THE INSTITUTE OF BANKERS. DEAR SIR,-We informed you last month that circulars were then being issued to the principal banks in London and the provinces, inviting them to return lists of adherents to the Institute. We have now the pleasure to state that a large number of gentlemen, both in London and the provinces, filling various positions in banking, have applied for admission to the respective grades of Fellow, Associate, and Member. Some of the managers of important London Banks, however, have expressed their regret that, owing to the exceptionally pressing character of business engagements of late, they have not had time to complete the lists of adherents, from their head offices and branches; they hope to do so very soon, after which the committee will be in a position to fix a day for the first meeting of the Institute. Yours faithfully, Londou, 24th Dec., 1878. JOHN H. BUTT, Hon. Secs. CLAIM FOR PAYMENT OF BANKERS' DRAFT. SIR,-Will you be so good as to favour me with your opinion upon the following extraordinary case which occurred about seven months since ? A, a merchant, bought of B, a farmer, about 200 quarters of wheat, for which he drew a cheque on B; this cheque was returned unpaid, with the answer, "Refer to drawer." B then goes to A's house, and is informed that A has left home, and they do not know where he is; and afterwards goes to A's bankers and they inform him that A obtained from them a draft on demand, payable to him (B) for the greater part of the amount of the cheque, and stated that he intended to send his cheque for the remainder and would pay in the amount to meet it when presented. B not receiving the draft and cheque goes to the London bankers on whom the draft was drawn and requests them to stop payment of the draft. Both the London and country bankers assure him he will get the money for the draft. C, who is the father of A, is surety at the bank for A's overdraft, and as his son does not return, and nothing is heard of him, he makes him bankrupt, and, hearing that B has never received the draft, gives notice to the country bankers not to pay it, and pays the balance due on A's account, with the exception of the amount of the draft. B has now applied to the bankers, who drew the draft in his favour, to pay him the money, but they refuse, stating that they cannot pay him, as C has given them notice not to pay the draft. Will you be so good as to inform me whether B can recover from the bankers who drew the draft payable to him? and if so by what process, or must be lose the money? ho not having received that draft. A is supposed to have absconded or come to an untimely end. A SUBSCRIBER, [We think B can have no claim on the bankers. There is no privity of contract between them. It seems to us that A might have returned the draft and required a return of the money, and that the trustee in bankruptcy can do the same, and if the draft cannot be found might insist on giving an indemnity.-ED. B. M.] ALTERATION OR INTERLINEATION. DEAR SIR,-May I ask the favour of your reply to the following question in your next issue: A cheque signed by three members of a corporation, and countersigned by the clerk, is presented at a country bank where it is payable. The cashier observing that the document has been altered, and the alteration initialled by the clerk only, refuses payment, assigning as his reason for doing so "that the alteration should be initialled by the members who signed the cheque as well as the clerk." Is he right in thus refusing to pay? Yours faithfully J. R. [We think the refusal was quite right. We also think that where the alteration is very important it is dangerous to rely on initialling it alone, as it must be difficult for bankers, in the hurry of business, to judge of the authenticity of single letters.-ED. B. M.] ACCEPTANCE-WHEN DUE. SIR,-Would you be so good as to favour me with your opinion as to whether a bill drawn on 16th December at four months with acceptance written in following terms, "Accepted payable 19th April, 1879," is due on 19th or 22nd April? I am, your obedient servant, A COUNTRY SUBSCRIBER. [The question is what does this acceptance mean? Does it simply indicate the actual day of payment, or does it mean an extension of the time by three days? We are of opinion that the acceptor would be considered to have simply indicated the actual day of payment, and that it is due on the 19th of April, which would correspond then with the time the drawer had fixed and make it an acceptance according to the tenor, and not a varying acceptance which might be invalid against_prior parties, a thing which it could hardly be presumed was intended.