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The Latest Banking " Coup "

Nobody is now surprised, remarks the • Daily News,' to hear of bank amalgamations, and still less surprised if it appears that a private bank is absorbed by some joint-stock bank in the neighborhood, which, by its constitution, is enabled to publish balance-sheets, and so give confidence to those who deposit money iu it and accept its notes for local payments. But tho latest coup of Lloyds Bank is to absorb two large joint-stock banks; and Lloyds was originally but a private bank. It was not until the year 1865 that it took tho joint-stock form; but, after working its way quietly along, a few years ago, it suddenly became a bank nucleus, absorbing the private London banking firms of Baruetts, Hoares, and Co., and Bosanquet, Salt, and Co. Mr Salt is now the chairman, and Mr Sampson Lloyd, Mr Barnett, and Mr Hoare, and other gentlemen appear only as directors. Having swallowed theso important morsels, Lloyds Banking Company has nowarranged to gulp down the iJirmingham Joint-Stock Bank, Limited, with a paid-up capital of L 300.000, a guaranteed fund of L 433.000, and resources altogether of L 2,688,119. This assumption will add to the present resources of Lloyds Bank by about one-fifth. The Worcester City and County Bank, which is also to be absorbed, was established in the year 1840. Its paid-up capital is L 250.000; it has a reserve of L 92.000, and its aggregate resources amount to L 2,111,156. The Worcester City and County Bank bos an authorised note issue of L 6.848, but its actual issue of late has been under L7OO, so much are the times changed, and so little scope is there for a note-issuing bank in the neighborhood of great townß, the inhabitants of which prefer deposit banking and the facilities given by cheques. Little by little we find, once more, that the banking trade of the country is getting into a very few handß, and these hands have, therefore, every year more and more money to deal with. The responsibility falling upon bankers as a class consequently increases. Their numbers are reduced, but the capital which each of the chief banks of the country now disposes of is enormous.

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https://paperspast.natlib.govt.nz/newspapers/ESD18890511.2.39.11

Bibliographic details

The Latest Banking " Coup ", Issue 7904, 11 May 1889, Supplement

Word Count
369

The Latest Banking " Coup " Issue 7904, 11 May 1889, Supplement

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