The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1836-04-05 00:00:00

STEAM NAVIGATION.

AT a MEETING, held pursuant to advertisement, for the
purpose of considering the Bills now in egress through
Parliament fur extending the Privileges of City of Dublin
Steam-packet Company, and the Getter Steam Navigation
Company.
J. MARTIN, Esq. of Glasgow, in the hair.
The Meeting was addressed by . Tennant, Esq., M.P.,
Patrick Stewart, Esq., M.P., C. 0' weer, Esq., W. Attwood,
Esq., P. Mahony, Esq., and sec al others, during which the
merits of the respective Compa s, and the principles on which
they are conducted, were disc ed at considerable length.
Resolutions were irrOposed, having reference to the terms
upon which the extension of the capitals a these Companies
should be acceded to, and the other privileges possessed by
them, entertained, upon which amendments were put and car-
ried; but, Mr. Martin having left the Chair before the votes
were recorded, _ _

W. Attwood, Esq.. was called thereto;. and it was unani-
mously resolved,
1, That it appears to this Meeting, that the explanation given
on behalf of the City of Dublin Steam-packet Company and the
General Steam Navigation Company, as to the objects and ef-
fect of these Bills now before parliament, are satisfactory, and,
therefore, it is inexpedient to offer auy opposition to either of
them

2. That, in expressing our opinion op the Bills now pending
in Parliament for the increase of the capital of these Compa-
nies and Incorporation of the City of Dublin. COMpany, (the
General Steam Company having been incorporated in 1834,)
we do not desire to check the formation of similar Companies,
should Parliament thitik lit so to do.

ATTWOOD, Chairman.

CALCUTTA AND SAUGUR RAILWAY AND ARBOUR
COMPANY.
ITIHE Directors of the above Company a prepared to re-
it ceive Tenders for the supply of one d two Ten Inch
Cylinder Loconiotive Engines. Should t e principle of the
Rotary Engine he sufficiently matured ould be preferred.
The Tenders are to be calculated separ y and the Engines
delivered at Corriier Creek, Saugur Chanel, east of the River
Hoogley, Province of Bengal.—Particulars may be obtained at
the Company's Offices, No. 7, Birchin-lane, Cornhill, London.
fly order of the Board,
HENRY SHORT, Managing Director.

March 30, 1836,

PROSPECTUS OF A JOINT STOCK BANKING
COMPANY,
To BE ENTITLED " THE ISLE OF MAN AND LIVERPOOL JOINT

STOCK BANKING COMPANY."

Subscribed Capital, iko,ooo.—Paid-up Capital, £59,000.
THE numerous failures of Private Bankers in the year 1825
disclosed to the public view the inseettrity of deposits in
Private Banks, and laid bare the wea a slender thread by
which Private Banking,:llouses were s sorted. In that year
lvd
whole families were relined, the nati became alarmed, the
panic general, and the people, as it were with one voice, called
for a change and for security. The panic was followed by the
passing of the Act 7, Geo. 4, c. 46. Prior to that Act the system
of Joint Stock Banking Companies was almost entirely un-
known in England; but no sooner bad the Act passed than
Joint Stock Banks arose in the quickest succession, vigorously
prospering. and widely spreading their Branches over the whole
face of the Country in a manner totally unlooked for by the
great. mass of the nation. and even scarcely hoped for by their
most eager supporters. paid
extraordinary amount of the Divi-
dends which have been paid by these Banks, and the astonish-
ing rise of the Shares in the Market, have fully proved that
Joint Stock Banking Companies are based on a solid and stable
foundation, and are not to be shaken either by the prejudices of
the ignorant, or by the interested opposition of pricaie indivi-
duals. In no one instance has a Joint Stock Banking Company
failed. ,In no one inftauce has its Capital been diminished; On
the contrary, all are in the highest state of prosperity; in many
the Shares have risen in the Markets to a value much more than
double the amount of Paid-iip Capital; in a very great many
they have risen to between 25 and 50 per Cent., and in all they
are selling at a premium.

Since the establishment of Banking Companies in England
has iiroved so highly beneficial, not only to the Shareholders
themselves, but to Society in general, why should not their fa-
cilities be extended to the Isle of Man, which labours under still
greater disadvantages than those which produced such ruinous
results in Englana t This Island has no public funds in which
money can be invested for the production of interest; it has no
" Bank of England," where money can be lodged without dan-
ger; and it is totally dependant upon Private Banks in all
pecuniary transactions which take place within it. The very
extraordinary difficulties under which the monetary system of the
Island has been hitherto conducted cannot but have long ago
excited the aont ion of the acute and intelligent Merchants at
that Island, a they no doubt are fully aware of the great pecu-
niary loss wheh nhabitants yearly sustain in the transmis-
sion of money to eat Britain and Ireland; but the Gentry,
Farmers, and Inha nts generally will be shuck with amaze-
ment when they are old they pay a tax of mere than two months'
interest, at the rate of 5 per Cent., in the purchase of every
article of English, Scotch, Irish, or Foreign Produce consumed
by them. Such, however, is the case; for payments made to
the Travellers of British and Foreign Merchants are generally
made in Manx Notes, which, not passing current in England
or elsewhere, are changed in the Manx Banks for Bills on Lon-
don at two months, which Bills are in general passed through
hands of a Liverpool Bank for presentment, and the Liverpool
Banks again charge the holder with Commission, Poitage, &c.
The remedy to be adopted is the establishment of a Joint Stock
Bank in England and the Isle of Man. In order to render the
Bank efficient for the purpose intended, it will be necessary
that the Head Office should be established at Liverpool,-(with a
Branch Bank in Douglas, and Agents in silt h ether Towns in
the Island as occasion may require,) Livertak being the Port
by which the communication between EnglamLand the Isle of
Man chiefly takes place, and the communication between that
Port, Scotland, Ireland, and
,London being immediate and
direct. By such a Bank an immense saving would be effected
in all pecuniary transactions relating to the Island, the Share-
holders would reap considerable profit, and the whole corn-.
munity of the Island would be greatly benefited. •
With the view of establishing such a Bank most minute in-
quiries have been made, not only as to the Capital which would
he- requisite for the establishing and maintaining the Bank, but
arso as to the Profits likely to arise, and as to the best mode of
forwarding Money'and Bills to the different parts of the British
Isles. The result of these inquiries has been most highly satis-
factory, and leaves riot the least room to doubt that, with a Paid-
up Capital of £50,000, and a Subscribed Capital of £250,000,
the Bank would be-enabled to carry on business with the great-
est advantage to the Shareholders, and that by means of Agen-
cies pecuniary business might be transacted bkween the Island
and all Parts of the Empire with the greatest facility and small-
est possible charge. Notwithstanding, however,. that a Sub.
scribed and Paid-up Capital of the above amount has been
thought fully sufficient, yet, as it is impossible to fix any exact
boundary to the business to be transacted by the Bank, it may
perhaps be thought prpdent, in order to prevent unlooked-for
Calls on the Shareholders, to reserve by the Deed of Settlement
a certain number of Shares, to be issued in such manner as the
Directors or Shareholders may think advisable.

