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LONDON, May, 1884.







WEDNESDAY, MAY 21st, 1884.

The Chair will be taken at 6 p.m.

At this Meeting Mr. RAE'S Prize will be awarded.

At the close of the Meeting the ORDINARY MEETING will be held, when a Paper on "Banking Statistics" will be read by J. DICK, Esq., Fellow of the Institute.

HE Ordinary Meetings of the Institute for the reading and

Institute, Finsbury Circus, E.C., on the third Wednesday of the months October to May inclusive.

Notice of Meetings, Titles of Papers, and of the Dates assigned to them, will be given from time to time in the Journal, or by advertisement in the principal papers about one week before each meeting. Notice will also be sent to Fellows and Associates of the discussion of any Questions on points of practical interest at the above meetings.

Visitors may obtain a card of admission to the Ordinary Meetings on the presentation to the Secretary, at the Offices of the Institute, of an introduction from a Fellow or Associate. This privilege may, however, under certain circumstances, have to be restricted.

Members and others are invited to submit to the Council, for their approval, papers on any subjects of general interest to the Profession, with a view to such papers being read at one of the Ordinary Meetings of the Institute.

To enable the Council to carry into effect one of the primary objects of the Institute, viz., the discussion of matters of interest to the Profession, they invite Fellows and others to acquaint them, through the Secretary, with any Questions on points of practical interest which may from time to time arise, so that, should it be deemed advisable, due notice being given, such questions may be fully discussed at one of the Ordinary Meetings of the Institute, or answered through the Journal as the Council may determine.

The Reference Library, consisting of Works on Banking, Commerce, Finance and Political Economy, now contains above one hundred and fifty volumes of standard works, and the Council desire to intimate to Members and others that they will be glad to receive donations of books on the above subjects for addition to the Library.

If not out of print, members may obtain a single copy of each of the back numbers of the Journal at the reduced price of 1s. each. A few volumes bound in morocco, can be obtained at 15s. each volume.


The Journal is for the present published in eight consecutive months, namely, from December to the July following, with a further issue of one or two numbers during the Autumn. The date of publication is on or about the first day of the months named.

To ensure punctual delivery, Members are especially requested to inform the Secretary, without delay, of any change in their Addresses.


Arrangements have been made with Messrs. BLADES, EAST AND BLADES for the supply to Members of Cases for binding the Journal, at the price of 18. 6d. each. Cases for binding Vols. I., II., III. and IV. are now ready. Application should be made direct to Messrs. BLADES, 23, Abchurch Lane, E.C.

The Council of the Institute of Bankers desire it to be distinctly understood, that Authors alone are responsible for the contents of their papers, both as to matters of fact and of opinion, and, also, that the Institute accepts no responsibility for the opinions which may be expressed in the various discussions.



The above will be held, both in London and the country, on the

evenings of 12th, 13th, 14th of May.

The Institute of Bankers.

MAY, 1884.

J. B. MARTIN, Esq., M.A., F.S.S., in the Chair.


By T. R. R. DAVISON, Esq., Fellow of the Institute.

[Read before the Bankers' Institute, Wednesday, April 16th, 1884.]


Ta time when the interests of his party were at stake the great Sir Robert Peel gave as the watch-word of his followers the phrase, which has since become historical," Register! Register! Register!" because, without registration, the votes of his supporters could not be made available at the critical moment. And in point of fact registration has, in politics, no less than in other respects, become of late years the rule rather than the exception in our daily lives.

This paper was written some six months ago, and was laid before the Council before Mr. Malleson had read (19th December, 1883) his very interesting communication on "The Law of Partnership in England," in which the same subject of "Registration" is also treated from different points of view.

And it was also written at a time when the possibility was contemplated of bringing the matter before Parliament during the present session, a contingency which, at the present moment, can hardly be reasonably anticipated.

Notwithstanding above facts, however, the arguments contained in the present paper may perhaps still prove of interest, if not with a view to immediate legislative action, at least as a means of again directing attention to the important subject involved.

And some faint hopes may possibly be entertained that the Bill on "Registration of Firms," which has been introduced by Mr. Norwood, President of the Associated Chambers of Commerce, may succeed in obtaining the support of the commercial element in Parliament.

In the unavoidable absence of Mr. DAVISON, the paper was read by Mr. HANSARD, Hon. Secretary.

All voters at parliamentary or municipal elections, and all births, deaths, or marriages, must of necessity be registered; patents cannot be secured without the same formality; shipping property cannot be dealt with, either by way of mortgage or bill of sale, without a proper record at Her Majesty's Customs; bills of sale not only require registration to ensure their validity, but the term for effecting that formality has recently been reduced from twenty-one to seven days; and finally, even titles to landed property may, under the so-called Westbury Acts, be, at the option of the owners, definitively registered in an official record.

In referring, therefore, to some apparent wants or imperfections in the subject of our heading, it may safely be assumed that no innovations will be suggested of a nature to alarm the most susceptible; rather will their approval, and that of the public generally, be solicited in favor of the further extension of a practice which is not only sound in principle, but fruitful in useful results.

Now amongst the matters which are not at present liable to registration, or are at any rate only subject to it in a mild and diluted


1.-Partnership Deeds;

2.-Commercial Firms; and

3.—Marriage Settlements (both ante and post nuptial);

are conspicuous by their importance.

It has long been held by many that the two first-mentioned items should, in the interests of the general public, be no longer absolved from the necessity of registration, to which they are properly subject in most other countries, and in such form as to be available to the inspection of the public without delay, trouble, or needless expense. And some faint hopes are entertained that the same vigorous initiative which during the past session secured a good bankruptcy bill, may possibly be induced and enabled, in the ensuing parliamentary session, to take up these two matters, and by means of that official impetus which now-a-days is almost a sine quâ non of successful legislation, pilot them safely to the desired goal.

As in all such matters, long-standing prejudices and difficulties of detail will have to be confronted and overcome; but few will be prepared to deny that, in the abstract at any rate, the proposed changes would be most beneficial in character.

On these two points it may perhaps be of interest to glance at some of the provisions of the law in France and in Germany respectively.

The French Code de Commerce says:—

Article 19.-"The law recognizes three kinds of trading partner

ships :

The Société en nom Collectif.

The Société en Commandite.
The Société Anonyme."

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