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ERRATUM.

Page 166, line 4, for “ £395,393" read “ £595.393."

I NDE X.

PAGE.

124-125

429
284-293

453-492
492
336-344
227
263
541

120
132
138-139
210-212
265

on

ACTS OF PARLIAMENT-

Geo. I., 1718, founding Equivalent Company
Bank Charter Act, 1844, quoted as to power to issue notes against

silver
Bankruptcy, 1869, in case ex parte Richdale. In re Palmer
Bills of Exchange Act, 1882, 45 & 46 Vict., ch 61, full text of
(for sections see Bills of Exchange)

Schedule of Enactments, repealed
Coinage Act, 1870, text of .
Companies (Joint Stock), suggested amendment

sect. 30, on Notice
Married Women's

Property Act, 1882 (see Paget)
Scotland-

1695, establishing Bank of Scotland
1765, regulating Note issue .
Bank Act, 1845

Lord McLaren's criticisms
Indian Negotiable Instruments Act (see Chalmers)
ADVANCES, banker's lien on security, decision in London and County
Bank v. Ratcliff
Questions with Answers of Council-

on limited liability company shares, notice to company, and

banker's lien
on foreign bonds, claim of interest on drawn bond
see Overdrawn Account.
ALFRED THE GREAT, coinage of
AMERICA, see United States.
AMERICAN BANKERS' ASSOCIATION, proceedings of convention of,

notice
ASSOCIATION OF

CHAMBERS OF COMMERCE, resolutions passed at
annual meeting
AUSTRALASIAN BANK RETURNS, summary of
AUSTRALIA, bullion shipments to United States

clearing system

gold coinage, total (table)
AUTHORITY, letter of, to sign cheques, question if stamp necessary,

(with answer)

46

262
263

67-68

35-37

.

226-228
188, 296

43
273
301, 326

501

BALANCE SHEET, Clearing House

Bank of Scotland
National Banks of United States
Institute of Bankers, session 1881-82

99
122
389
374-375

PAGE.

BANKERS, private, Scottish .

127
relinquished trade

132
BANKERS' (American) Association, proceedings of convention of,
notice

35-37
BANKERS' INSTITUTE IN Scotland, Lord McLaren's address:

210-212
BANKING IN SCOTLAND, history and development of (see Wenley) 119
centralisation in London

171
BANKRUPTCY, of Payee before date of post-dated cheque, legal decision 284-293

REFORM, resolutions of Association of Chambers of Commerce 227
TRUSTEES, cheques drawn by, exempt from stamp duty

179
BANKS,
BANK OF ENGLAND, admission to Clearing House

91
amount of gold received, and percentage of light gold

312
power to issue notes against silver

429

16-17, 24
Suffell c. Bank of England, report of case

568-585
60, 116, 186,

240, 294, 366,
weekly Returns

450, 510, 512,
514, 516, 586,

588
Nov. 2, 1881, to Oct. 25, 1882

588
BANK OF FRANCE, new Governor of .

43
statement by Governor, on transactions for year 1881

548-551
61, 117, 187,

241, 295, 367,
weekly Returns

451, 511, 513,

515, 517, 587,
Nov. 3, 1881, to Oct. 26, 1882

590
BANK OF GERMANY, note-issue of

i72-174
61, 117, 187,

241, 295, 367,
weekly Returns

451, 511, 613,

515, 517, 587
Scotch, statistical tables relating to

144-157
list of .

152-154
BANK OF SCOTLAND, origin

120
capital .

121, 133
balance sheet (1704)

122
note-issue

123
dividends

124, 127
stopped payment (1728)
deposits

133-134
dividend and bonus on capital paid-up (table)

155-156
stock (table)

157
COMMERCIAL BANK OF SCOTLAND, origin and growth of

135-136
ROYAL BANK OF SCOTLAND, origin.

125
capital

126, 133
rivalry with Bank of Scotland

126
bank-note, with “optional clause

128
deposits

133-134
BRITISH LINEN COMPANY, origin

129
charters

130
capital

133
NATIONAL BANKS OF UNITED STATES (see Barnett)

381, 493
BANKS (G.) Remarks in Discussion, (Chalmers, on Bills of Exchange
Bill)

202
BARNARD (G. E.) Remarks seconding vote of thanks to President ai
Fourth Annual Meeting

379

126

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383

PAGE.
BABNETT (R. W.) The London Bankers' Clearing House

89
Origin of clearing by Bankers' clerks

89
Date of first official clearing

89
Establishment of country cheque clearing.

90
Amount of country clearing

91
Admission of Bank of England

91
Number of clearing bankers .

92
Average daily amount of clearing

92-93
Total clearing in 1839

93
Comparative table of amounts of clearing

93
Daily operations of the Clearing House

94-97
Time table of clearings

97
General rules

97-98
Rules for clearing country cheques in London

98
Form of general balance-sheet

99
Form of draft or "ticket" for settlement

99
Congested condition of Clearing House

100
Suggestions for relief

100-102
that country notes should be cleared

100-101
Clearing House for western London

101
The National Banks of the United States of America 381
General view of present prosperous condition of the banks

382
Their origin in time of war of secession : proposals of Secretary of
Treasury to obtain means for the war

382
adoption of proposal to issue national bank-notes secured by U. s.
bonds, in place of notes authorised by State laws