The Joint Stock plan has been engrafted. upon the Banking
system of Scotland, and it is to the firmness with which it has
been adhered to that that country is indebted, with the aid of
exciting moral causes, for the rapid developement of her agri-
cultural and commercial prosperity. The most gratifying proof
of public opinion in Scotland is indicated by the present value
of Bank Stock. The Sraree of the British Linen Company.
which originally cost £2(X), now sell at nearly £5OO. The
Shares of the Commercial Bank of Scotland, which commenced
business in a pre-occupied field, and in the face of embittered
opposition, established.between thirty and forty Agencies,. and
hear a premium of £7O per Cent., at the same time that Four-
teen per Cent. has been returned, for the last three years, to
the Proprietors. Equally powerful illustrations of the success-
Sni- prosecution of the Joint Stock plan are supplied by the
Scotch Provisional Banks. I 7 may he sufficient to state, that
the Shares of the Aberdeen Joiat Stock Bank, which originally
cost £l5O, have risen to nearly Three Thousand Pounds. Those
of the Dundee Company are at a Premium of 80 per Cent.
• It is therefore proposed, that a Company be formed with the
title of "The Isle of Mal and Liverpool Joint Stock Banking
Company;" that the Head Bank be at Liverpool, with a Mauch
or Branches in the Isle of Man.
That the Capital of the Company be £250.000, in 5000 Shares
of £5O each, and that £lO per Share be paid up, making the
Paid-up Capital £50,000.
That each person, on being admitted a Shareholder, shall pay
a deposit of £1 per Share, to be considered as the first instal-
_meta of the proposed Paid-up Capital._Tha Shares to.ke tram,-_,
ferable. _ _

That the Company be considered as formed when 1000 Shares
shall have been subscribed for ; and ?t hen w
that of the
Shareholders, to be held in Liverpool, b
Meetinf.: the General Board of Directors, to consist of such num-
ber as shall be agreed upon, shall be elected to continue in office
one year.

That all the concerns of the Company be under the manage-
ment of the General Board of Directors; but that, subject to its
control, the business of the Branch Or Branches of the Isle of
Man he managed bY a Board of Local Directors. The Officers
and Clerks of the Company to be appointed by the General
Board of Directers.'.
That the Local Directors of the Branch in the Isle of Man
be chosen annually, at a Meeting of the • Shareholders, to sbe
held in the Isle of Man.
That at the first, and all other Meetings of the Shareholders,
each Shareholder may vote for himself, or by another Share-
holder holding his written proxy. The Votes be regulated
thus:-5 Shares, one vote; 20 Shares, two votes; 50 Shares,
three votes; and 100 Shares and upwards four votes.
That any Shareholder, holding 40 Shares or upwards, he eli-
gible to be elected a General Director, and of 20 Shares a Local
Director.
That, so soon as practicable after the appointment of a Gene-
ral Board of Directors, a Deed of Settlement he prepared, con.
taining proper and necessary clauses for the management of the
Company, and for the security of the Shareholders.
That the names of the Shareholders be not disclosed until a
return be filed at the Stamp-office, in the mode required bylaw.
That these conditions may be so altered and amended as may
be deemed expedient.
That no transfer take place until three months after the
Shares shall have been appropriated.
That only one partner in a firm shall be a Director at the
same time; and that any Director, ceasing -to hold the stipu-
lated number of Shares, or becoming Director or Agent of any
other Banking Company, shall be disqualified.
Applications for Shares may be made to Mr. SKowan Lt., So-
Slater-couri, Castle-street, Liverpool. or to .1. C. Bt. URTT,
Esq., Advocate, Douglas, until the 20th day of April instant, on,
Which day he Committee will appropriate tE;L, Shares applied for.

• consequence of the great demand and unite proba-
▪ lion with which CANNON and CO.'s
BLACKING has met with from the Pub oprietors
desire respectfully to assure them that e, prepared
to contain the sAulf pretwrviug prop- and to impatt that
heautlful ;Alois for, which jtt?qly 01, ainc.pl Abele patronage.
Sold by all respectable iirti,?gist,. Gruverc; and Whole-
sale at thlilat.nluctury, bottoms of Doke-street.