QUEENSLAND NATIONAL BANK, LIMITED. Ar the fourteenth half-yearly meeting of shareholders, held 25th July, 1879, the Hon. F. H. Hart, M.L.C., in the chair, the following report was presented: The directors beg to submit their fourteenth half-yearly report, with the balance-sheet duly certified by the auditors. The net profits for the half-year ended 30th June last, after making provision for rebate on bills current, interest accrued on deposits and bad debts, amount to £20,922. 2s. 5d.; add balance from previous half-year £3,825. Os. 7d. together £24,747. 3s. ; less amount of tax on note circulation £1,756. 8s. = £22,990. 158. The directors recommend that this sum be dealt with as follows:-To dividend at the rate of 10 per cent. per annum, £19,403. 10s.; to balance to next half-year £3,587. 5s. The directors have the pleasure to report that the government having called for tenders for conducting the Public Banking Account, the tender of this bank was accepted. In view of the enlargement of the bank's operations that will result from the acquisition of the government account, it was considered prudent to increase the capital of the bank by the issue of 12,500 shares on the London register. The directors have been advised by cable that these shares have been placed, and by this means the paid-up capital will be raised to £450,000. The sum of £18,750, derived from premiums on the new issue, will be added to the reserve fund. There will be a seat at the board to fill up, owing to the retirement, in conformity with clause 90 of the articles of association, of the Hon. Arthur Hunter Palmer, M.L.A. Mr. Palmer, who is eligible for re-election, is the only candidate for the vacant directorship. Balance-sheet for the half-year ending 30th June, 1879. Balance from last half-year Gross profit, after providing for bad debts, interest accrued on deposits, and rebate on bills current Reserve fund £3,825 0 7 40,769 5 11 £44,594 6 6 £75,000, We hereby certify that the above is a true and correct statement of the affairs of the Queensland National Bank, Limited, on the 30th June, 1879. (Signed) T. UNMACK, A. B. WEBSTER, Auditors. The following report of the auditors was read by the general manager :- BRISBANE, 12th July, 1879. To the Shareholders of the Queensland National Bank, Limited. Gentlemen,-We hereby certify that we have examined the balance-sheet for the half-year ending 30th June last. The several items detailed therein agree with the balances in the general ledger at the head office, and with the statements furnished from the various branches, these latter being passed as correct in accordance with the certificates of the respective branch managers and accountants. We have counted the cash and examined the bills on hand at the head office on 30th ultimo, and found the same correct. The securities held at the head office have, at the request of the directors, been examined by Mr. Graham L. Hart, solicitor to the bank, and we have seen his certificate to the effect that they are in order. We further certify that the balance-sheet is a full and fair one, exhibiting a true statement of the affairs of the bank on 30th June, 1879. We are, gentlemen, your obedient servants, Theo. Unmack, A. B. Webster, Auditors. Communications. To the Editor of the "Bankers' Magazine." INSTITUTE OF BANKERS. SIR,-I was very much disappointed, and probably many others were equally so, to read the announcement by the Council of the Institute of Bankers of the subject of the essay for competition by associates and members. An essay upon "The Progress and Development of Banking in the United Kingdom from the Year 1800 to the Present Date," appears to me one which it would be quite useless for any one, with any hope of success, to attempt, who had not facilities for consulting libraries containing many works on banking. Of course, country subscribers cannot expect to reap equal advantages with those who, from their residence in London, have the opportunity both of attending the instruction classes and gleaning facts from the numerous libraries open to them; and this appears to me a great reason why the subject of the annual essay should be one upon which all may compete fairly, whether resident in London, a country town, or even in rural places possessing few educational advantages, and no library at all... I am fully alive to the fact that it is by no means easy to choose a subject for essay writing which would be equally fair to all competitors, but if in future years, when making their selection, the Council will bear in mind the difficulties which some have to contend with, they will receive the best thanks of the country subscribers, and also of Your obedient servant, EXCELSIOR DISHONOURED CHEQUE-LIABILITY OF INTRODUCER. SIR,-A cheque on a banker in another town is presented by a stranger. He is refused payment on the ground of being unknown to the bank. A person known to the bank, to enable him to obtain cash, introduces him, but does not endorse the cheque. In the event of the cheque being dishonoured is the introducer liable for the amount, or is he only liable if he endorses the cheque ? Yours faithfully, BANK CASHIER. [The introducer would certainly not be liable, unless he endorsed the cheque, or got it cashed on his own credit.-Ed. B. M.] "BEARER" CHEQUE ALTERED TO "ORDER." A "Bearer " cheque is drawn on a bank in favour of "John Jones or order," leaving the printed words, " or bearer," uncancelled, and is presented for payment unendorsed. The cheque is returned by the drawees with answer, "Requires endorsement." The bankers to whom the cheque is returned complain of this, and say, in effect, that the non-cancellation of the printed words, " or bearer," retains for the cheque its original force of being payable to bearer. Now, sir, were not the drawees justified in regarding the specific drawing of the cheque? Would they not have been guilty of laches had they disregarded the written instructions of the drawer? Awaiting a reply, I am, yours, &c., BANK CLERK. [We think the bankers on whom the cheque was drawn were bound to notice that the cheque was payable to order. It seems to us that the word "bearer was left in by mistake, or, if intended, designedly to create an ambiguity. The banker had a right to be protected from any doubt by having the endorsement, and would have been guilty of laches if he had omitted to require it.