The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-08-17

meantime ieit that q totally idle life was in
turing me very much in mind and body, and so
determined would do little OF what every
one was lust then running mad about, namely,
dabbling in shares of public companies.
At the time at which l write, the idea of
finance and credit companies was almost ueW in
England. One or two OF them had sprung into
existence and were looked upon us most sue
cesstul speculations. The directors of these
undertakings were known as most respectable,
although some OF them were rather "go-ahead"
in their monetary IDEAS and notions. Some of
these gentlemen / was well acquainted with,
having know them-a few personally, others by
repute-in India. They were by no means
men of straw, their means being ample,
ahd their characters for caution in money
matters beyond dispute. They were not looked
upon as wild speCulatOrs, but as men VINO,
having discovered a new method of making
money quickly, had introduced the art INTO
England from foreign countries. At the club
there was little save finance and credit compa-
MES talked about One of these institutions
had declared a dividend, which even for the
first six months of its existence, was at the rate
OF twenty per cent. per annum. became
fairly bitten with the mama, and calculated tha5
il | could thus invest but halt OF the t2O, 600 !
had made in lndia-Which at this rate would
give me exactly $4,000 per annum-a very lew
years would enable me not merely to rent, Dut
even to buy out and out some good-slzed estate,
with comfortable manSlon attacheq: Ana u
chose TO lay out all my go, goo, could, at a very
moderate calculation, in i've years nave 100000,
which ] could cab my own.
evil as well as good. The hermits OF old who
wished to aveG temptation OF every sort, were
wise IN their generation when they elected to
live each one by himself.
Certain it was that in my case talking over the
finance movement at the club confirmed me
in my speculative notions. By degrees | began
10 think OF nothing but shares, dividends, and
high interest for investments Commencing
with $1,000, sOon:dispOSed OF nearly half of my
old Indian securities, and laid out the money
thus realized III the shares OF one or other of
these new concerns, and soon became known as
man who event inn for any GOOD thing that
offered.
Nothing could be more prosperous TO all
outward appearances at the period OF which l
write than the English money marked, and never
were such ample means forthcoming for every
purpose Of speculation. The American civil
war had given a new impetus to the Indian cot
ton trade, Tor the staple which could not be
produced in the west had to be brought from the
east With increased imports from, came much
larger eXOprts to, India; and with greatly
enlarged commerce more banking facilities were
required for that country. 1t was suggested to
me one day at the club that should become
director in a new establishment of this kind.
"Ihe Malabar and Yokohama Bank, Limited"
was about to be established, on principles
which combined the utmost security tor all
shareholders, with the greatest possible accom-
mediation Tor all customers. Things as sim
pie as possible" said Watson to me when l
lunched with him at the Junior" one day
(Watson had been for thirty years of his lite
a dragoon officer in lndIa and had only Just
returned from an up.country station in that
country, where there was neither bank nor
trade OF any kind; he was, therefore, an excel
lent Judge OF the requirements OF the mercan-
tile wortd). Things as SIMPLE as possible.
Fellows out in India got lots OF cotton; Man.
chester fellows want cotton. Indian fellows
send cotton TO England draw on Manchester
fellows, bank cashes their bills, keeps cotton
until bills are paid, gets 10 or II per cent. for
doing So and there you are" This gallant SOL
dier had certain fixed notions on money matters
q
explain in terse and sententious manner,
but which carried with them the convection OF
his hearers, or, at any rate, OF his hearers IN
the military clubs. Be that as 1t may, con-
sented TO become a director of the ''Malabar and
Yokohama Bank, Limited" and when the pros
pectus of that establishment appeared Ill the
columns of the Times, | fatter myself that the
name of Joseph Stronarm, Esq, late Bengal
Civil Service, looked as well as that of any of
his colleagues in the same list, although it was
universally allowed in the city that we had "a
very strong direction" so much so, that we we're
quoted at q to premium the day after the
bank came out, and by the time we had allotted
the shares they had risen to 81 to premium.
1t may be asked what opportunities had l.
either assistant magistrate at Meerut, as Joint
magistrate at Agra, as assistant commissioner
in Dude, as collector at Seetapoore, as commits
sioner in Sewarie, as acting judge in Lahore, or
finally, as Judge of Beeapoore, to learn any
thing about banking? reply, that
had quite as good chance OF learning
the trade as any of my brother direc-
tors. The chairman of our board was
| an eXIndian civil servant, who had for
| merly been AuditorGeneral or Accountant
| General at one of the Presidencies. Having
| had Tor many years 70 deal with the pay
| accounts of a vast country, and to check any
| errors which may have Crept into the various
| collectors accounts, must have proved an eX-
cellent training for the board OF a London bank,
| whose chief business it was to deal with trans
| actions in raw cotton sent from, or Manchester
| goods sent to, Calcutta, Madras, and Bombay.
Next to our chairman, on the list of our direct
| ors, came Colonel Watson, who, having for
| thirty years OF his life done nothing but attend
| ''orderly Ioom,' driil his men at "held
| days." look after the riding school of his corps
| and blow up the officers at "sta5es" ="
was equally suited for the duties of a bank
| director. There were certainly tWo-and only
two out of the twelve that composed the board
OF our directors who were mercantile men: but
| as one OF these hao spent all his business life
| in the interior of the Cape Colony, and as the
other had brought the firm OF which he was
partner TO unmistakable and undeniable grief
| il the Calcutta lnsolvent Court. the less we
| say OF them the better. The list of our directors
may be briefly cassed as folloWs:-Four eX-clvil
servants OF the Indian establishments - ex-
judges, eX.cOllectors, and the like; one eX.
colonel Of cavalry; one eX-maor OF infantry:
one haltpay n"val captain; the two ex-mer-
| chants aforesaid; gentleman who could boast
OF no trade or calling except that he was a
| member OF Parliament; and two individuals
who were nothing and never had been any
thing in particular, save that they had handles
to their names, the one being the brother of an
earl, and therefore an honorable, the other a
baIoneU. 1t is true we had this much good
amongst US We appointed an excellent
general manager. He was gentleman of
great Indian banking experience and not only
old we give him a liberal salary, but we were
| " IA n N hands m 4