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405. Interviews on the Banking and Currency Systems of England

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405. Interviews on the Banking and Currency Systems of England 61ST CONGRESS SENATE j DOCUMENT 2d Session t No. 405 Interviews on the Banking and Currency Systems of England, Scotland, France, Germany, Switzerland, and Italy Under the direction of HON. NELSON W. ALDRICH Chairman NATIONAL MONETARY COMMISSION Washington : Government Printing Office : 1910 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NATIONAL MONETARY COMMISSION. NELSON W. ALDRICH, 1 .hode Island, Chairman. EDWARD B. VREELAND New York, Vice-Chairman. JULIUS C. BURROWS, Michigan. JESSE OVERSTREET, Indiana. EUGENE HALE, Maine. JOHN W. WEEKS, Massachusetts. PHILANDER C. KNOX, Pennsylvania. ROBERT W. BONYNGE, Colorado. THEODORE E. BURTON, Ohio. SYLVESTER C,SMITH, California. JOHN W. DANIEL, Virginia. LEMUEL P. PADGETT, Tennessee. HENRY M. TELLER, Colorado. GEORGE P. BURGESS, Texas. HERNANDO D. MONEY, Mississippi. ARSENE P. PUJO, Louisiana. JOSEPH W. BAILEY, Texas. ARTHUR B. SHELTON, Secretary, A. PIATT ANDREW, SPe vial Assistant to Commission. o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONTENTS. ENGLAND. Page. The Bank of England 7 The Union of London & Smith's Bank 34 The London Joint Stock Bank 60 Lord Swaytheling.._ 92 The Union Discount Company of London 104 The London and Westminster Bank 115 Lord Avebury 118 SCOTLAND. Royal Bank of Scotland 127 Bank of Scotland— 142 Union Bank of Scotland 157 Commercial Bank of Scotland 172 FRANCE. Bank of France 189 Credit Lyonnais __ 219 Comptoir d'Escompte 249 Banque de Paris et des Pays-Bas 268 Credit Foncier 277 Minister of Finance 292 Caisse des D6p6ts et Consignations 296 Credit Agricole 309 Caisses d'Epargne (Savings Banks) 324 GERMANY. Reichsbank 335 The Royal Seehandlung 359 The Deutsche Bank _* 371 The Dresdner Bank 392 Disconto-Gesellschaft 419 Berliner Handels-Gesellschaft 422 Pfandbrief Bank- _ 424 Preussische Central-Bodencredit Actien-Gesellschaft 43 2 Preussische Central-Genossenschafts-Kasse 441 The Schulze-Delitzsch Cooperative Societies 452 Kur-und-Neumarkisches Ritterschaftliches Kredit Institut, Neues Brandenburgische Kredit Institut, and Kur und Neumarkische Ritterschaftliche Darlehns Kasse 469 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission Page. Berliner Kassen Verein 486 Berliner Sparkasse 488 Herr von Mendelssohn.. 494 S. Bleichroeder _ _. _ 496 SWITZERLAND. Swiss National Bank 501 ITALY. Banca d' I talia. __ 511 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ENGLAND 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE BANK OF ENGLAND. Report of answers to questions addressed to the Governor and Directors of the Bank of England. Q. When was the Bank of England founded? A. In July, 1694. Q. When does your present charter expire? A. The bank's exclusive privileges of banking continue subject to one year's notice and to repayment by the Gov­ ernment of the debt of £11,015,100 and of all other public debt held by the bank at the time. Q. What is the par value and present selling price of your shares? A. The bank's capital is in the form of stock, £100 of which is at present quoted at about £267. Q. How many stockholders have you? A. There are at present over 10,000 accounts. Q. Is the stock fully paid? A. Yes. Q. Have your shareholders any liabilities in addition to the ownership of shares? A. Legal opinion is to the effect that there is no further liability on bank stock. Q. Is there any limit to the number of shares which may be held by any one person, and is your approval re­ quired before a transfer of your stock can be made? A. There is no limit—the bank's approval is not re­ quired. Q. How often do your shareholders meet? 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission A. There are two half-yearly general courts for receiving half-yearly reports and for the declaration of a dividend. There is also an annual general court for the election of governors and directors. Q. Does every share have a vote at shareholders' meetings? A. To have a vote a proprietor must hold £500 of stock, but no matter how much additional stock a proprietor may hold he can not have more than one vote. Q. What control have the shareholders over the man­ agement and conduct of the business? A. The proprietors, i. e., the holders of bank stock, elect the governors and directors and may make what by-laws they please in general court for the conduct of the bank's business, provided that the "by-laws be not repugnant to the laws of this our Kingdom.'' Q. Has the Government