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MANCHESTER BANKS' CLEARING HOUSE RETURNS.
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July 1

Notices of New Books.

Grant's Law of Bankers and Banking Companies, with Appendix of Statutes (fourth edition). By Claude C. M. PLUMPTRE, Barrister-at-Law, of the Middle Temple. Published by Butterworth's, of 7, Fleet Street, E.C. Price 26s. The edition is a reprint of the former editions of this very useful work, with the addition of new chapters on Bankruptcy and Bills of Sale, and a Voluminous Index and Table of Cases. Grant's book is now so well known in banking circles, that it is hardly necessary to say more than that the new edition brings the law and practice of banking down to the very latest period, and is invaluable for reference.

The Insurance Blue Book and Guide to Fire Offices (1882-3). Published by Thomas Murby, 32, Bouverie Street, E.C. Price 2s. This annual. (which has now seen its tenth edition) is what its publishers claim for it, viz., that, taken as a whole, it is the most serviceable insurance guide

extant.

TENDERS FOR BILLS ON INDIA.

Tenders for £200,000 in bills on India were received at the Bank of England, 28th June. The amounts allotted were:-To Calcutta, £176,100; to Bombay, £13,300; and to Madras, £10,600, at an average rate in each instance of 1s. 8d. Tenders on all Presidencies at 1s. 8d. receive about 53 per cent.

Tenders for £200,000 in bills on India were received at the Bank of England, 5th July. The amounts allotted were :-To Bombay, £20,000, and to Madras, £10,000, at an average rate in each instance of 1s. 8d. Tenders on both Presidencies at 1s. 8d. receive in full.

Tenders for £200,000 in bills on India were received at the Bank of England, 12th July-To Calcutta £12,000, were allotted, Bombay and Madras receiving no allotment. Tenders on Calcutta at 1s. Ed. receive in full.

Tenders for £200,000 in bills on India were received at the Bank of England, 19th July. The only amount allotted was to Madras £1,500, at an average rate of 18. 8d. Tenders at 18. 8d. receive in full.

Tenders for £200,000 in bills on India were received at the Bank of England, 26th July. The amounts allotted were:-To Calcutta £111,400, and to Bombay, £88,600, at an average rate in each instance of 18. 8d. Tenders at 1s. 87. receive about 27 per cent.

BANKING MOVEMENTS.

A branch of the Union Bank of London has been established at the corner of Inverness-terrace and Bishop's-road, Bayswater, and is now open for business. Messrs. Alexanders and Co. have admitted as partners Mr. Robert Ernest Alexander, son of their Mr. Robert Henry Alexander, and Mr. Henry David Anderson. The latter will transfer the business hitherto carried on under the style of H. D. Anderson and Co., at 21, Birchin-lane.

COMMERCIAL BANK OF AUSTRALIA, LIMITED.-This company notify that having opened an agency at 67, Cornhill, Mr. John Connell, of Messrs. John Connell and Co., and Mr. A. J. Malcolm, of Messrs. James McEwan and Co., have accepted seats on the local board, and Mr. George Niven, late of the Queensland National Bank, has been appointed to the London management.

MONTHLY CHRONOLOGY.

June 24.--The American National Bank Charters passed by the Senate. 26. The Conference at Constantinople confirms the suzerainty of the Sultan over Egypt.

The Bank of Belgium reduces its rate from 4 to 34 per cent.

30.-Panic at Alexandria, the garrison reinforced.

July 3.-The House of Commons sits thirty hours on the Prevention of Crime in Ireland Bill.

Twenty-five Irish members suspended for obstruction.

4.--The Premier obtains "Urgency" for the Prevention of Crime Bill. 5.-Admiral Seymour warns the Governor of Alexandria to stop the works at

the forts.

The Conference adheres to the British proposal for a Turkish military occupation of Egypt and the protection of the Suez Canal. 6.-Military and naval preparations in France.

July 6.-Reported divergence of views between the English and French Ambassadors at the Conference.

Russian Ambassador instructed to act with Germany, Austria, and Italy. 8.-The Prevention of Crime Bill passed.

The French admiral instructed not to take part in action of the British fleet against Egypt.

British troops embark at Malta for Cyprus.

10.-The British Admiral gives twenty-four hours' notice of intention to bombard the Forts in consequence of renewal of works.

The British agency leaves Alexandria.

Arabi Pasha, again summoned to Constantinople, refuses to go.

11.-The Premier informs the House that an Autumn Session will be neces

sary to deal with the procedure rules.

News of the bombardment of Alexandria.

13.-The Egyptians evacuate Alexandria under cover of a flag of truce. Conflagration and pillage of the town.

Great fall in Egyptian stocks.

Negotiations with the Porte for a joint occupation in Egypt. 14.-Alexandria looted, and Europeans massacred.

The British Admiral lands a small force for police purposes.

15.--Resignation of Mr. Bright on account of the Government action in

Egypt

The British occupy Alexandria, restore order, and protect the Khedive. 17.-The Identic Note of the Powers to the Porte urges it to send troops to Egypt.

American, German, Greek, French, and Russian troops landed at Alexandria to assist in restoring order.

18.--Massacre of Europeans inland in Egypt.

The Khedive countersigns Admiral Seymour's proclamation.

Retreat of Europeans from Cairo.

19.-M. de Freycinet announces that under the circumstances France would act with England according to an understanding arrived at.

20.--The Arrears of Rent Bill passed through committee.

In answer to the Identic Note the Porte proposes a fresh Conference. 24.-The British troops advance upon Ramleh and a smart skirmish with Arabi's forces ensues.

The discount houses lower their rates to 13 and 14.

