SUMMARY OF WEEKLY RETURNS OF BANKS OF ISSUE FOR FOUR WEEKS Average Weekly Circulation of these Banks for the month ending as above:Private Banks £1,809,151 1,668,967 £3,478,118 On comparing these amounts with the Returns for the previous month they show: Decrease in the notes of Private Banks £ 99 22,282 And, as compared with the corresponding month of last year:- Total Decrease as compared with the corresponding period of last year £746,480 The following is the comparative state of the circulation as regards the Fixed Issues :- The Private Banks are below their fixed issues Total below their fixed issues .. . £1,789.377 824,628 £2,614,005 SUMMARY OF IRISH AND SCOTCH RETURNS TO AUGUST 2nd, 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- £358,786 Total Decrease as compared with the corresponding period of last year £1,228,348 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 :-- .. £753,863 2,745,504 Average amounts of Gold and Silver coin held by these banks, during the past month: Being a Decrease of £22,815 on the part of the Irish Banks, and a Decrease of £221,244 on the part of the Scotch Banks, as compared with the Return of the previous month. CIRCULATION OF THE UNITED KINGDOM TO AUGUST 2nd, 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 £1,293,278, a decrease in Private Banks, of £371,128, and a decrease in Joint-Stock Banks of £375,352, in Scotland a decrease of £1,040,381, and in Ireland a decrease of £187,967. Thus showing that the month ending the 2nd August, as compared with the corresponding period last year, presents an increase of £546,798 in England, and a decrease of £651,550 in the United Kingdom. The Returns of the Bank of England for the month ending July 30th give an average amount of Bullion, in both departments, of £35,457,409. On a comparison of this with the Return for the previous month, there appears to be an increase of £906,702 and an increase of £13,160,994 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 August 2nd was £6,643,841; being a decreuse of £244.059, as compared with the Return of the previous month, and a decrease of £43,313, as compared with the corresponding period of last year. Last (From Wetenhall's Stock Exchange List). NAME. Dat e. Dividend Share. per Ann. London Paid. latest THE BANKERS' MAGAZINE AND Journal of the Money Market. OCTOBER, 1879. CONVENTION OF THE AMERICAN BANKERS' ASSOCIATION. The convention of the American Bankers' Association, which took place in the Town Hall, Saratoga (State of New York), on the 6th, 7th, and 8th of August this year, presents several points of interest, some notice of which will be doubtless acceptable to our readers. The association itself grew out of a convention of bankers, who were invited to meet in the same place (Saratoga) in July, 1875. A circular was first issued in the April of the same year to the bank officers and bankers of the United States, pointing out the advantages which might be expected to follow from the meeting together of those who had an official connection with banks, and expressing the opinion " that great profit will result from interchange and comparison of ideas and experiences relating to the conduct of our business." This circular was numerously and respectably signed, and the meeting which followed, held on July 20th, 1875, was attended by about three hundred bank officers and bankers from the various States of the Union. A further meeting, adjourned from the one previously mentioned, was held on October 3rd, 1876, at Philadelphia. At this meeting resolutions were adopted which form the constitution of the American Bankers' Association. These resolutions briefly describe the objects for which the association was founded, and which are, shortly, the promotion of the general welfare and usefulness of banks and banking institutions, the securing "uniformity of action, together with the practical benefits to be derived from personal acquaintance, and from the discussion of subjects of importance to the banking VOL. XXXIX. 59 and commercial interests of the country, and especially in order to secure the proper consideration of questions regarding the financial and commercial usages, customs, and laws which affect the banking interests of the entire country." The association has prospered. The report of the executive council for 1878 stated that there were 1,551 bank members of the association," comprising not only national banks, but State banks, savings institutions, trust companies and private bankers." Since that time further efforts have been made, and the following abstract from the secretary's report at the meeting for 1879 will give some idea of the working of the association. "At the last convention of this association, the secretary was instructed to invite all banks and bankers in the United States to unite with us in a renewed effort to get relief from the excessive and invidious taxation now levied upon us, and for other purposes. "In pursuance of such instructions, this office issued invitations to 2,058 national banks, 874 State banks, 601 savings banks, and 2,552 private bankers. In addition, many private letters were written, and also, where it was thought needful, vice-presidents in the various States were furnished with lists of the members of this association, and requested to use their individual efforts to obtain such accession of members to our association as they might be able. Some of our vice-presidents aided us efficiently; others did not. "During the past year we have not been idle. We have sent out, of printed matter, nearly two thousand circulars, newspapers, pamphlets, and other documents; also, we have sent and received considerably over one hundred thousand letters and communications through the mails. "The above statements will give you some idea of the labours and efforts put forth by us during the past year. "Many persons have seemed to infer that this association was ephemeral, and that its main and almost only object was to get relief from the unjust and mischievous taxation now levied upon the business of banking. The projectors of this association had no such idea, but supposed the organization would be found useful in many ways, so much so as to ensure its permanence. The pressure of taxation was, and is, so ruinous in many parts of the country, that a conspicuous prominence has for the present been given to tax-repeal. And we are greatly encouraged to continue our efforts by the fact that popular prejudices, fomented by ignorant or designing persons, against banks, have spent much of their force, and the indications are that a wiser and better spirit is asserting itself among the masses. "Banks have no monopoly. They have no special privileges |