—ED. B. M.] PARLIAMENTARY VOTE FOR BANK PREMISES. SIB,-Will you favour me with your opinion as to whether a bank manager is entitled to be placed on the Parliamentary List of Voters in respect of the bank premises and house where he resides, he being rated therefor to the poor at say £50 per annum ? An objection has been made "that the manager resides on the premises simply as servant of the directors, to take charge of the place in their interests, and has therefore no beneficial interest in the occupation." I have no doubt a very large number of your readers, whilst they occupy bank premises are paying (in salary) far more than would procure them a suitable residence entitling them to a vote. I am fully aware that many do not care at all times to exercise their privileges in this respect, yet I apprehend few would care to be forcibly disfranchised. Excuse my troubling you on a subject somewhat aside the usual topic. Yours truly, Á SUBSCRIBER. [Perhaps the objection would be got over by the bank letting the private part of the premises to the manager at a rent and increasing his salary.— ED. B. M.] VOL. XXXIX. 5 TENDERS FOR BILLS ON INDIA. Tenders were received at the Bank of England, 27th November, for £200,000 in bills on India. The whole amount was allotted to Calcutta, tenders at 1s. 7 7-16d. receive about 95 per cent., and above in full. Tenders were received at the Bank of England, 4th December, for £300,000 in bills on India. The whole amount was allotted to Calcutta, tenders at 18. 7 5-16d. receive about 8 per cent., and above in full. Tenders were received at the Bank of England, 11th December, for £300,000 in Government bills on India, but the prices at which tenders were received were deemed unsatisfactory, therefore no allotment was made. Tenders were received at the Bank of England, 18th December, for £300,000 in Government bills on India, but the prices at which applications were received were again unsatisfactory, and no allotments were made. Tenders were received at the Bank of England, 24th December, for £300,000 in bills on India. The whole amount was allotted to Calcutta, and applications at 18. 6d. will receive about 99 per cent. BANKING MOVEMENTS. Mr. Henry Cassels Kay has been elected a director of the Bank of Egypt. The business of the London office of the Delhi and London Bank will, on and after the 23rd December, be conducted at "Royal Bank Buildings," 123, Bishopsgate Street Within. The Wilts and Dorset Banking Company has opened branches in Axbridge, Clevedon, Clifton, Exmouth, Budleigh Salterton, Wells, and Weston-superMare, having secured the services of the respective managers of the West of England and South Wales District Bank in those towns. MONTHLY CHRONOLOGY. 28 Nov.-The Bank of Bengal has raised its minimum rate of interest and discount from 3 to 4 per cent. 30.-The National Bank of Belgium lowered its rate of discount from 4 to 4 per cent. It was raised from 3 to 4 per cent. in October. 1 Dec.-Mr. Rivers Wilson has entered on his duties as Egyptian Finance Minister. 2. General Roberts has gained a complete victory, having captured Pewar Kotal and all the enemy's guns. 5.-The Bank of Bengal has increased its minimum rate of interest and discount from 4 to 5 per cent. 5.-The Sixth Session of the Ninth Parliament of the Queen was opened today by Commission. 6. It is announced that the Exchequer bills due the 11th inst. may be renewed at 3 per cent. interest. 6. Tenders have been invited by Messrs. Baring Bros. and Co., and Messrs. Glyn, Mills and Co., for £3,000,000 Canadian New 4 per cent. Loan, of which one half is in bonds guaranteed by the Imperial Government, and the other half in Dominion bonds. 9.-General Roberts has finished the reconnaissance of the top of the Shutargardan Pass. 9.-The failure of the West of England and South Wales District Bank occurred. 9.-The Extradition Treaty with Spain came into operation. 12. Two decrees of the Khedive have been promulgated regulating the ministerial powers assigned to Mr. Rivers Wilson and M. Blignieres respectively. 12 Dec.-The London Committee of the Australian International Exhibition, 1879, met at the Bank of New South Wales. 12.-The fund for the relief of the shareholders of the City of Glasgow Bank was reported to amount to £321,423. 12.-The Imperial Bank of Germany has reduced its rate of discount to 4 per cent., and the interest on advances to 5 per cent. 13.-Cavagnari reports notables and officials from Jellalabad come in to offer service. 13. The balance of the New Canadian loan for £3,000,000-one half under the guarantee of the Imperial Government-has been allotted at the minimum price of 96 per cent. The amount of the tenders up to the 6th inst. was £1,619,000, and the average rate 969 per cent. 13. The Chamber of Deputies at Athens has ratified the agreement recently arrived at between the Greek Government and the bondholders of the loans of 1824 and 1825. 14. Her Royal Highness the Grand Duchess of Hesse, Princess Alice of Great Britain and Ireland, second daughter of Her Majesty the Queen, departed this life at Darmstadt, to the great grief of Her Majesty and of all the Royal Family. 17.-Gold touched par at New York for the first time since the suspension of specie payments in 1862. The Secretary of the Treasury expects to have one hundred and thirty-five millions of coin available for resumption on January 1st. 20.-Lieut.