ELECTIONS. The following were Elected at the November Meeting of the Council : WILLIAM HENRY BAMLET MEMBERS. Messrs. Glyn, Mills, Currie & Co., 67, FREDERICK AUGUSTUS JOHN BEER Consolidated Bank of Cornwall, Devon JOHN BLACKBURN ... ... ... ARTHUR HENRY BREARY... WILLIAM JOHN FAULKS ... CLAUDE FRANCIS GONIN... GEORGE EDWIN HILL ... ... port. Union Bank of Manchester, Limited, Messrs. Barclay, Bevan & Co., 1, Pall Messrs. Robarts, Lubbock & Co., 15, London and County Bank, Limited, Northamptonshire Union Bank, Limited, BENJAMIN TRESSILLIAN KETCHLEE London and Westminster Bank, Limited, Upper Street, Islington. Stamford, Spalding and Boston Bank, Northamptonshire Union Bank, Ltd., Belfast Banking Company, Limited. National Provincial Bank of England, Chartered Bank of India, Australia and Northamptonshire Union Bank, Limited, National Bank of Wales, Limited, LECTURES ON THE FOREIGN EXCHANGES. Wednesdays, January 6th, 13th, 20th, 27th, and February 3rd, 1892, at 6 p.m., at the LONDON INSTITUTION, FINSBURY CIRCUS. The attention of Members is specially called to these Lectures, particulars of which will be found in the slip enclosed in this Journal. BACK NUMBERS OF THE JOURNAL. The Secretary would be glad to purchase copies of the numbers given below: 1884. December. 1885. March, April, May, November. 1886. January, February, March, April, May, June. 1888. February. 1889. December. 1890. January, April. 1891. January, February, March. SUBSCRIPTIONS FOR 1892. Members are requested, if possible, to pay their subscriptions direct to the Bankers of the Institute, Martin's Bank, Limited. When paid to the Secretary, it is particularly requested that all Cheques and Postal Orders be crossed "Martin's Bank, Limited." This number completes the Volume, with the exception of the List of Members, which will be issued with the January Journal. The Institute of Bankers. DECEMBER, 1891. THE INAUGURAL ADDRESS OF THE PRESIDENT, THOMAS SALT, Esq., M.P. [Delivered before the Institute on Wednesday, November 4th, 1891.] B EFORE I refer to the affairs of our Institute, according to the custom of meetings such as the present, I must express my deep regret-a regret that is, I feel certain, shared not only by his more immediate friends, but also by every Member of the Institute at the loss we have sustained by the death of our late President, Sir Robert Fowler. I knew him well. I sat with him in Parliament for many years. He was a man of a stamp that is somewhat rare, and such as in these days of sentimental philanthropy and of speculative experiment is especially valuable. He was very downright. His hearty, vigorous manner tended in a curious way to conceal his considerable intellectual capacity and his knowledge. Whether in politics or in business he was one upon whom men could rely. The prosperity of the Institute mentioned by my predecessor in the office of President has continued. The increase shown by last year's figures has been further augmented by the election of 13 Fellows, 53 Associates and 160 Ordinary Members. The following are among the most important additions made to the Library. 1. Madox History of the Exchequer. 2. A second and enlarged edition of Mr. Hilton Price's Handbook of London Bankers. 3. The fourth edition of Judge Chalmers Digest of the Law of Bills of Exchange, which now includes Vagliano's case. 4. Five volumes and a collection of pamphlets on the Bank of the United States, forming a history of that Institution probably not procurable elsewhere in England. These were the gifts of Mr. Charles Phillips, an American Fellow of the Institute. The intention of moving into larger Offices, which was notified last year, has been carried into effect. The new rooms at 34, St. Clement's Lane, are a great improvement upon the old rooms. There is now space for the books and accommodation for Members visiting the library. There is more convenience for our country friends, whom we are always glad to welcome. The Council hope that these premises may eventually become a common centre for all banking interests. B The Committee of London Clearing Bankers have made a request to hold their meetings there, and the annual general meeting of the Bank Clerks' Orphanage has been held there. Following the plan inaugurated in 1890, and continued in the spring of this year, the Council have arranged for the delivery of a course of five lectures on the A B C of the Foreign Exchanges. The days fixed for these lectures are Wednesdays, January 6th, 13th, 20th, 27th, and February 3rd. The subject is one of much interest and importance. It is somewhat intricate. The knowledge and appreciation of it are not widely spread. Yet it is probable that in these days of rapid communication between all the countries of the world-of vast commercial, industrial, and engineering undertakings in every part of the world-the Foreign Exchanges, influenced as they are by many and various circumstances, may have more effect upon the comfort and regularity of our domestic finance than many of us have been taught to imagine. The lecturer is Mr. G. Clare, who