The Sun.
London, England, 1861-10-31 00:00:00

THE BANK OF DEPOSIT.

In consequence of the pressure of depositors, the
directors of the " Bank of Deposit and National
Assurance and Investment Association" have sub-
mitted to an investigation of its affairs, and the
books have accordingly been placed in the hands of
Messrs. Harding, Pullein, and Co., the accountants
The liabilities are estimated at about £300,000.
The directors affirm that the assets show rather
more than 20s. in the pound, but that a forced re-
alisation would entail great loss. Mr. Harding,
however, after examining the particulars placed
before him, reduced this estimate by one-third.
Perhaps a dividend of 10s. in the pound may ulti-
mately be realised. The depositors are spread all
over the country, and belong chiefly to the poorer
classes. The bank was established in 1844. The
circular issued to-day is subjoined :
Bank of Deposit, National Assurance and Investment
Association, 3, Pall-mall East, London, Oct. 30.
consequence of the advertisements and para-
graphs which have recently appeared in some of the daily
journals relative to this association, the stockholders have
(not unnaturally perhaps) become anxious for the imme-
diate repayment of their investments. This is virtually
impossible, as the nature of the majority of the securities
held by the associarion precludes their immediate realisa-
tion. Under these circumstances, and at the suggestion of
some:of the stockholders, the board have resolved that the
precise position of the affairs of the association shall be as-
certained by public accountants, and Messrs. Harding,
Pullein, Whinney, and Gibbons, of 3, Bank-buildings,
have been requested to investigate the accounts and to re-
port thereon. So soon as their report is prepared a meeting
will be convened.—l am, Bce.,
PETER MORRISON, Managing Director.

EXCHANGE OF OLD COPPER FOR
BRONZE COINS.

The old copper coinage is now in process of rapid
disappearance from the channels of public circula-
tion, and its place is as rapidly being supplied by
the new coinage of bronze. The offer made by the
Mint of two per cent. premium for collecting and
delivering thereat the copper money has had the
effect of inducing many persons to embark in the
business, and vehicles of every size and description,
from the Pickford and Co. waggon down to the
costermonger's cart, are accordingly continually
passing into or out of the Mint gates, laden with
copper for the furnace, or bronze coin for the use of
the public. _ _

On the arrival of the condemned copper coins
at the Mint they are in the first place counted,
and then transferred to a defacing machine. This
consists of a strong frame fitted with bearings in
which run a "pair of finely corrugated steel rolls,
and is surmounted by a capacious hopper. Before
being put into this, pence are carefully separated
from halfpence,' because they require a different
amount of pressure, and the rolls have to be set at
different distances from each other to effect it.
Imagining that half a ton weight of " cart wheel"
pennies have been discharged into the hopper, the
machine would then be started, and a " joggling"
apparatus would cause them to fall gradually
through the hopper " shoe" and down an inclined
plane. Arrived at the base of this the coins are
at once accepted by the rolls, severely pinched, and
as it were, crimped, in their passage, and they
speedily fall into an iron box placed to catch them
The mode of dealing with halfpence and farthings
is precisely similar, and several tons of either are
easily defaced at the Mint in a single day.
The defacement is rendered necessary, we pre-
sume, by the fact that the coins have to be sold as
old copper, and it is quite necessary to prevent
them finding their way into circulation, without
passing through tke furnace and being duly in-
corporated, with proper admixtures of tin and
zinc. Some hundreds of tons of tha old pieces
have been already withdrawn from circulation, and
the inconvenience arising from their mixture with
the bronze coins is thus subsiding. The advantage
of having the inferior coinage of so much less
weight than in former days is being gradually felt,
and by-and-bye it will, as we long since ventured
to predict, be universally acknowledged.—Mecha-
nics' Magazine.