DOCUMENTARY BILLS.

THE following notice has been issued by all the leading Exchange Banks in the East to the drawers of documentary bills payable in the United Kingdom :

Notice is hereby given that on all documentary bills delivered to the undersigned banks, on or after 1st July, 1882, the rate of discount, not exceeding five per cent. per annum, which will be allowed to the drawees or acceptors, on retiring the bills before maturity, will be as follows:

At one half per cent. per annum above the advertised rate of interest for short deposits allowed by the leading London Joint Stock Banks, if the bills are taken up in Great Britain.

At the current minimum rate of discount of the National Banks of France, Italy, Belgium and Germany respectively, if taken up in either of those countries.

At the current rate of rebate for documentary bills, if taken up in Switzerland or the United States.

At the current rate of rebate allowed by the Exchange Banks, if taken up at any place east of Suez.

All the leading banks and firms who are buyers of bills of exchange in the United States, Canada and South America, have decided to adopt the same rate for bills negotiated abroad after the 15th proximo.

JOURNAL OF THE INSTITUTE OF BANKERS.

JULY, 1882.

REPORT of the COUNCIL for the FINANCIAL YEAR ended 31st December, 1881, and for the Session 1881-2 to the 30th April last, presented at the FOURTH ANNUAL GENERAL MEETING of the INSTITUTE OF BANKERS, held at the Theatre of the London Institution, Finsbury Circus, E.C., on the 17th of May.

The President, Sir JOHN LUBBOCK, Bart., M.P., in the Chair.

The Circular convening the Meeting having been read, the following Report was then read:

REPORT OF THE COUNCIL.

The Council have again to congratulate the members on the continued prosperity of the Institute.

Since the last annual meeting considerable accessions have been made to the register of members, which now contains the names of :11 Life Fellows 346 Fellows

5 Life Associates

467 Associates

942 Ordinary Members.

as against a total of 1,766 names at the same period last year. It will be observed that whilst an increase has taken place among the Fellows and Associates, the number of Ordinary Members shows a slight decrease as compared with previous years. This diminution, consequent on the raising of the subscription, has been much less than was expected, and has been more than made up by the increase in the numbers of Fellows and Associates. On the whole,

the Council feel that the number of Ordinary Members has been fairly maintained, and they record with pleasure the fact that the increased subscription, the necessity for which was so clearly demonstrated, has had no very deterrent effect upon the number of applicants for election.

Since the issue of the last annual report, eight ordinary meetings have been held, at which the following papers were read :

SESSION 1880-81.

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WEDNESDAY, 18TH MAY, 1881.-Sir Richard Temple, Bart., G.C.S.I., delivered an address upon "The General Monetary Practice amongst the Natives of India, with some estimate of the use and probable future absorption of silver as coin, and an account of such practices among the natives as have a banking character, and lead up to the larger banking operations of the country."

At the conclusion of Sir Richard Temple's address, the Annual General Meeting was held.

SESSION 1881-82.

WEDNESDAY, 19TH OCTOBER, 1881.-Mr. George II. Pownall read a paper on "The Proportional Use of Credit Documents and of Metallic Money in English Banks."

WEDNESDAY, 16TH NOVEMBER, 1881.-Mr. Rowland Hamilton read a paper on " Money and Barter."

WEDNESDAY, DECEMBER 21ST, 1881.-Mr. John Evans read a paper on "£ s. d., or the origin of Pounds, Shillings and Pence." WEDNESDAY, JANUARY 18TH, 1882.-Mr. J. A. Wenley read a paper on "The History and Development of Banking in Scotland." WEDNESDAY, FEBRUARY 15TH, 1882.—Mr. M. D. Chalmers read a paper on "Notes on the Bill of Exchange Bill, 1881."

WEDNESDAY, MARCH 15TH, 1882.-Sir Richard Temple, Bart., G.C.S.I., delivered an address on "India; the purchasing power of the rupee relative to labour, produce, &c., in various parts of the Empire; the capacity of the Empire to absorb new capital, and the direction in which new capital will most probably be required."

WEDNESDAY, APRIL 19TH, 1882.-Mr. J. Biddulph Martin read a paper on "Our Gold Coinage."

