The Wilmingtonian., 1885-07-25
TIE MUNSTER BANK.


liar to almost all institutions of that nature
in Great Britain. 1t is of recent formation,
having been incorporated within the last 90
years. Its headquarters are in the southern
metropolis of Ireland, the city of Cork, a
town of some eighty to hinety thousand
population, having brisk trade with Eng
land in provisions, including pork, butter,
eggs, cattle and grain.
1t is an institution founded at the time of
and identified with the Home Rule theory.
Its president and directors are of the
Home Rule type and the received theory
was that large share of local patronage
would flow into its coffers 1t took but lit
tie time before municipal boards, Poor Law
Boards, Harbor Boards, ETC., made the
Munster Bank their depository and treasur-
er, taking their accounts from the old
Banks, such as the Bank of Ireland, Prov
incial Bank, and National Bank, which had
existed almost from the commencement of
the century, in their different agencies and
branch banks as the old trusted depositaries
not alone of the Public bodies, but also of
the farmers and peasantry throughout the
South of Ireland
The last three mentioned banks, with the
exception of the banking institutions in the
North of Ireland, have always held the saw
ings of the irish farmers and peasantry. In
the three banks the total savings would rep
resent total of $50, 900, OO0!a large sum it is
true, but the published accounts of those
banks confirm the statement. Additionally,
only but very small part of this amount, if
any at all, is to be confounded with mer-
chants deposit accounts, which as rule
are not interest bearing, and as is the Gus
tom in British banks are excluded from the
account denominated "deposit' accounts.
These deposit accounts have certain legal
advantages and restrictions as compared
with other bank accounts, as current ac-
counts, from which money Gan be drawn by
checks. In case bank suspends, "depUs-
it, accounts must be paid first, they have
legal preference according to law.
The banks also can demand should they
insist, certain number o! days notice before
the deposit receipt is cashed by the banl,
when presented.
A new bank is always locked upon with
suspicion by the peasantry Of Ireland, and
it was many years before the Munster Ban'r
drew away any amount of the savings ac.
counts which had been lying in the ola
banks for SO many years, and Oh which I'll
people had relied for generations.
No appreciable amount of these savings
has ever reached the Golfers of the Munster
bank, the reason simply being the consorva-
tism and caution Of the country drpositors.
This is probably the main cause of the lack
of any great success in the Munster Bank
deposit account
However, what the Home Rule president
and member Of PM Mlament, Mr.. Shaw, and
his coadj djators, lacked in one direction they
partially made up in another. Their inhu-
ence enabled them TO place the stock of the
new bank successfully upon the market.
With this and the deposits of the various
institutions in the location where THEN
branch banks were stationed, combined
with the banking business of the national
ist merchants at Cork, the Munster Bank
made fair headway.
Much of its business was of course, of a
comparatively poor nature, many of the old
merchants of the city refusing to change
their accounts from the old established
banks of the city, for any Political reason.
The Munster Bank annals are not with.
out record of struggle.
Antsgonizing as it did, even from its com.
menccmeIt, banking corporations as strong
as any in the world, it met with great deal
of concealed opposition. Its collapse
though revelation on this side of the At
lantic, would not have surprised banking
circles on the other, at any moment during
the last few years. 1t was bolstered in.
stitution, lacking the substantial business
and thorough management of other
banks
The idea of extending state aid to the
Munster Bank, despite the kndlncss of iu-
tenton shown by the British government,
is not looked upon as injudicious in banking
circles. Probably the best thing for tho
lamed corporation to do, as it at present
claims the ability, is to pay of its liabilities
and retire from business.
The Munster Bank was iuccpted in facti-
tious, unbusinesslikc theories, upon an I'M
sound basis, namely, by taking share OF
the business already in the hands of other
old established banks, which had complete
and full hold upon all financial matters and
business that could exist in the South OF
Ireland.
In other words the region was already