Journal of the Institute of Bankers

The Council have, also, from time to time received a considerable number of "Questions on Points of Practical Interest," which, after due consideration, have been answered through the medium of the Journal.

The Council feel that they have every reason to congratulate the Members on the character of the work which has been undertaken, and on the position which has been maintained by the Institute during the past year. The papers and discussions have in most cases been calculated to elicit valuable information on subjects of immediate interest to the Banking and Mercantile Communities. The Meetings have been well attended, and the interest taken in the proceedings of the Institute has been well sustained.

The Journal of the Institute has been issued continuously, except in the months of September and November last, and the Council are encouraged to believe that it has met with appreciation,-a belief confirmed by the increasing sale of the Journal which, in addition to the copies circulated among all classes of Members, has, in the past year, reached a sum of more than £73.

It will have been noticed that in addition to a record of the transactions of the Institute, the Journal has been further developed by the publication of other valuable information on subjects of frequently recurring interest to bankers generally; and its contents are readily ascertainable by a reference to the exhaustive index which was appended to the December number of last year.

The Council take this opportunity of again recording their strong sense of indebtedness to the Honorary Editor for his valuable services.

The results of the Examinations for the Certificate of the Institute held in May last were generally satisfactory. The total number of candidates was 46, and of these 39 presented themselves to the examiners.

The special examination, carrying, on this occasion, the Certificate of the Institute, was passed by two Members, and the preliminary examination, which must be followed by another of a more advanced character at the interval of a year to complete the course, was passed by fourteen Members. Other Members availed themselves of the regulation which permits them to take one or more of the subjects only, and to complete the course at subsequent examinations. The names of the successful candidates, and copies of the examination papers, will be found in Part XI. of the Journal (Vol. I.) Nine of the successful candidates were Members located in country banks, who took advantage of the arrangements which had been made for the conduct of examinations in their neighbourhoods.

The most cordial thanks of the Council are due to the several gentlemen who kindly consented to act as local superintendents on these occasions, by this means placing the Examinations within the reach of many Members who would have been precluded from availing themselves of the scheme had the examinations been exclusively confined to London.

The subject of the Prize Essay for the year 1880 was

"The effect of the development of banking facilities upon the circulation of the country."

The first prize of £20 was awarded to Mr. R. W. Barnett, who it will be remembered was also the author of the prize essay for the previous year. No second prize was awarded in this competition.

It will have been noticed that Mr. Barnett's very able essay is included in the list of papers read before the Institute.

The subject of the Essay for the present year is—

"An outline of Bankruptcy Legislation in England during the present century, together with that of some of the principal countries of the world; with a comparison of the objects sought for and the results obtained."

During the period under review, many valuable additions, both by donations and purchases, have been made to the Reference Library. The arrangement for the accommodation of the Library in that of the London Institution is still in force, and continues to give satisfaction.

As indicated in their previous Report, the question of extending the benefit of the Library to Country Members has again occupied the attention of the Council, and they are now glad to announce the purchase of a few copies of the more expensive works recommended in the Examination Syllabus. These books will, in the first instance, be placed at the disposal of those Country Members who signify their intention of preparing themselves for the Institute's Examinations, and, if found more than sufficient for that purpose, their use will be extended to the general body of Country Members. The conditions attached to the circulation of these books will be given in an early number of the Journal.

The Treasurer's Account and the balance-sheet of assets and liabilities to the 31st December, 1880, are subjoined.

It will be seen that the financial condition of the Institute has progressed satisfactorily. The net receipts have been £1,564. 58. 5d.,

as against £1,377. 11s. 11d. in the preceding year: and the reserve fund, which a year ago was £105, has been increased to £189 by the investment of additional life subscriptions.

Whilst, however, the receipts have more than realised the expectations of the Council, it will be observed that the balance in hand, on the 31st December last, as compared with the previous year, shows a reduction of more than £50-a result which was anticipated in the last Report to an even greater extent than has been the case. But it should be remembered that, although the receipts for the past year have included several new Members' subscriptions at the increased rate, the increase only took effect, as regards the original Members, from the 1st January last.

The Council are now able to announce that nearly one thousand Ordinary Members have paid the increased subscription-a fact which, taking into consideration the large additions to the register of Fellows and Associates, fully assures the financial position of the Institute for the current year.