krish and Scotch Circulation Returns. IRISH BANKS. Average Circulation, and Coin held by the IRISH and SCOTCH BANKS during the Four Weeks ending Saturday,the 5th July, 1879. TOTALS (Irish Banks).... 6,354,494 3,218,473 2,478,903,5,697,376 2,671,215 SUMMARY OF WEEKLY RETURNS OF BANKS OF ISSUE FOR FOUR WEEKS ENDING JULY 5th, 1879. Average Weekly Circulation of these Banks for the month ending as above:- .. Joint-Stock Banks Together.. £7,237,001 6,761,998 ..£14,001,999 On comparing these amounts with the Returns for the previous month they show: Decrease in the notes of Private Banks And, as compared with the corresponding month of last year:- £469,150 Decrease in the notes of Joint-Stock Banks 446,663 Total Decrease as compared with the corresponding period of last year £915,813 The following is the comparative state of the circulation as regards the Fized Issues: SUMMARY OF IRISH AND SCOTCH RETURNS TO JULY 5th, 1879. The Returns of Circulation of the Irish and Scotch Banks for the four weeks ending as above, when added together, give the following as the Average Weekly Circulation of these Banks during the past month, viz. :— On comparing these amounts with the Returns for the previous month they And as compared with the corresponding month of last year- Total Decrease as compared with the corresponding period of last year £1,859,385 The Fixed Issues of the Irish and Scotch Banks at the present time, are:- £6,354,494 2,676,350 The Actual Circulation compared with the above gives the following results :-- £657,118 3,007,545 Average amounts of Gold and Silver coin held by these banks, during the past month : Being a Decrease of £125,390 on the part of the Irish Banks, and a Decrease of £368,022 on the part of the Scotch Banks, as compared with the Return of the previous month. CIRCULATION OF THE UNITED KINGDOM TO JULY 5th, 1879. Average Weekly Circulation for the month ending as above, as compared with the previous month: As compared with the corresponding period of last year, the returns show an increase in the Bank of England circulation of £1,016,186, a decrease in Private Banks of £469,150, and a decrease in Joint-Stock Banks of £446,663, in Scotland a decrease of £489,491, and in Ireland a decrease of £1,369,894. Thus showing that the month ending the 5th July, as compared with the corresponding period last year, presents an increase of £100,373 in England, and a decrease of £1,759,012 in the United Kingdom. The Returns of the Bank of England for the month ending July 2nd give an average amount of Bullion, in both departments, of £34,550,707. On a comparison of this with the Return for the previous month, there appears to be an increase of £1,281,220 and an increase of £8,012,703 as compared with the corresponding period last year. The average amount of Coin held by the Banks of Issue in Scotland and Ireland, during the month ending July 5th, was £6,887,900; being a decrease of £493,412, as compared with the Return of the previous month, and a decrease of £420,839, as compared with the corresponding period of last year. THE BANKERS' MAGAZINE AND Journal of the Money Market. SEPTEMBER, 1879. THE BANKING BILL. THE session of Parliament which has just been completed has been far from fruitful in useful legislation. Many measures of public importance and considerable value have had to be abandoned in that struggle to conclude, anyhow, the labours of the Parliamentary year, which invariably takes place as August commences; but the particular measure in which the readers of this journal have taken the greatest interest-the Banking Bill-thanks to powerful support in the House of Commons and to the active watchfulness of its friends, has been carried, and has now taken its place in the Statute Book. As the text of the Act will be of service to our readers, we print it in full. We also printed the Bill, as first introduced, previously,* and those who take an interest in the subject can compare the measure as it originally stood with that which has now received the Royal assent. There have been considerable changes and modifications in the measure. The more remarkable of these is the complete giving up of the principle of "reserved liability" as an essential part of the measure. Unlimited banks may, under the provisions of the Act, increase the nominal amount of their capital by increasing the nominal amount of their shares-and no part of such increased capital is to be capable of being called up, except in the case of the insolvency of the company; and limited banks may reserve a part of their uncalled capital for the same purpose. But the clause compelling reserved liability has been VOL. XXXIX. See BANKERS' MAGAZINE, June, 1879. 53 |