 102,000 1 °
Joint-Stock Bank
National Di.count 8,862,000 60,900 tan
•te,
The Joint-Stock Bank does not separate its
r,r0,0001
from its deposits, and the above sum of 115,v taneo
its aceeP Ot4
eludes the acceptances. Assuming that its pro
are about the same as those of the Union Bank, 'than tigl
en the actual money employed would be mole boas'
appear, but still less than the Union Bank, in w
account. result :--er
cet 00
CO
V

The list of charges lodged in the .A.rchr - top
of I3ri hton —where, I'6°l: 00,
against the Rev. Mr. Purchas,
of excessive ritual has led to h gsecution--illellicie- °
coogre°.)
of " rubbing black powder onis naP:° tubers of the
tion." ;
The Dean of Durham, Dr. Waddingtov -
very dangerously ill, and in a most critical As
tte,
is 76 3 ears of age, and was made dean in 1840. 15 ill
author of several works on Greece,
al@t9rs7 9t th9_o_llK94 iroiA tUakiiint-Agegit
and has publiell°"