It is said, though we cannot vouch for the report,
that all the Leaden Joint-Stock Banks intend to offer to take charge of their customers' securities for a charge of one-sixteenth, that is, le. 3d. per cent. They would then, as paid bailees, be legal/ft responsible for the bonds. The Banks, at the saina time, to pro- tect themeelves, would insure each other against lose, and pre-
ably arrange for same special form of inspection. We hope the report is tree, for the Banks would thereby add greatly to the comfort of life. Few men like to keep securities in their houses, where the danger from fire is great ; and many dislike relying on lawyers, whose strong rooms may be entered by un- 4rnown clerks. They, therefore, trust the Banks, but the Banks are certainly not responsible for boxes left in their charge, and their responsibility when they draw the dividends and carry them to credit is a most perplexing question of law. Is the advantage -they derive from the practice equivalent to payment P At the -same time, the Banks usually pay for bonds stolen from their .custody; and it is far better to make payment certain, and at the same time beneficent to the Banks.
Previous page
