LONDON JOINT-STOCK BANKS.

The accounts submitted to recent meetings of proprietors of London Joint-Stock Banks are calculated to excite peculiar interest, from the fact that within the past twelve months no fewer than four new banks have been added to the six already in operation. Two of these-the City Bank and the Bank of London-have presented their accounts to the end of June; the other two-the Unity and the Western Bank of London- have but just commenced business, the Unity on the 1st May, and the Western Bank on the 16th June. The following table exhibits a com- parison of the position of the banks with regard to deposits and reserve- funds at June 1855 and June 1856, with other particulars. Though the paid-up capital of the City Bank is stated at 150,0007., it is now really 225,0007., 75,000/. having been paid on new shares : the bank has just received powers to increase the nominal capital to 1,000,000/.

Name of Bank. 2'

"7:

= a

Z 4

Pai d -un - Capital. 1855. Deposits. Re- serve- Fund. 1656. Deposits. Re- serve- Fund. Total Assets.

1856. F2,g ,.. u -A t A a London and West-

C £ C £ £ .0

minder 1834 1,000,000 8,106,553 137,889 11,170,010 147,712 12,408,233 16 Loudon Joint-Stash 1830 600,000 6,534,238 158,373 7,873,953 163,266 8,775,411 221 Union Bank of Lon- don 1839 600,0403 8,363,460 120,000 9,015,306 135,000 9,906,945 ln London and County 1839 487,805 4,012,223 183,719 4,443,359 100,000 5,084,138 15 Commercial 1843 300,000 1,317,554 67,453 1,536,361 70,821 1,944,982 11 Royal British 1849 150,000 999,461 12,794 842,428 15,262 1,824,042 5 City 1855 150,000 - - 853,970 10,000 1,037,770 5 Bank of London 1855 300,000 - - 1,363,841 8,030 1,701,259 5 Unity Mutual 1856 150,000

Western Bank

London 1856 200,000

-

3.937.805 29,393,489 600,228 37,129,531 650.061

11,880.780 The most remarkable fact shown by these figures is the great increase in the business of the banks in the course of one year, some of the older banks having augmented their deposits largely at a time when they had four new competitors, two having been in operation for nearly a year. The London and Westminster Bank has made a great stride-in the twelve months the amount due to customers has increased by no less than 3,003,457!.: the total now about equals the item of "other deposits," representing the money of private customers, in the accounts of the Old Lady of Threadneedle Street. The deposits of the London Joint-Stock Bank have increased 1,339,715!.; of the Union Bank of London, 682,1461.; of the Commercial, 218,807!.; the Royal British Bank deposits have decreased by 157,033!.; the figures appended to the London and County Bank under " 1856 " represent the position of the bank at the 1st January, the meeting at which the accounts to the 30th June will be submitted will be held in a few days. While some of the old banks have made such pro- gress, the City Bank and the Bank of London have received an aggregate of 2,217,817/. as deposits ; and more recently the Unity "laid the Western Bank seem to have begun business with a fair amount of custom. In ten weeks after its opening, the Unity Bank had received 187,374/. of deposits. Besides the above strictly London Joint-Stock Banks, there are others which transact business as London bankers in addition to their foreign or provincial trade,-for example, the National Bank, formerly the "National Bank of Ireland " ; the London and Eastern Banking Corporation, whichhas now three branches in London and the chief office. The totals in the table are striking, showing that in one year the aggre- gate deposits have increased by 7,736,0157., while the reserve-funds have been augmented by 49,833/.

In Mr. Gilbart's paper read before the Statistical Society last year, the aggregate paid-up capital of the London Joint-Stock Banks, their sur- plus fund, and the deposits, on the 1st January 1846, were stated : we give them below, with the totals on the 1st July 1856, showing the pro- gress effected in eleven years and a half. In 18%5 there were five banks ; now there are double that number.

Jan. 1,1845. July 1,1856.

Paid-up Capital .... £2,063,925 £3,937,805 Surplus Fund 188,001 650,061 Deposits. 7984,305 37,129,534