New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-08-30
CANADA BANKERs-P0YERTYs MORT
GAGEES.

HfS2 DNf OWn teffs~f"-
TORONTO, Saturday, Aug. 1e, 1855.
ne last paragraph save one of my letter OF
Tie sth should have said Montreal Savings
"Bsps, /" leaving out the words "Ctty and Dis
"trict." +. A. Larocque is Vice-President
Of the former, and A. Lsrocque President OF
Tze CITY and District Sdrings Bank, concerning
which, az part Of our monetary machinery,
have now TO speak.
1 find that, in April last, Mr.. Bourret' Re
eorder; DR.. NeAon, Mayor, with Mr. L. H.
Hoitop, NJ. P. for Montreal, were, with other
seven. elected Directors; that the Bank has
s.ex nine wears in existence; that John Collins
IN the Actuary, who only lad before the Annual
Meeting a statement Of its affairs up to 3lst De
eerber. 1854 If his books were posted, why not
have made a return up to 3lst of March last On
the Cd of that month The Montreal Transcript
charged the managers with lending out the peoples
money on some Of our bubble mining stocks, and
added that the President had since had them re-
rlared with real securities, shamed thereto by
publicity. OF this l know nothing Here's the
return
Dee. 81. Due depositors 1--WE are not told how
MANY including interest, $695,500; invested,
S24i 7sl in loans on indorssd notes, with bank
stocks Canada bonds and other securities as colat
eral; What banks what other securities ~
q Province and City (MOntreal) Bonds, S27l ,006
Bank Stocks ~, S66,3ll 1--WE are not told as to
what banks); Railway Bonds, S41, O27 "a curious
investment this; Courthouse Bonds ~, S44,761 :;
Cash, $50 1876. Why sllOw depositors only per
cent per annum, when they could invest in Canada
Bonds yielding per cent In Britain, last year,
more than million Of persons had hundred and
forty millions invested in these banks, and were
getting under per cent, while over another mil
T. ~ tbasr hrofhQra and ale
pawnng their clothes, watches, furniture, &c at
enormous usury. TIE TRIBUNE very recently
published an instructive article on Newly Ork
Pawnbroking. Is il not worth while TO consider
whether instead OF handing over your City poor TO
the bsrpes there described, at % to 80 per cent,
the New. York (Chambers.st) Savings Bank seven
millions could not be very benevolently lent out at
Iess than 25 to these mortgagers of their little per-
soDal estate am told that some of our spectators
borrow of the Savings Banks at or 6 and lend
the cash safely at ii or IL, and see that through
your States many millions are lent at low rates on
personal security. Why not try to lend to the
poor on small scale, by way Of experiment. on
pledgesl The Chambers-st Savings Bank had
$500. 600 of a surplus recently Why not lend ii
on personal pledges The more you help your
poor the stronger you find the foundations of your
Republic Carelessness about the poor OF France
under the monarchy did much to drive from their
castles the aristocracy ola thousand years What
pictures OF unsympatDlZlng prlde ana arrogance
Smollett and Jefferson have drawn of France in
the Eighteenth Century In managing al Savings
Banks in Massachusetts,, with twelve millions of
deposits in 1s4S, the expense was but S36, 4O5.
The Leeds (England) Savings Bank put about
81 100000 through hands in 1852, and the whole
cost was under $4,000. am told that in Canada
very heavy charges are made. The inclosed ac-
counts, however, give the aggregate contingent
fund Of two Montreal Savings Banks at So, 3O6,
but conceal the expediture. Directors have the
entire control: no depositor is ever called to at
tend an annual meeting How is this IN New
York;
regret that we find nothing in The Gazette from
the Bank of Upper Canada Its entire secrecy at
the annual meeting here recently, and through all
other channels considering that it is corpora
ton more trusted than any other, ia not quite fair
toward the country doubt not its management
far from il but this is not an era of conceament
on the part of banks-those, more especially,
whose notes ere the public currency, and whose
&vycAtv .,.. VI A-~@..--v
We have got commencement OF the monthly
returns from three banks, and will compile be-
low from The Canada Gazette, issued at Quebec,
statement of their averages during the month up
20 Aug |. We have a law allowing these Institu-
tons to keep their accounts in the far more simple
currency of dollars and cents and you will see by
report Of the Finance Committee in Assembly
that they would gladly do so if Government would
set them the example.
Quebec. CITY (Mon;.l sComl. Total.
4llG a 4 6tn