The Sun.
London, England, 1845-07-29 00:00:00

TO THE EDITOR OF THE SUM

Sin.,—Another instance of gross neglect on the part
of steam-boat managers was witnessed at Hungerford-
pier on Sunday evening. The boat in question was ren-
dered unsafe by various openings in the side railings,
which, in the dark, were unfortunately taken for the
landing-places, by two gentlemen, who stepped off the
boat into the water, and were not rescued till nearly ex-
hausted. And had it not been for their cries the pier-
man would not have observed them in time, having then
rose three times. One gentleman lost a new hat, and
also spoiled a good suit of clothes, and is still labouring
under the effects of the fright. Ought public safety
and convenience to be so sacrificed, and no compensa-
tion rendered ?

Mr. Editor, you will confer a public benefit in calling
attention to such unwarrantable negligence.
July 28, 1845.

R. B.

SCOTCH BANKING--IMPORTANT
HINTS.
It does not seem to be generally known that a short
Bill of a page and a half was introduced into Parliament
last week, having for its sole object to extend to Scot-
land and Ireland the Act 7 and 8 Vict. c. 113, entitled.
" An Act to regulate Joint Stock Banks in England."
As this Act will now be extended to Scotland, we think
it right, for the information of the public, but chiefly of
those interested in the formation of joint stock banks, to
copy the first five clauses of the Act. They are the fol-
lowing :
" I. Whereas the laws in force for the regulation of
copartnerships of bankers in England need to be amended
—be it enacted, That it shall not be lawful for any
company of more than six persons to carry on the trade
or business of bankers-in" England, after the passing of
this Act, under any agreement or covenant of copartner-
ship, made or entered into on or after the sixth day of
May last passed, unless by virtue -of letters patent to be
granted by her Majesty, according to the provisions of
this Act ; but nothing herein contained shall be construed
to restrain any such company established before the said
sixth day of May, for the purpose of carrying on the
said trade or business of bankers in England, from con-
tinuing to carry on the same trade and business as legally
as they might have done before the passing of this Act,
until letters patent shall have been granted to them se-
verally on their application, as hereinafter provided, to
be made subject to the provisions of this Act.
" 11. And be it enacted, That before beginning to
exercise the said trade or business every such company
shall present a petition to her Majesty in council, pray-
ing that her Majesty will be graciously pleased to grant
to them letters patent under this Act; and every such
petition shall be signed by seven at least of the said
company, and shall set forth the following particulars
(that is to say) :
First, The names and additions of all the partners of
the company, and the name of the street, square, or
other place where each of the said partners reside.
Second, The proposed name of the bank.
Third, The name of the street, square, or other local
description of the place or places where the business of
the bank is to be carried on.
Fourth, The proposed amount of the capital stock,
not being in any case less than one hundred thousand
pounds, and the means by which it is to be raised.
Fifth, The amount of capital stock then paid up,
and where and how invested.
Sixth, The proposed number of shares in the busi-
ness.

Seventh, The amount of each share, not being less
than one hundred pounds each.
" 111. And b© it enacted, That every such petition shall
be referred by her Majesty to the Committee of Privy
Council for trade and plantations, and so soon as the
Lords of the said Committee shall have reported to her
Majesty that the provisions of this Act have been com-
plied with on the part of the said company, it shall
thereupon be lawful for her Majesty, if her Majesty
shall so think fit, with the advice of her Privy Council,
to grant the said letters patent.
" IV. And be it enacted, That the deed of partner-
ship of every such banking company shall be prepared
according to a form to be approved by the Lords of the
said Committee, and shall, in addition to any other pro-
visions which may be contained therein, contain specific
provisions for the following purposes (that is to say)—
First, For holding ordinary general meetings of the
company once at least in every year, at an appointed
time and place.
Second, For holding extraordinary general meetings
of the company, upon the requisition of nine share-
holders or more, having in the whole at least twenty-
one shares in the partnership business.
Third, For the management of the affairs of the com-
pany, and the election and qualification of the directors.
Fourth, For the retirement of at least one-fourth of
the directors yearly, and for preventing the re-election
of the retiring directors for at least twelve calendar
months.

Fifth, For preventing the Company from purchasing
any shales or making advances of money, or securities for
money, to any person on the security of a share or shares in
the partnership business.
Sixth, For the publication of the assets and liabilities
of the company at least once in every calendar month.
Seventh, For the yearly audit of the accounts of the
company, by two or more auditors, chosen at a general
meeting of the shareholders, and not being directors at
the time.
Eighth, For the yearly communication of the auditors'
report, and of a balance-sheet, and profit and loss account
to every shareholder.
Ninth, For the appointment of a manager, or other
officer to perform the duties of manager.
And such deed, executed by the holders of at least one
half of the shares in the said business, on which not less
than ten pounds on each share of one hundred pounds,
and in proportion for every share of larger amount, shall
have then been paid up, shall be annexed to the petition;
and the provisions of such deed, with such others as °
to her Majesty shall seem fit, shall be ret forth in the
letters patent.
" V. Provided always, and be it enacted,—That it
shall not be lawful for any such company to commence
business until all the shares shall have been subscribed
for, and until the deed of partnership shall have been
executed, personally or by some person duly authorised
by warrant of attorney to execute the same on behalf of
such holder or holders, by the holders of all the shares
in the said business, and until a sum of not less than one
half of the amount of each share shall have been paid up

in respect of each such share ; and it shall not be lawful
for the company to repay any part of the sum so paid up
without leave of the Lords of the said committee."

Now, that part of the fifth section of the fourth clause,
which we have printed in italic, appears to us of con-
siderable importance, inasmuch as it has hitherto been
the practice to advance money, &c., on the security of
shares in the partnership business ; and this, we believe,
has given great facilities to mercantile men. But this, it
would appear, is to be prevented in future by the opera-
tion of the new Bill. It is of greatconsequence to bankers,
and to the mercantile community, to know this. We
beg respectfully to warn them of it ; and if they mean
to complain of this, or any other part of the Bill, they
have not a moment's time to lose, as the session is
rapidly drawing to an end, and if this Bill passes they
have no remedy.
We are astonished that such an important Bill should
have met with so little attention. It looks as if it were
already smuggled through the House of Commons.—
Scotch Reformer's Gazette.