The reading of these papers has in each case been followed by an interesting discussion, which will be found duly recorded in the Journal.

BILLS OF EXCHANGE BILL.

This Bill, prepared by Mr. M. D. Chalmers, under the joint instructions of the Institute and the Associated Chambers of Com

merce, was last Session introduced into the House of Commons by Sir John Lubbock, in conjunction with Mr. A. Cohen, Sir John Holker, Mr. Lewis Fry and Mr. Monk, and was read a first time on the 19th July last.

On the 10th August, Sir John Lubbock, with the view of bringing the measure more prominently before the public during the recess, asked the House to assent to the second reading of the Bill, thus endorsing the principle of the measure, which, however, it was not proposed to carry further that Session; with this object, the motion for the second reading was passed unanimously.

A petition of the Council in favour of the passing of the Bill was presented to the House of Commons by Mr. Richard B. Martin on the 29th July.

The Bill, as introduced into the House of Commons, has been printed with explanatory notes, and was circulated among the Fellows and Associates prior to the February meeting, when Mr. Chalmers read some notes upon it.

In submitting this outline of their action in this matter, the Council have only now to add that during the present Session the Bill was again introduced into the House of Commons, and read a first time on February 15th. It was read a second time on February 20th, and then referred to a Select Committee, which is at present engaged in considering the Bill.

The Journal of the Institute was issued as usual during ten months of the year, and contains a full record of the transactions of the Institute, in addition to which prominence has been given to Mr. W. A. Steel's prize essay on "Bankruptcy Legislation" and other papers. The Journal has been further enlarged by the addition of much miscellaneous matter and current news of interest to bankers. The publication of the weekly returns of the Banks of England, France, and Germany, with comparative statements of prices, is also a new feature, and appended to the December number will be found tables of carefully arranged statistical information, with an index concluding the second volume.

The sale of the Journal, amounting during the year to nearly £90, affords another striking indication of the favour with which this publication is regarded, and the Council continue to receive from members, both in this country and abroad, many gratifying assurances of its value and utility.

The Council again take this opportunity of recording their cordial appreciation of the valuable assistance which has been so freely rendered by the Honorary Editor.

A number of "Questions on Points of Practical Interest" have been received for the consideration of the Council and, after careful deliberation, have been answered through the Journal.

Publicity has already been given to the results of the examinations for the Certificate of the Institute held in May last. Of twenty-two candidates who presented themselves, one alone, Mr. F. Warburton Stevens, passed the final examination entitling him to the Certificate of the Institute, while nine others were successful in the preliminary examination. Several candidates availed themselves of the regulation which permits of their taking up one or more subjects only and completing the course at subsequent examinations, but the names of those who have availed themselves of this partial examination will not be published until the whole course has been completed.

To suit the convenience of country candidates, examinations were conducted by Fellows and Associates of the Institute at Manchester and other towns; and the Council desire to record their thanks to the several gentlemen who, by kindly undertaking the superintendence of the examinations, rendered practicable the extension of the scheme beyond the metropolitan area.

The Council have not overlooked the desirability of establishing a course of elementary lectures on banking, and will not lose any favourable opportunity of so doing should they find such a step likely to meet with sufficient support.

The subject of the prize essay for the year 1881 was—

"An Outline of Bankruptcy Legislation in England during the present century, together with that of some of the principal commercial countries of the world, with a comparison of the objects sought for and the results obtained."

The first prize of £20 was awarded to Mr. William Anderson Steel, of the Bank of England, an Ordinary Member of the Institute; and the second prize of £10 to Mr. Albert Stevenson, of Messrs. Brooks and Co., an Associate of the Institute.

The subject of the essay for the present year is

"On possible improvements in the practical details of Banking Business, directed either to simplify transactions between bankers and bankers, or between bankers and their customers."

During the past year, a sum exceeding £63 has been expended in books for the Reference Library, which is still located in the London Institution, and many excellent works have been presented by members of the Institute and others. The Library now consists of upwards of 150 volumes.

In their previous report the Council announced the purchase of a few copies of the more expensive works recommended in the Examination Syllabus. These books are placed, subject to a