The Government require a Supplementary Vote of £2,300,000 to defray cost of Egyptian expedition, and an increase of 3d. in the £ income-tax for the half-year is proposed.

Monthly Notes.

NORTH AND SOUTH WALES BANK.-A dividend of 10s. per share, and a bonus of 78. 6d. per share, are announced for the past six months.

NORTH WESTERN BANK.-The directors have declared an interim dividend, for the six months ending June 30, at the rate of 8 per cent. per annum, free of income-tax, and payable on the 8th inst.

Tenders for £1,425,000 Treasury bills were opened on 3rd July at the Bank

of England, when 1,455,000 was allotted in bills at three months. Tenders at £99. 10s. 2d. and above received in full.

BANK OF BENGAL.-A telegram announces that the net profits for the past half-year amount to Rs. 15,76,000. From this a dividend has been declared at the rate of 10 per cent. per annum, absorbing Rs. 10,00,000. Rs. 3,00,000 are placed to reserve fund, Rs. 60,000 to gratuity fund, and Rs. 2,16,000 carried forward.

BANK of MADRAS.- Messrs. H. S. King and Co. have received a telegram announcing the declaration of a dividend at the rate of 6 per cent. per annum for the past half-year.

BIRMINGHAM, DUDLEY AND DISTRICT BANKING COMPANY.--The directors recommend the usual interim dividend at the rate of 12 per cent. per annum, free of income-tax.

The liquidators of the Banque de Lyon et de la Loire have made a call of the 375f. unpaid per share of 500f. of the capital. The manager and deputymanager have been liberated from prison, the investigation not having substantiated any other charges against them than infractions of the law on limited liability companies.

The Nouvelle Union Bank has commenced business in the premises of the Union Générale, to which it succeeds, with a new capital of 100 millions. M. de Jancigny, late secretary-general of the Bank of France, is chairman of the board, and M. de Beauchesne, late director of the Le Mans branch of the Bank of France, manager.

Mr. Richard Seyd's "Statistics of Failures in the United Kingdom during 1881 and First Half of 1882," show that the failures in the six months just expired numbered 5,891, of which 620 were in the "financial, wholesale, and manufacturing branches of trade," and 5,271 were retailers. wholesale failures in 1881 numbered 1,325, and the retail 10,680.

The total

MANCHESTER JOINT STOCK BANK.--The directors will pay an interim dividend for the past half-year at the rate of 11 per cent. per annum.

NATIONAL BANK OF LIVERPOOL.-The directors have declared an interim dividend, free of income-tax, at the rate of 8 per cent. per annum.

OLDHAM JOINT STOCK BANK.-The directors have declared a dividend of per cent. per annum.

The Spanish Government have readily given the required guarantee that the New External Four per Cents. shall not be taxed.

Tenders for £1,650,000 Metropolitan Three per Cent. Consolidated Stock were opened at the Bank of England. The total amount applied for was £2,534,000, at prices varying from £96 (the minimum) to £99 per cent. Tenders at £97. 2s. received about 85 per cent. of the amount applied for, and above that price in full.

BILLS OF EXCHANGE BILL.-The Bills of Exchange Bill has now made its way through the House of Commons, and there is good reason to believe that it may pass the House of Lords before the close of this Session. As a codification of the law, there is little to observe, except the advantage which it will be to those engaged in business to have a complete compendium of the law in respect to mercantile instruments of this description in their hands. Improvements in the law may be possible when business, men in general really know what the law is.

THE REFUNDING OF THE UNITED STATES DEBT.-The United States Legisla ture has now sanctioned an issue of 3 per cent. bonds, for the purpose of refunding the National Debt. They will be exchanged for the existing 34 per Cents.. and the conditions on which they are issued are, that their redemption will not bo undertaken until all the unconverted 3 per Cents. have been paid off, and that the new bonds which are first taken up will be the last to be redeemed.

THE COBDEN CLUB.-Since its establishment in 1866, the Cobden Club has never had so successful a gathering as that which took place on July 1st, at Willis's Rooms. In previous years 200 has been the largest number of acceptances for the annual dinner. This season 320 members sent in their names. It is noteworthy, also, that since the abortive fair trade agitation the club has received a large accession of members. Lord Derby, in proposing the toast of the evening, followed the example of his late chief, Lord Beaconsfield, by expressing an opinion that protection was dead in this country. It could not be revived, for the artisans and the town population were not in the least likely to submit to a tax on their food, and partial protection would not please agriculturists. He ridiculed the idea of the possibility of establishing free trade within the British Empire and Protection against all outside. As regarded the New World, undoubtedly protection dominated, and in the case of the United States, where the soil was so rich, and the influx of population so great, they could hardly ruin themselves in trying it. Sooner or later, however, he believed that free trade would triumph, although at this moment the sky seemed overcast. The noble speaker advocated the closest relations with France, and trusted to the broadest principles of international free trade, as advocated by the Cobden Club, to bring about an era of peace and prosperity.

OBITUARY.

Mr. MATTHEW HUTTON CHAYTOR died at Brighton on the 21st July. He was for many years chairman of the Alliance Bank, also chairman of the National Discount Company.

Dr. WILLIAM G. WARD died at his residence at Hampstead, 6th July, at the age of 76. Forty years ago he played a conspicuous part in the "Tractarian" or 66 Anglo-Catholic" movement at Oxford, of which Newman and Pusey were the acknowledged leaders. Dr. Ward was the eldest son of Mr. William Ward, some time a director of the Bank of England and M.P. for the city of London; his mother was a daughter of Mr. Harvey Christian Combe, who was an Alderman and also M.P. for London in his day. He was educated at Winchester School, where he was a contemporary of Lord Selbourne and Lord Sherbrooke. From Winchester he passed in due course to Christ

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