1 Many of the officials - Circulation of finance

1 Many of the officials Post Date: Fri, 25 Jul 2008 11:33:20 +0000
Secondly, they were for a long lime over- shadowed by the superior prestige of the private bankers, partly the result of the social and political importance of many of the old banking families, partly the result of long custom and the innate conservatism of the public, Thirdly, and perhaps this was the greatest handicap of all, both directors and officials were often sadly lacking in practical experience of the management of a bank. In many of the early joint-stock banks none of the directors had had any acquaintance with banking methods previous to their ap- pointment on the board of the company. 1 Many of the officials wero in a similar position ; the supply of thoroughly trained men was entirely inadequate, and to get over the difficulty, recourse was had to men who enjoyed high social standing.

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1. - They seem to forget Post Date: Fri, 8 Aug 2008 0:53:46 +0000
The idea of a shareholder in a joint-stock bank, in the minds of some persons, includes the idea of a man who gets shares at par, goes every half year to receive his dividends and bonuses, and attends the general meeting of share- holders for the purpose of censuring the directors and managers for not making larger profits; but it does not include the idea of keeping his own account at the bank, or the doing of anything towards making those profits he is so anxious to receive. Shareholders are not sufficiently impressed with the idea that by being also customers they increase the profits of the bank. They seem to forget that the whole is made \\p of parts, and that every part, however small, contributes to the whole.

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2. - The standard gold Post Date: Fri, 8 Aug 2008 0:35:48 +0000
While in the examination of a complex idea we endea- vour to ascertain what are the simple ideas which are implied or included in it, we should at the same time notice what are the simple ideas which are excluded from it. Thus, if I examine a piece of gold from Australia, and I find that it consists of five parts of pure gold and one part of alloy, then I say this is not standard gold. The standard gold from which our sovereigns are coined consists of eleven parts of pure gold and one part of alloy.

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3. - We sometimes include in our Post Date: Fri, 8 Aug 2008 0:21:55 +0000
The presence, therefore, of a larger pro- portion of alloy in the gold before me shows that it is not standard gold. So in regard to moral ideas. We sometimes include in our idea of the whole more than all its parts.

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4. - We may thus observe Post Date: Fri, 8 Aug 2008 0:11:53 +0000
Thus, a short time ago, some of our public writers always included inefficient managers and fraudu- lent directors in the idea of a joint -stock bank, and they very naturally wrote vehemently against all such banks. At the present time the idea of a London joint-stock bank includes, in the minds of some people, the ideas of high dividends and large bonuses; whereas in Scotland, where the system has most flourished, the banks have never paid high dividends. We may thus observe that we may adopt three modes of erroneous reasoning from the relation of a whole and its parts.

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5. - As an error Post Date: Thu, 7 Aug 2008 23:54:06 +0000
We may take a part, and reason from it as though it were the whole. We may exclude from the whole some important idea that should be included in it, or we may include in the whole some idea that ought to be excluded. As an error of the first kind we may refer to a London joint-stock bank, that announces that it conducts its business upon the " Scotch system of banking," by which it means merely that it grants cash credits.

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6. - So one of the joint-stock Post Date: Thu, 7 Aug 2008 23:42:35 +0000
Now, the granting of cash credits is only one part of the business of banking in Scotland. And were any party to infer from the above advertisement that the bank in question re- sembled the Scotch banks in every other particular, or that the other joint-stock banks in London did in no respect resemble the joint-stock banks in Scotland, he might arrive at erroneous conclusions. So one of the joint-stock banks in London calls itself "The London Joint-Stock Bank.

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7. - Several private bankers stated Post Date: Thu, 7 Aug 2008 23:23:56 +0000
" If any one were to infer from this title that this bank is the only joint-stock bank in London, or that it was the first established in the order of time, he would be led into an erroneous conclusion. The second fallacy is that of excluding or omitting from a complex Or compound idea some idea which ought to be included. Several private bankers stated to the Parliamentary Committee of 1832 that a joint- stock bank could not be so well managed as a private bank, because the directors, who had businesses of their own, could not pay so much attention to their bank as a private banker who devoted his whole time to the business.

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8. - A third error is adding Post Date: Thu, 7 Aug 2008 23:07:14 +0000
Now, the administration of a joint-stock bank includes not only a board of directors but also a manager, whose whole time is as constantly devoted to the business as that of a private banker. But the above witnesses omitted this very important idea from the idea of bank-management, and hence arrived at apparently very natural, but at the same time very erroneous conclusions. A third error is adding to the complex idea some idea which does not belong to it.

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9. - " A public writer, commenting upon Post Date: Thu, 7 Aug 2008 22:52:37 +0000
All the joint-stock banks formed since the year 1844 are compelled to take charters from the crown. A London bank placed at the head of its prospectus the words, " Empowered by Royal Charter." A public writer, commenting upon some proceedings of this bank, stated that it had a charter which limited the liability of the shareholders.

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10. - We may supply ourselves Post Date: Thu, 7 Aug 2008 22:36:33 +0000
He included in the idea of charter an idea not necessarily connected with any charter, and which is expressly excluded by the act of Parliament passed with reference to the joint-stock banks formed since the year 1844. His reasonings, therefore, so far as they rested on this assumption, were built on a sandy foundation. We may supply ourselves with a further illustration of the fallacy of confounding a part with the whole by noticing the collective and the individual functions of a board of directors.

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