any voice in the management of the bank or any interest in it through the ownership of shares? A. The Government has no voice in the management of the bank, nor does it own any stock. The members of a government may of course hold stock in their individual capacity. Q. Describe the organization and management of the bank, stating the number of officers and directors with their respective functions, and for what periods and by whom are they elected? A. The supreme control of the affairs of the bank rests with the governor, deputy governor, and court of 24 di­ rectors, who are elected annually by the stockholders. It is customary for a governor and deputy governor, at the close of their first year of office, to be reelected to the same positions for a further term of one year, 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Interviews — England and a deputy governor is usually elected to the office of governor immediately on vacating the former position after the completion of a two years' tenure of that appointment. The governor, whilst directing the general policy of the bank and supervising and controlling the whole of its af­ fairs, devotes his attention more especially to the business of the head office, whilst the deputy governor concerns him­ self more particularly with the business of the branches and with the upkeep and maintenance of the bank's various premises. The directors, in addition to attending the weekly meetings of the court, serve on various committees ap­ pointed by that body. As regards organization, it will probably suffice to say that the bank is divided into two great departments: i. That under the chief accountant, who is responsi­ ble for the management of the stocks forming the national debt and other registered stocks—home, indian, colo­ nial, etc. He also keeps the bank's own accounts. 2. That under the chief cashier, who has charge of the issue and payment of notes and all banking business, such as drawing accounts, loans, discounts, and all other matters involving dealings in cash. There are also the secretary's department and the audit department, the titles of which sufficiently indicate the duties respectively performed by them. Q. Is it customary to reelect directors at the expira­ tion of their terms? A. It is customary for directors to be reelected. Q. Is there any custom restricting the class from which the directors may be selected? A. There is no legal restriction as to the class from which directors may be selected, except that they must be 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission "natural-born subjects of England, or naturalized," but in actual practice the selection is confined to those who are, or have been, members of mercantile or financial houses, excluding bankers, brokers, bill discounters, or directors of other banks operating in the United Kingdom. Q. How frequently do the directors meet? A. The court of directors meets once a week. Sub­ sidiary committees are held as required. Q. How many branches have you? A. There are n branches—2 in London and 9 in the provinces. Q. How are your branches managed? A. These branches are managed by "agents" and "sub- agents," corresponding to "managers" and "submana- gers" in other banks. Q. Who names the managers of branches? A. The agents and subagents are appointed by the court of directors. Q. Have the managers of the branches full control of the business in granting discounts, etc.; if not, what discretion is usually given them? A. The agents have full control of the business at their respective branches, subject to regulations and to super­ vision from head office. Q. Have you any system of distribution of profits among the managers of branches? A. No. Q. Are all your branches of the same class, or have you main and subsidiary branches? A. All the branches are of the same class. Q. Is the business conducted at your branches of the same class as at your main office in London? A. Yes. 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Interviews — England Q. Do your branches have business relations with merchants, farmers, and all classes of people in their respective localities? A. There are no restrictions of any kind as to the class of people with whom the bank has business relations. Q. How frequently are you required by law to publish statements of condition? A. By the act of 1844 statements must be published weekly. Q. How frequently is it your custom to publish them? A. Weekly. Q. Is either your issue or your banking department at any time examined by the Government, or in any way under its supervision? A.
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