The Bank of England, As It Is, and As It Ought to Be

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1865 edition. Excerpt: ...of his position, by making it subservient to his private interest, some years ago when the very large bonus of 25 per cent. was given to the proprietors, the bank directors, according to the evidence of the late Mr. Horsley Palmer, before the Committee on the Bank Charter, remained, as they were before, small proprietors of stock. There has always been an objection in the bank parlour to the admission of any private banker to a seat in the direction of the bank; what that objection is, it is difficult to arrive at, it cannot be from any feeling of jealousy, of this we must at once acquit the court of directors, neither do we think their presence would in any way interfere with the proper management of the business of the bank, but, on the contrary, might, from their experience in banking, add considerably to the advantage of the corporation; for, as the court is at present constituted, it consists exclusively of merchants, men undoubtedly of great respectability we admit, but on their first introduction as directors, they are, from the nature of their 3 several avocations, without the slightest experience of the operations of banking, which has not inaptly been called a science, the knowledge of which can only be attained by long practical experience. This reminds us of a circumstance which occurred at a Lord Mayor's dinner some years ago, On the health of the merchants and bankers being proposed, the late Mr. John Masterman responded on behalf of the latter, and in the course of his remarks said, "that the science of banking was not taught by intuition, there was no royal road to it," then turning to Sir Peter Laurie, he added, "My friend Sir Peter has just been made governor of a bank," the Union Bank had then been...