Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-21
MONEY ,rARESET,


,,..,,si,sd ,esterl. y fron land degree
d Ce ,,.sient Gloon on h, fste. The view taken of
,,ir 5y capitalists Ee.ope, connected with the
, 81 The legislatures here especially that OF Pennsyi
INA siy, bot small promise of speedy recovery There
e~ sales - 4oc ma lots Of fancy stocks at the Board this
a ming Al decorating prices United States declined per
.. r-a approved Ii North American Trust and Banking
60. 4, Delaware aad Hudson, ~.
eriing exchange there material change since the
packe day. The packet Westminster for London takes out
Ss5 specie. Uncurrnt and domestic bills mah
tain the Notice has that the interest on
the New York city will be paid the I'd proximo at
the Bank Of the State New York The transfer books to be
q closed on the 2'd.
The banks of this city now, many oil them declaring
large dividends of them large az they declared IN
the great speculation The loose manner IN whe he
of banking institutions made up ana deciar
cd great evil and leads 10 oil the greatest ABUSES
of the paper system In times like these when II 10
every commercial man. that the banks are dong no
them declare
dividends of and and 10 cent per annum
The ground which these dividends declared the no.
ina profit exhibited by the profit and loss account without
first deductng the bad debts making allowances Tor the
depreciation Of property the doubtful debts Every d
dend made in this way like amount from the active
capital ofhe bank and is step towards insolvency In Eng
land perncious effect of this system 50 well under
very many the deeds of settlement OF the JOINT
Stock Banks prov on strictly enforcing argid exam
nation the assets, and all bad and doubtful
written off before declaring dividend from the sur
plus small balance of whchis retained to CONSTITUTED eser
before the secret committee appointed by Parliament to en-
Qure the condition of the joint stock banks IN 1857 VIII
briefly illustrate the English practice in that particular Mr.
Marshall the officers of the Provincial Bank evil
dence follows:
90 Win you explain to the Committee what steps take
A. We have regularly balance every half the div
dend only been declared at the termination
each directed send special report OF every
obligation which standing, of that doubtful
CATION THAT preparatory to esng further IN the matter
Then when balance the end of March completed,
TO The bank detailed report special csmrtee
of the appointed to examine those, and they go
strike off every thing is considered to be rrecoverabie
they then consider what the reports oi the managers
part when all this has done they add
generally still possible omission; and it
only thus that the fair profits OF the year are considered 10 pe
ascerained."
Here will observed that such report that Of the
Manhattan Company annually prepared and infinitely
amned into the managers directors conceived that
they entrtled declare profit. Mr. Paul NJ Jonos
proprtor aud manager the Birmingham Banking Company
gave similar when before The committee in 1886 In
regard writing of bad debts he questioned by Sir
James Graham al follows:
40. Yea would only write off that which IT would
pear toler ably certain you should lose
covered
Mr. John Amery of the stourbrdge and Kidderminster
BsnL was questioned by Chancellor of the Exchequer
follows:
debs but retured them among the securities would il
give very faIlaoious idea to the public
A. No doubt OF it,
So much for the English practice Now let look the
practice leading Banks Wall street For this
we will take the Manhattan because the Of that Bank
have been officially before the public On the LIST Of January
,sao she published following the true state Of her
Affairs: