THE BANKER-THE OBJECTS OF BANKING. Correct sentiments beget correct conduct. A banker ought, therefore, to apprehend correctly the objects of banking. They consist in making pecuniary gains for the stockholders by legal operations. The business is eminently beneficial to society; but some bankers have deemed the good of society so much more worthy of regard than the private good of stockholders that they have supposed all loans should be dispensed with direct reference to the beneficial effect of the loans on society, irrespective, in some degree, of the pecuniary interests of the dispensing bank. Such a banker will lend to builders, that houses or ships may be multiplied; to manufacturers, that useful fabrics may be increased; and to merchants, that goods may be seasonably replenished. He deems himself, ex officio, the patron of all interests that concern his neighborhood, and regulates his loans to these interests by the urgency of their necessities rather than by the pecuniary profits of the operations to the bank, or the ability of the bank to sustain such demands. The late Bank of the United States is a remarkable illustration of these errors. Its manager seemed to believe that his duties comprehended the equalization of foreign and domestic exchanges, the regulation of the price of cotton, the upholding of State credit, and the control, in some particulars, of Congress and the President all vicious perversions of banking to an imagined paramount end. When we perform well the direct duties of our station we need not curiously trouble ourselves to effect, indirectly, some remote duty. Results belong to Providence, and by the natural catenation of events, (a system admirably adapted to our restricted foresight,) a man can usually in no way so efficiently promote the general welfare as by vigilantly guarding the peculiar interest committed to his care. If, for instance, his bank is situated in a region dependent for its prosperity on the business of lumbering, the dealers in lumber will naturally constitute his most profitable customers; hence, in promoting his own interest out of their wants he will, legitimately, benefit them as well as himself-and benefit them more permanently than by a vicious subordination of his interests to theirs. Men will not engage permanently in any business that is not pecuniarily beneficial to them personally; hence, a banker becomes recreant to even the manufacturing and other interests that he would protect, if he so manage his bank as to make its stockholders unwilling to continue the employment of their capital in banking. This principle, also, is illustrated by the late United States Bank, for the stupendous temporary injuries which its mismanagement inflicted on society are a smaller evil than the permanent barrier its mismanagement has probably produced against the creation of any similar institution.-Johnson's Treatise on Banking. LONDON AND WESTMINSTER BANK. We are indebted to a valued correspondent in London for an official copy of the report of the Directors of the London and Westminster Bank to the proprietors, made at the half yearly meeting, held on the Bank premises, London, January 16th, 1850. From this report we learn that the net profits of the bank during the last half-year have amounted to £32,391 0s. 3d. to the surplus fund, increasing that fund to £107,844 148. 6d. This bank was established in March, 1834, by an act of Parliament, and has been under the management of JAMES W. GILBART., Esq., from its commencement to the present time. Mr. Gilbart was appointed Manager of the bank in October, 1833, and, on the increase of the branches in the beginning of the year 1836, he became styled the General Manager. The General Manager has the general superintendence of the whole establishment, including the branches. The bank has six branches, besides its city office; namely, the Westminster Branch, Bloomsbury Branch, Southwark Branch, Eastern Branch, and the St. Marylebone Branch. The following statement of the condition aud general regulations of the bank are derived from the official report, dated London, January 1st, 1850, and published under the signature of the General Manager. It is one of the largest, if not the largest, joint-stock bank in England, and its management is alike creditable to Mr. Gilbart, the Board of Directors, and the gentlemen who have charge of the several branches. 66 The capital of the bank is £5,000,000 sterling, in 50,000 shares of £100 each. The sum of £20 has been paid on each share, so that the paid up capital is £1,000,000 sterling. This presents the most perfect security to the public, and gives the bank the most ample means for affording to its customers every reasonable accommodation. The bank has above eleven hundred partners, whose names are registered at the Stamp Office, and are printed with the annual report of the directors. The advantage obtained by a joint-stock proprietary is, that those partners who are customers to the bank participate in the profits made by their own accounts. Current accounts are received on the same principles as those observed by the London bankers. Every person connected with the establishment signs a declaration of secrecy as to the accounts of individuals. No Christmas boxes or other gratuities are allowed to be taken by the officers of the bank. Parties who are desirous of having current accounts, without being under the necessity of keeping a balance, are charged a small commission, proportionate to the amount of their transactions. This extends the advantage of a banking account to parties having moderate incomes, or who in the course of their business find ample employment for their capital. Sums from £10 to £1,000 are received on deposit, at a rate of interest to be fixed at the time, and they are repayable upon demand, without notice. For these sums receipts are granted, called deposit receipts. By allowing interest for small sums the benefit of the deposit system, as practiced in Scotland, is extended to all classes of the community. Sums of £1,000 and upwards are also received on deposit receipts, upon such terms as may be agreed upon with regard to the rate of interest and the time of repayment. Trustees and others who have money which they cannot immediately employ may thus obtain an interest for it until an opportunity occurs for its permanent investment. Parties may lodge money upon an interest account who have no current account, and those who have current accounts may transfer any portion of their balance to an interest account. Circular notes are issued for the use of travelers and residents on the continent. These notes are payable at every important place in Europe, and thus enable a traveler to vary his route without inconvenience. No expense whatever is incurred, and when cashed no charge is made for commission. These notes may be obtained at the city office in Lothbury, or at any of the branches. The bank takes the agency of joint-stock banks, private bankers, and other parties residing at a distance. By the act 7 & 8 Victoria, c. 32, this bank obtained the right of accepting bills drawn at a less period than six months after date; and by the act 7 & 8 Victoria, c. 113, it acquired the privilege of suing and being sued in the name of any one of its registered public officers." COINAGE OF THE UNITED STATES MINT AT PHILADELPHIA. We published in the March number of the Merchants' Magazine (vol. xxii., p. 343) a summary statement of the coinage and deposits of the United States Mint and its branches for the year 1849. We now give a statement of the coinage of the parent mint at Philadelphia during the same period :— CONDITION OF THE BANKS IN NEW ORLEANS. We give below the official report of the Office Board of Currency, showing the condition of the banks in New Orleans on the 23d of February, 1850: $6,633,754 $19,013,931 $8,630,811 $26,438,305 $27,847,993 33 $47,181,253 87 UNITED STATES TREASURY NOTES OUTSTANDING MARCH 1, 1850. TREASURY DEPARTMENT, REGISTER'S OFFICE, March 1, 1850. Amount outstanding of the several issues prior to 22d July, 1846, as per records of this office.... Amount outstanding of the issue of 22d July, 1846, as per records of this office...... Amount outstanding of the issue of 28th January, 1847, as per records of this office. Total... $142,139 31 41,400 00 2,050,350 00 $2,233,889 31' Deduct cancelled notes in the hands of the accounting officers, of which $150 is under acts prior to 22d July, 1846, and $2,000 under act of 28th January, 1847...... Balance..... 2,150 00 $2,231,739 31 THE FINANCES OF BOSTON. The whole funded debt of the city of Boston amounts to $5,695,699 15-of which the water loans are $4,071,835 36. To meet this, the city holds notes, bonds, and mortgages for sales of land, and balance to the credit of the "Committee on Reduction of City Debt ".. ...... Vacant lands, as per city document number 45, estimated by the committee to be worth... In the year 1852, City Wharf, with the ten brick stores thereon, now leased at $10,000 per annum, will revert to the city, under the terms of the lease; estimated to be worth.. Add unexpected balance of appropriations, at the close of the financial year, estimated at. Total....... $269,937 51 5,046,750 39 600,000 00 25,000 00 $5,941,687 90 This is exclusive of the great amount of property, such as public buildings, schoolhouses and squares, the Cochituate Water-Works, &c., which are not properly appli cable to the payment of the public debt. REMARKABLE INCIDENT IN BANKING. The directors of the Sheffield (Eng) Banking Company recently addressed a circular to the shareholders, containing the following notice : "In pursuance of the powers given in the 13th section of the deed of settlement, the Sheffield Banking Company finding that, in the present state of commercial and monetary affairs, they cannot profitably employ so large a capital as heretofore, have concluded to return to the shareholders the sum of £10 per share, which will be paid at the bank on and after the 21st of January, 1850." JOURNAL OF MINING AND MANUFACTURES. THE MANUFACTURING ESTABLISHMENTS OF RHODE ISLAND. We published in the March number of the Merchants' Magazine a tabular statement of the cotton, woolen, and other manufactures of Vermont. We now subjoin, compiled from the same reliable source, a similar statement of manufacturing establishments in Rhode Island-a State of small territory, but large industry : Name and location. Adams, George J., East Greenwich. Manchester Print Works, Smithfield N. E. Print & Camb'c W'ks, Johnst'n R. I. Bleach Works, Providence .... ... Allen, Philip & Sons, Smithfield... Arnold, S. A., Fiskville.... Arcadeon Manuf. Co., Richmond.. Ballou, George C., Woonsocket... Barber, J. T., Hopkinton... Bartlett, John, Woonsocket.. Bellville Co., North Kingston. Benedict & Wood, Central Falls.... Name and location. Clinton Manuf. Co., Woonsocket.... Dexter, Nathaniel G. B., Pawtucket. Hamilton Co., East Greenwich..... |