ERRATUM.

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

INDEX.

PAGE.

124-125

429
284-293

453-492
492
336-344
227
263
741

120
132
138-139
210-212
265

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- Schedule of Enactments, repealed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 .
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 on.
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) . . . . . . . . . . .

99
122
389
374-375

.

PAGE.

227

588

43

590

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.

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
reserve.

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

568-585
60, 116, 186,

240, 294, 366,
— weekly Returns . . . . . . . { 450, 510, 512,

514, 516, 586,

( 588
- Nor. 2, 1881, to Oct. 25, 1882, .
BANK OF FRANCE, new Governor of . .
- 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
BANK OF GERMANY, note-issue of . .

172-174

61, 117, 187,
- weekly Returns . .

241, 295, 367,
. . . . .

451, 511, 513,

515, 517, 587
Scotch, statistical tables relating to .

144-157
- list of .

152-154
BANK
BANK OF SCOTLAND, origin : : :

120
- capital. .

121, 133
balance sheet (1704

122
note-issue :

123
dividends .

124, 127
- stopped payment (1728)

126
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

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

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

Fourth Annual Meeting . . . . . . . . . 379

COT

.......

90

92

97

98

382

PAGE,
BARNETT (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
Amount of country clearing .

91
Admission of Bank of England

91
Number of clearing bankers.
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
General rules .

97-98
Rules for clearing country cheques in London
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 .
Condition of banking prior to organisation of national bankin

383
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

384
variety of species of currency, resulting in inconvenience and
loss, especially by domestic exchange

385
National Banking Bill, opposition and passing of the measure

385
Progress of national banking system

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

386
- table .

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.

389
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

notes issued by bank since failed are legal.tender to other banks 392
Denominations of notes
- note issue, 1863-1881 (tab

393
Redemption and Reserve Cities .

393
Payment and redemption of notes, according to original Act, and Aci
of 1874. .

393, 394-395
Banks must keep on deposit at Treasury in gold or U.S. notes 5 per cent.
of their circulation

394
Legislation regulating circulation.

394
Act removing limit and restrictions

ncrease

394
National gold banks. .

395
Deposit of bonds against circulation in 1866 and 1

395
Cost to banks of existing system : commercial rate of interest higher
than obtainable on bonds.

395-396
Actual net profit upon circulation (
роцесамоп (алое)
. . . .

396
Restriction on banks : may not have branches

396

386

- present position .

389

ptroller may apponk Acts .

no business

392

392

PAGE.

397
397

397
397
398

398-401
399
399
401
402

402-403
403
403

404

404
405

405

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 (t
Surplus and undivided profits, and their proportion to capital (to
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
- 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

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 aggregat

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