for 20%, whichever you please; and, observe, whenever any addition is made to a former receipt, the old receipt is cancelled, and the interest due upon it is either paid to you in money, or added to the amount of the new receipt, as may be most agreeable to yourself.

33. The rate of interest allowed upon the money you deposit in the bank will depend upon the value of money at the time -that is, upon the rate at which the bankers can employ it again. For the money you lend to the banker, he lends to other people. A part of the interest he receives from other people he gives to you who find the money. A part he keeps to himself for his knowledge and skill in employing the money safely and profitably. When he receives more interest from others, he will give you more. And when he receives less, he

will give you less.

34. You will be surprised to find how the desire of lodging money in a bank will grow upon you. When you had the money in your pocket, you were anxious to find reasons for spending it. When you have placed it in the bank, you will be anxious to find reasons for not spending it. All habits are formed. or strengthened by repeated acts. The more money you lodge in the bank, the more you will desire to lodge. You will go on making additions, until, at last, you will probably have acquired a sum that shall lay the foundation of your advance to a higher station in society.

35. Nor must you suppose that this desire to get and to save money is an improper one. That wealth is an evil is not the language either of Scripture or philosophy. It is true that wealth, like any other blessing, may be desired from improper motives, and sought by improper means, and such an ill-regulated desire may become the root of all evil. But it is not true that wealth honestly acquired has any tendency either to enervate the intellect, to corrupt the morals, or to impair the happiness of man. The fact is the reverse. Wealth is always represented in Scripture as a blessing, and though partaking of the uncertainty of all earthly blessings, it is a blessing to be received with thanksgiving, and to be employed in promoting the honour of God and the good of mankind.

"The philosophy which affects to teach us a contempt of money does not run very deep; for, indeed, it ought to be still more clear to the philosopher than it is to the ordinary man, that there are few things in

the world of greater importance. And so manifold are the bearings of money upon the lives and characters of mankind, that an insight which should search out the life of a man in his pecuniary relations, would penetrate into almost every cranny of his nature. He who knows, like St. Paul, both how to spare, and how to abound, has a great knowledge; for if we take account of all the virtues with which money is mixed uphonesty, justice, generosity, charity, frugality, forethought, self-sacrifice,— and of their correlative vices-it is a knowledge which goes near to cover the length and breadth of humanity: and a right measure and manner in getting, saving, spending, giving, taking, lending, borrowing, and bequeathing, would almost argue a perfect man.'

*Taylor's Notes on Life.

APPENDIX.

JOINT-STOCK BANKS REGULATION.

(7 & 8 Vict. cap. 113-5th September, 1814.)

An Act to regulate Joint-Stock Banks in England.

No joint-stock bank established after the 6th May, 1844 (s. 1), to carry on business unless by virtue of letters patent granted according to this Act; but companies previously established are not to be restrained from carrying on their business until letters patent have been granted them, on their application as directed by this Act.

Before beginning to exercise the banking business, every such proposed company (s. 2) are to petition Her Majesty in council for letters patent; the petition to set forth the names and abodes of all the partners; the name and locality of the bank; the amount of capital stock not being less than 100,0007., and the means by which it is to be raised; the amount paid up, and how invested; the proposed number of shares, and the amount of each share, not being less than 100. This petition (s. 3) is to be referred to the Board of Trade; and, on their report that the provisions of this Act have been complied with, a charter is to be granted.

S. 4 prescribes the provisions of the deed of settlement, until which deed is executed (s. 5) all the shares subscribed for, and at least half the amount paid up, no company shall commence business.

The letters patent are to be granted for a term of years not exceeding twenty (s. 6), and the company will be by them incorporated, having a common seal, and being empowered to hold lands of such annual value as shall be expressed in the said letters patent; but such incorporation (s. 7) is not to limit the personal liability of the shareholders.

