The Sun.
London, England, 1857-04-15 00:00:00

THE PROJECTED TURKISH BANK.

(From the Times' City Article.)'
Nothing has transpired in London lately regard-
ing the projected Turkish Bink, but advices from
Constantinople give further detailS, which enable a
clear view to ba formed of the intentions of the
Government regarding the entire scope of its opera-
tions: They confirm the impressions first expressed,
and, as they are not Likely to
.be repealed or modi-
fied in favour of any other scheme, since it is said
she native houses are ready to take up the conces-
sion in case it by the capital---
lists of London and Paris, the fel/Wing amersikscl
resume will prove useful :—The privileges are for
30 years, and extend over the whole of the Turkish
dominions, giving the right of establishing branches
in any part of the empire. The capital is to be
10,000.0001., of which 2,500,0001. must be paid.,
up. The Board are to consist of a Governor,- De-
puty-Governor, and 24 directors, the Government
nominating the Governor and Deputy-Governor
and six directors, the remaining 18 directors being
elected by the shareholders. The right of issue is
for 15,000,000/.7 with a reserve of one-half in
specie. Within six months from the commence-
ment of business the Bank are to withdraw that
portion of the existing State paper circulation which
bears interest. This amounts to about 2,700,0001.,
of which 1,600,0001. carries 6 per cent.,- and.
1,000,000/. 10 per cent. The circulation not bear-
ing interest—about 2,300,0001.—is to be redeemed
within 15 months. The total to be redeemed is,
therefore, 5,000,000/. The depreciated specie cur-
rency, amounting to 4,500,0001., is to be replaced
by new silver and copper coinages to be gradually
supplied from the Mint—the former with an alloy
of 16 per cent., the latter with an alloy of 33 per
cent. For the amount of paper currency with-
drawn ,the Government are to give the Bank
transferable Six per Cent. Treasury Bonds, secured
by 'a special assignment of the revenues of - the
provinces of Koniah and Kutayah, Adrianople
and Uskuif, amounting to nearly ],000,0001. per
annum. Similar bonds are also to be given for
any difference resulting between the value of the
depreciated currencies called in and the new coinages
issued in its place. Finally, the Board are to have
the power of carrying on all legitim4te banking
operations in the same manner as the Banks of
England and France, and it is to be assumed that
the conduct of the general business of the Goiern-
ment at certain rates of commission is also contem-
plated as among their most important functions. The
whole of these arrangements are creditable to the
framers of them, especially as they are charac-
teriAed by a certain degree of stringency which in-
dicates that the Government consider that if
Turkey is fit to enjoy a National Dank she may
properly insist upon dignified conditions which shall
mark her emancipation from the hands of those
speculators who have hitherto traded upon a dis-
credit, caused not by dishonesty, but mismanage-
ment. It is alleged that such hesitation as has yet
been manifested in London in taking up the project
is to be attributed to dissatisfaction that the Go-
vernment have not offered more extensive means
of gain, such as would be satisfactory to the
concoctors of Banks of Credit Mobilier, and also wg
that they have retained a considerable amount of
control in their, own hands. The terms, however,
supposing them to be faithfully upheld, are such as
to admit of profits equal to anything that a rational
investor could desire, and if more were granted they
should operate rather to deter thin to attract. Of
course, the gains from the circulatim would be
greater if the specie reserve were fixed at
one third, instead of one-half, but at the
beginning the precaution was a wise one, and it
can be modified if experience shall show the safety
of the lower amount. With regard to the re-
demption of the 5,000,0001. of paper circulation, it
may be taken for granted that the void created by
its withdrawal will be supplied by the mites of the
new Biink, while there is also reason to believe t hat
a further large quantity of these notes will pass
into currency in exchange for some portion of the
enormous amount of English and French gold at
present understood to be hoarded throughout the
empire for want of some safe representative medium.
Iu that case it might be possible for the whole pro-
cess of the redemption of the currency to be car-
' reed out without the necessity of a single ounce of
bullion being permanently drawn from England or
any other country. It is asserted, Moreover, -that
there is_a prospect of the Six per Cent. Treasury
Bonds held by the Bank being always negotiable
at a premium in case of need. At present the in-
terest bearing portion of the
-paper circulation is
said to command a premium of 14 for the Six per
Cents. and 11 for the Ten per Cents. Upon the
question of management most persons will agree,
after what has lat ly been witnessed of the course
of London boards, that a direction composed of
leading merchants selected by English, French, and
German shareholders, with an infusion of Govern
ment officials in a pro, ortion to fix responsibility
upon the Sta, e without c nferring any power of
action except such as may be sanctioned by au in-
depeudeut majority, will at least be equal to any
form yet devised. The separate inierests and even
jealousies of the mercantile members would prove
the best guarantee against any of them being al-
' lowed to carry out wild views of their own, and
the influence of their respective Governments
would be available in united force against any un-
due assumption on the part of the State or its no-
minees. Looking at all these features, and at the
salutary effect which a regs net ation of the currency
and banking systsm of Turkey must exercise in de-
veloping her coonnerce, particularly with Great
Britain, there is every ground for desiring that the
concession may be acted upon without delay, either
by ourselves or by the native houses, Who are re-
ported to be anxious to obtain it. An additional
satisfaction will he derived from witnessing the un-
usual fact of a StAe with a depreciated currency
meeting its obligations in full—an example strik-
ingly different from that set by Russia in former
times under similar circumstances.

NEM

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few weeks past some enterprising Newhaven fishwives
fe mi
onfi n
olde attire
and
ng peculiar
as
they
have oc.esionally been selling oysters from door to door.
accent,Their
h at f-
attractma s e half-masculine,
the
i ne t
attentionh al f-
trudge creel laden along the streets in their white C
seamen's jackets, and skirts short as those of an operaifi2
dancer, and of greater circumference than the rob-s of
the most infatuated devotee of crinoline.—Greenocks Ad.
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