—Ed. B. M.] STAMP ON PROMISSORY NOTE-ENDORSEMENT OF CHEQUE. 1. Must a promissory note, payable on demand, be drawn on an ad valorem stamp, or is a 1d. stamp sufficient, as in the case of a bill of exchange on demand? 2. A customer draws a cheque in favour of self, striking out the word "order" or "bearer," as the case may be, and presents the same personally for payment. Does such cheque require endorsement ? Yours faithfully, G. W. W. [1. A promissory note on demand requires an ad valorem stamp. 2. We think not; but it might be reasonably asked.-Ed. B. M.] ENDORSEMENT OF CHEQUE. If a cheque is made payable to "Hoyle" or order, would "Hoyle" be a proper endorsement, or does it require the initials of the payee?— INQUIRER. [We think the initials of the payee are required. It seems to us the same as if the cheque were payable to Mr. Hoyle or to Hoyle. There may be foreign names of one word, but they are rarely or never met with in business transactions here; and if they should be, the banker would be entitled to an explanation before passing such an unusual endorsement.-Ed. B. M. SCOTCH BANKERS AND THE CLEARING HOUSE. SIR,-1. Supposing an English country banker receives through the London clearing, in ordinary course, a cheque upon himself crossed, for example, "Commercial Bank of Scotland, Dundee, to London and Westminster Bank." In case he dishonours the cheque, to whom must he send it? Ought he not to return it to the London and Westminster Bank rather than direct to Dundee? I call attention to this matter because I hear some banks are in the habit of treating such stamping on cheques exactly the same as if it were that of another English bank, which cannot be right, as it gives Scotch bankers the benefit of our English clearing system without any return on their part. As a point of law, the clearing rules relating to returned cheques would not, I think, apply in the case I have instanced, but would allow the banker returning the cheque to consider the name of the Scotch bank stamped thereon as simply the name of the customer of the London and Westminster Bank, just as we should treat a cheque stamped "Glyn, Mills & Co., for credit of Jones, Sons & Co., Wood Street," Jones, Sons & Co. being a private trading firm. 2. Demand drafts drawn in England on French houses in Paris and elsewhere are said to be subject to certain stamp duties there, which are avoided if the date of the draft is written in words, e.g., October twentyfifth, rather than October 25th. Is this correct? and if so kindly explain how, and oblige BANK CLERK. [1. Some English banks certainly treat cheques which have been passed through a Scotch bank under the circumstances described by our correspondent exactly as if they had been passed through any other English bank ; but to secure uniformity of action it would be desirable that an authoritative statement on the subject should be issued by the committee of the London Clearing House. 2. Demand drafts so drawn are subject to only a small stamp duty, provided the date be inserted in words; if the date be inserted in figures, they become liable to the ad valorem duty.—Ed. B. M. TENDERS FOR BILLS ON INDIA. TENDERS were received, 24th September, at the Bank of England for £350,000 in Government bills on India. The amounts allotted were:-To Calcutta, £335,400; to Bombay, £14,600. Tenders on both Presidencies at 1s. 7 13-16d. receive about 6 per cent.; above in full. Tenders were received, 1st October, at the Bank of England for £350,000 in Government bills on India. The amounts allotted were:-To Calcutta, £347,000; to Madras £3,000. Tenders on both Presidencies at 1s. 7 13-16d. receive about 7 per cent.; above in full. Tenders were received, 8th October, at the Bank of England for £350,000 in Government bills on India. The amounts allotted were:-To Calcutta, £313,800; and to Bombay, £36,200. Tenders on both Presidencies at 1s. 8d. receive about 18 per cent.; above in full. Tenders were received, 15th October, at the Bank of England for £350,000 in Government bills on India. The amounts allotted were :-To Calcutta, £240,900; to Bombay, £1,200; and to Madras, £107,900. Tenders on both Presidencies at 1s. 8d. receive about 5 per cent.; above in full. Tenders were received, 22nd October, at the Bank of England for £350,000 in Government bills on India, The amounts allotted were:-To Calcutta, £330,570; to Bombay, £15,000; and to Madras, £4,430. Tenders on all Presidencies at 1s. 8d. receive about 12 per cent.; above in full. MONTHLY CHRONOLOGY. 29 September.-Arrival of the Ameer in the British camp announced. Proclamation of General Roberts to the Afghans. 29.-Sir F. W. Truscott elected Lord Mayor of London. 1 October. The directors of the City of Glasgow Bank liberated. 6.-The British Resident withdrew from Mandalay. 11.-The Imperial Bank of Germany advanced its discount rate from 4 to 4 per cent., and the rate for advances from 5 to 5 per cent. 11. The National Bank of Belgium raised its discount quotation from 2 to 3 per cent. 12.-General Roberts made his public entry into Cabul, accompanied by the Ameer. 15.-Occupation of Jellalabad by the British. 16.-The Court of Common Council refused by 104 to 34 to open the Guildhall Library on Sunday. 17.-The Imperial Bank of Russia has raised its rate of discount from 5 to 6 per cent., the rate of interest on advances to 7, and for current accounts to 7 per cent. 17.—Afghan telegrams reported the capture of 200 guns and the dispersion of the enemy. 17.-Sir Garnet Wolseley reported that all the troops had withdrawn from Zululand. 17.-Lord Salisbury addressed a meeting of the Chambers of Commerce at Manchester, and a great political meeting in the evening. 20.-News received of the abdication of Yakoob Khan. 20.-Over 1,000 lives reported to have been lost by floods in Murcia, Spain. 21. The Emperor of Austria gave formal consent to the marriage of the Archduchess Christine to King Alfonso. 23.-Bank of England reserve, 49 per cent. Consols, 98. 23. Meeting of representatives of unlimited country banks at the Charing Cross Hotel, towards putting in force the provisions of the Banking Act of last Session. 23. The Bank of France raised its rate of discount from 2 to 3 per cent., and that for advances from 3 to 4 per cent. Monthly Notes. THE Ionian Bank directors have declared a dividend at tha rate of 6 per cent. per annum. It is proposed that meetings in future shall be held half-yearly. |