New-York tribune., 1880-02-15
ANGLO-AMERICAN BANK.
NENlY.1NcnRpoRArED INsrIrUrIoN.

a NEWlY-INCORPORAI INSIlIU llON.
THE UNION BAVK OF ENGLAND AND AMERICA
TALKS WITH SOME OF THE AMERICAN DIRECTORS
The balance Of trade between England and the
United states opens wide field for banking opera
tons. The trade with the United States Is by far
the most important part of the foreign trade OF the
United kingdom. The exports OF the United States
have exceeded tho imports by a large amount. and
the foreign trad, Of Now-York represents about
one-third cf the total foreign trade OF the United
States,
An effort has been made recently 20 establish %
bank for the settlement of trade balances between
the two countries The Union Bank of England
and America Nmtedj has been incorporated III
England under the acts of 1862 and 1867 with a
capital OF f1, 100000 Among the Ncwlork direc-
tors are E. f. Bell Of w. J. Wilcox Il Co, {. T.
Christensen, Edmund W COrlics. Russell II. lload-
ley A. E. OEr, of David Dows and Co. and Ben
iamin B Sherman president of the Mechanics
National Bank.
MI Sherman said yesterday that Mr. Oyermsn,
the secretary OF the company, who was now III
Europe might be able on his return to explain tho
present condition Of affairs. lie had consented TO
be member of an advisory committee in the
United states but he had not gwen PERMISSION 10
have his name used as a director III any banking
association, such rs that reported III me Lohdo"
Tiucs Mr. sherman said that II was possible I0r
MI Oyelman 20 explain the use of his name III tins
connection, hut the explanation Would not pe prOp-
ably to has satisfaction.
General c. p Christensen. who was formerly
agent Of the Nevada Bank OF CalttorIia. SAID That
lie had consented 10 be one of the New-1ork direct
ors but that the names of the English directors
represented to him, were not those recently re-
ported IN the columns of The London Times lie un-
dcrstood that on Mr.. Overman's arrival IN England
he found that similar scheme had been started
in Liverpool ana that IA union OF the Two projects
had been decided upon. lie considered tliat me use
r 1. f,,o those
The London Times, as unauthorized, hut nc
was willing to await the explanation OF Mr. Over
man before refusing his cooperation. There was
sufficient field for the proposed bauk, and 1T was
surprising that il had not been occupied before.
The enterprise had no connection with the pro-
iected Bank of Brazil. lhe business win that
conntrv had not been sufficient TO encourage the
establishment OF that institution.
A r. Orr. of DAVID Dows d Co.. who appears as
one of the directors, is trustee of the Scottish
Commercial and several other benking institutions
in Europe ard also a director OF the bank. He
said that ne asked 10 become a trustee OF the
Union Bank of England, but had not authorized the
use of his name prefernng not TO do 80 until he had
made thorough examination OF ITS purpose and
character This he had not done 10 his satisfaction
for want of time consequently he lad not decided
r. +. Bell. of the firm of W. J. Wilcox & Co.
lard reiiners No, Al Broadst. Is a director OF the
FIRST National Bank, Paterson. n. j. lie said yes
terday: " / was asked 20 become one OF the New
York directors of the Union Bank of England, and.
after becoming fully advised OF the character ana
responsibility OF the gentlemen connected with the
project. accepted. 1t was also suggested that Tho
directors should take requisite number
of shares which 1 fully approved, rs l
thought il necessary that they should become
pecuniarily Interested in the institution am not
in possession of full details OF the project, bnt
meet them by mail in a few days and will then be
advised when the bank is to begin operations My
present Information IL based entirely upon tee-
graphic communications. which were necessarily
condensed. and from prospectus which have re-
ceivpd The nominal cap tai of the institution Is 10
be 81 800 OOO with 100000 shares at E2O per
share ana 81 800 of these shares nave been taken
M of which ElO per share Is to be paid mp within
the next few mouths. This stock is now quoted at
a premium i'll England. ~
''rhe original plan contemplated was to establish
the main office in London without giving Liverpool
a representatIon, but as Liverpool bankers were
considering a plan for similar institution II was
thought best to form an anal gamatlOn with that.
thereby Strengthening the organization. j: ii.
sparks of the White Star Steamship Line. has been
mainly instrumental in the consolidation OF the two
uroposed ORGANIZATIONS, and the plan now is TO
establish the main Office IN London, with
branches in Liverpool and New-York, and
pedient The OBJECT is to facilitate bank
ing operations between the United States and Great
Britain 1t is believed there is vast field for such
facilities in New-York. a. we have trade OF about
$3.50 O00. 600 per annum. and with tins large IN
crease oil trade have not had tho needed banking
facilities between the two countries. The New.
York branch will have manager ana DOhId Oi
directors whose duties WILL be to take charge aud
supervise this agency, ana such other agencies as
| may be established in this country"