-Gen. Browne reports Jellalabad occupied to-day. Inhabitants friendly. 21.-The marriage of the Princess Thyra of Denmark and the Duke of Cumberland was celebrated with great solemnity. 22.-News has reached the Government that the Ameer has fled to Turkestan and released Yakoob Khan, who remains at Cabul. 23.-Gold amounting to one million taken to the Bank; principal part from France. 26.-It is reported that Yakoob Khan has gone into Jellalabad. Monthly Notes. The Provincial Bank of Ireland has declared a dividend for the half-year of 7} per cent. payable on the 15th January. At meetings recently held the directors of the Bank of Bolton were authorised to increase the capital to £500,000. The Bank of Constantinople (Sociéte Anonyme) announce that the interim dividend coupon No. 7, of 6 per cent. per annum for the year ending 31st December, will be payable on 1st January. Bank of Roumania. A distribution of 8s. per share on account of 1878, will be made on January 1, upon delivery of coupon No. 14. The directors of the Colonial Bank have declared a dividend of 6 per cent. for the half-year ended the 30th June. The distribution at the corresponding period of last year was 7 per cent. The directors of the Commercial Bank of Scotland propose that the half-year's dividend shall be at the rate of 13 per cent. per annum, free of income-tax, and that, in consideration of the amount of the profits of last year, the circumstances of the times, and the exceptional position of the banking interest, there shall be no bonus declared on this occasion. .. After payment of the dividend, and an appropriation in reduction of the cost of bank buildings, there will remain a clear balance of £432,356 of undivided profits or rest, being an increase of £11,024. The report states "The directors of the Commercial Bank can confidently assert that its management has been free from those faults which characterised the management of the City of Glasgow Bank." It is added that the bank is not a shareholder in any company involving liability for calls. Anglo-Hungarian Bank (in liquidation.)—The first distribution of 10 florins per share is payable at 1, Draper's Gardens, where the Deutsche Bank is empowered to purchase such shares at £4. 12s., or at £3. 15s. after the first distribution has been made. The directors of the Bank of British North America notify that a half-yearly dividend at the rate of 25s. per share, free of income-tax, will be paid on the 4th January. The directors of the National Provincial Bank of England have declared a halfyearly dividend at the rate of 8 per cent. per annum, and a half-yearly bonus of 6 per cent., being together at the rate of 20 per cent. per annum. distribution is the same as at the corresponding date last year. This At the fifty-third annual meeting of the National Bank of Scotland, 21st December, the net profits of the year, after deducting all expenses, losses by bad or doubtful debts, and writing down the bank's offices and other property, were stated to be £158,520. 12s. 9d., out of which a dividend of 15 per cent. (13 per cent. ordinary and 2 per cent. additional dividend) was declared, free of income-tax, and the balance of £8,520, along with the sum of £13,465 brought forward from last year, leaves a balance of £21,985 to be carried forward. The bank's rest was stated £500,000. The bank's property was reported as now standing at an amount far below its estimated value, the surplus proision for losses at a sum ample to cover all contingencies and the Government Securities at a price only reached in times of oxtreme pressure. BANKING OBITUARY. ROULAND. On the 12th Dec. M. Rouland, Govenor of the Bank of France died suddenly from an attack of gout in the heart. He had occupied the post since 1864, and to his tact and amenity must be ascribed his being permitted to retain under the Republic the office to which he, a former Bonapartist Minister, was appointed under the Empire. He was perhaps the only leading man of the Empire who had not been made to give place to some candidate of the party in power. It was not that the lucrative post he held was not coveted, or that attempts were not made to oust him. It is said that on one occasion a new governor was appointed, but the whole Council of Regents, as the board of directors are called, threatened to resign if the change were made. In the Senate the Duc d'Audiffret Pasquier pronounced a warm eulogium on the late M. Rouland, dwelling not merely on his services as Governor of the Bank of France, but on his career as Minister of Education and Worship. WILKINSON.-Dec. 9, at Gower-street, Bedford-square, Mr. William Wilkinson, formerly of Penrith, banker, in his 51st year. Monetary Review. TOWARDS the end of last month the financial aspect appeared to be getting clearer and more settled after the disturbance of the Glasgow Bank failure; the Bank of England's returns showed increased strength, and the tendency of the money market was towards easier rates. Before the month was quite out, however, the failure of a |