is well known to us as the author of that excellent little book, “A Primer of the Money Market" which the Council has lately added to the list of books recommended for examination. As in former years, a special examination in the lectures will be held in March, and prizes in books will be awarded. The lectures will afterwards be published in our Journal for the benefit of our country members. I must now mention our May examinations. They are growing so rapidly in popularity that they tax heavily all the energies of our Secretary to carry them through with success. Indeed, this would be almost impossible without the hearty co-operation of our Fellows and others in various parts of the country. We owe them much thanks. It may be interesting to call to mind that when our Secretary took office, ten years ago, the number of candidates who entered for our examination was 21. This year the number reached 220, being an increase of 50 upon the preceding year. This large increase is, doubtless, owing to the encouragement afforded by many banks, who give prizes in connection with the examinations, and also to the growing estimation in which our certificates are held. I hope you will allow me to urge upon you the consideration of the fact, that wider information and more systematic study are now expected from bank officials than in former days. The character of our banking institutions; the requirements of trade; the relations of commercial countries; the rapidity of intercourse; have marvellously changed and developed during the past half-century. This makes it desirable for our banks to employ men of quick intelligence and of special attainment. But I should like to take a more simple and homely view of the matter. I would remind you that a study of the history and practice of English banking, of its changes and fortunes, of its successes, and failures, will not, of a certainty, but will, in all probability, lead you to be yourselves prudent and accurate bankers. You will observe the high character that English bankers have generally held for truth and prudence throughout the world, and you will learn how every individual, according to his position and capacity, may contribute his share towards the maintenance of the honour and integrity of his profession. The great difficulty of ordinary banking consists in its apparent simplicity. It really requires the exercise of many qualities of no mean order. During the present session we are to have several interesting papers. Among these I may mention" Banking in Persia," by Mr. Rabino, the Manager of the Imperial Bank of Persia. The paper will be of great interest and value at the present time, since it will be an authoritative statement on a subject about which little is known. It will therefore prove a great addition to our proceedings. In view of the recent census, Mr. James Dick will give us a continuation of the excellent paper that he read in 1884. This former paper was suggested by Mr. John Dun's valuable treatise on the subject. The Institute will, therefore, soon be in possession of very interesting comparative tables and statistics of banking from before 1874 to the close of this year. Mr. Palgrave has also kindly offered to read a paper on "The Rate of Discount and the Bank Act of 1844." This paper, in view of possible legislation affecting the Bank Act, will be a valuable contribution towards a thorough discussion of that important subject. We had hoped that Mr. Childers would give us a long promised address on the "National Debt," but I regret to say that he is compelled to go abroad on account of his health. A short glance at the work done and the progress made by other societies similar to our own will not be without interest. In Scotland, the Institute of Bankers has recently shown increased vitality. Evidence of this is given by an augmentation in the number of its members, and of the candidates for its examinations. With this Institute, as with others, we have always cultivated the most friendly relations, so much so that all the leading Scotch bankers are Fellows of our Institute. The Bankers' Institute of Australasia which was avowedly founded on lines similar to our own, continues to show the vigorous growth characteristic of our colonies. The membership is about equal to our own, and is still increasing. Its Monthly Journal has contained much valuable matter connected with banking, and substantial progress has been made, notwithstanding the circumstance that much of the ground was already occupied by the Australasian Banking Record. Besides the Australian Institute, whose head quarters are at Melbourne, I am able to announce that the people at Sydney are now proposing to establish an Institute of their own. Lord Jersey, the Governor of New South Wales, who, through Mr. Hilton Price, has been in communication with our Secretary, has promised shortly to deliver the inaugural address. In North America, a part of our scheme has been copied, while at the Cape of Good Hope, the nucleus of an Institute has been formed. I am pleased to observe that none of |