382
Condition of banking prior to organisation

of national banking system
futile attempts to establish a bank of United States

383
banks under "safety fund” system

383
abuses : remarks in messages of Governors of Indiana, Michigan,
New Jersey

384
results : continuous record of bank failures

384
loss
variety of species of currency, resulting in inconvenience and

384
loss, especially by domestic exchange

385
National Banking Bill, opposition and passing of the measure
Progress of national banking system

385
Act of 1865, imposing tax on private note circulations :

386
table

386
present position :

387
Comptroller of the Currency: definition of his position, powers, and
duties

387
System of control

387-388
Reports of banks, and Comptroller's reports, giving statistics and data of
working of system

388
Balance sheet of National Banks
Penalties for infringement or neglect

389
Comptroller may appoint receiver and close business

389
Powers under National Bank Acts.
Authority and conditions of commencing business

390
capital to be subscribed

390
stock : executors, administrators, guardians, or trustees, liable only
for estates or funds in their hands

391
Directors' qualifications

391
deposit of bonds with Treasury ; receipt of circulating notes from
Comptroller

391
Restriction of note circulation

391
Characteristics and legal tender of notes

392
notes issued by bank since failed are legal.tender to other banks 392
Denominations of notes

392
note issue, 1863—1881 (iable) :

393
Redemption and Reserve Cities

393
Payment and redemption of notes, according to original Act, and Aci

of 1874
Banks
must keep on deposit at Treasury in gold or U.š. notes 5 per cent.

393, 394-395
of their circulation

394
Legislation regulating circulation :

394
Act removing limit and restrictions not followed by increase

394
National gold banks

395
Deposit of bonds against circulation in 1865 and 1881 :

305
Cost to banks of existing system : commercial rate of interest higher
than obtainable on bonds

395-396
Actual net profit upon circulation (table)

396
Restriction on banks : may not have branches

396

385

389

389

PAGE,

397
397

397
397
398

398-401
399
399
401
402

402-403
403
403
404
404
405
405
405
406

406

406-407
407
407
407
408
408
409

410
410

410-411

411

BARNETT (R. W.)–continued.

Restriction : on real estate

may not loan or discount on own stock
total liabilities of any one customer not to exceed one-tenth of

paid-up capital
on liabilities

provisions as to usury
Two restrictions pointing directly to methods of business, of which we
have no experience

notes not to be used for purposes of capital and loans :

certification of cheques
Reserve of banks, and proportion to whole liabilities (table)
Surplus and undivided profits, and their proportion to capital (table)
Bad debts to be deducted from net profits before declaring dividend, and

to be reported to comptroller
Losses since March, 1876 (table)

in geographical divisions (tadie)
in principal cities
fall on undivided profits
number

of banks declaring no dividend (table)

in geographical divisions (table)
Pecuniary burdens imposed on banks

amount paid from commencement of system
ratio of taxes to capital since 1866 (table).
inequalities of State taxation
two cent, stamp on bank cheques

- amount received from, and number of stamps
Dividends paid : average rates since 1869 (table)
Failures and liquidations
Cost of liquidations (table):
Record and analysis of failures (tables)

compared with failures of State and Savings banks, and private

bankers.

remarks of comptroller on causes of failures
339 banks which, finding advantages of Acts no compensation for

restrictions, have gone into voluntary liquidation (table).
Future of the system
Banks whose charters are about to expire (table)

possibility of re-organisation
question of division of surplus funds
derangement of currency which must ensue from retirement of

circulation
proposed legislation

security for notes in connection with redemption of National Debt
National bank circulation stationary, while deposits, surplus, undivided

profits and dividends increase
Discussion on Mr. Barnett's Paper
Martin, (J. B.)

Question as to clearing-house certificates, including certified

cheques.
Evasion of usury law :
Great importance of watching closely effects of approaching crisis

in U. S. banking system
Calling in of small U. S. notes

"Silver certificates" issued on “Bland dollars
Tritton (Mr.)

Difference of U.S. banking system from our own
Effect of having no branches in preventing aggregation of

412

413
413

413
413
413-414

414

414

.

414

414
415

415
415
415

416
416

deposits in one bank
Evasion of usury law

Proportion of coins, notes, and cheques, compared with our own
Billinghurst (Mr.)

Remarks seconding vote of thanks to Mr. Barnett
Barnett (R.W.) Reply ·

Evasion of usury law, and of restrictions on certification of cheques
Amount of money to be deposited for circulation on expiry of

Charters
Impending legislation : :
Abolition of small notes
Absence of aggregation of deposits

416
416
416

417
417

417
417

417-418
418
418
418

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