No action or suit (s. 8), by or against the company, to be affected by the plaintiff or defendant being a shareholder, but either of them to have the same action and remedy as though they were strangers; and every judgment or decree (s. 9) to be enforced against the property and effects of the company, and, subject to the provisions after-mentioned, upon the person, property, and effects of every shareholder, or former shareholder;

but execution (s. 10) against the company is to precede execution against any present or former shareholder, except where he would have been originally liable, or for which judgment is not obtained within three years of his having ceased to be a shareholder. Every person (s. 11) against whom execution has been issued, is to be reimbursed for all damages and costs by the company, or by contributions from the other shareholders, and, ss. 12 to 15 prescribe how such claims are to be enforced.

Within three months of the grant of the letters patent (s. 16), an account or memorial is to be made out in a form prescribed, setting forth all the particulars of the company, to be renewed in March, annually, and delivered to the commissioners of stamps and taxes, who are to register it, such register to be examined by any one on payment of 1s., and a list of shareholders to be printed and exhibited by the company, occasional changes (s. 17) being notified by additional memorials. S. 18 prescribes the verification of the memorial, and s. 19 declares a certified copy of the same to be legal evidence, which copy the commissioners are to give (s. 20), on payment of 10s. All liabilities are to be continued (s. 21) according to last delivered memorial.

Bills and notes (s. 22) may be signed according to the deed of partnership, so that they be signed by one manager or director, declaring it to be on behalf of the company, but such manager not to be personally liable to any greater extent than any other shareholder.

Shares may be transferred (s. 23) by deed duly stamped, such transfer to be registered, and the entry endorsed on the deed, for which endorsement the company may charge a sum not exceeding 2s. 6d., such transfer not to be made (s. 24) unless all calls have been paid; and the company may close the transfer books (s. 25) for a limited time. Shares transmitted by death, bankruptcy, or other means than transfer (s. 26), are to be authenticated by a declaration; and if by marriage or will (s. 27), by proofs of the same.

With respect to shares to which several persons may be jointly entitled (s. 28), any notice to the one who stands first on the register to be deemed sufficient, and for any money payable to a shareholder being a minor, or otherwise legally incapacitated (s. 29), the receipt of the guardians, &c., to be a sufficient discharge; nor shall the company be bound (s. 30) to see to the execution of any trust, but the receipt of the party in whose name the share stands to be sufficient.

SS. 31 to 42 give power to the company to make calls, to enforce payment of the same, to declare the forfeiture of the shares, and to sell the same, giving previous notice of their intention; but no more shares are to be sold than are sufficient for payment of the calls which may be in arrear.

S. 43 prescribes the method of serving notices or writs on the company. Existing companies may continue (s. 44) their trades for a time not exceeding twelve months (unless for the purpose of closing their business); and then upon petition, as before prescribed (s. 45), to receive letters patent.

Agreements entered into with companies (s. 46) before their incorporation to be enforced as if made after, and in any pending suit, the court

may direct the corporate name of the company to be substituted for that of the plaintiff or defendant representing such company, and no suit to be stayed by reason of such incorporation.

Power of suing and being sued (s. 47) in the name of any one of the public officers is given to all existing companies on complying with the provisions of the Act of 7 Geo. IV. c. 46, respecting returns and accounts; and s. 48 declares banking companies to be trading companies within the provisions of the 7 & 8 Vict. c. 3.

SS. 49 and 50 are the usual clauses of interpretation, and for amendment during the session.

BANKING (IRELAND).

(8 & 9 Vict. cap. 37-21st July, 1845.)

An Act to regulate the issue of Bank Notes in Ireland, and to regulate the repayment of certain sums advanced by the Governor and Company of the Bank of Ireland for public service.

THE first clause of this Act recapitulates the various Acts constituting the Bank of Ireland, and enumerates the various sums advanced by it to the Government, amounting to the sum of £2,637,069 4s. 8., in return for the exclusive privilege of issuing notes in Dublin, or within fifty miles thereof, and then goes on to repeal so much of the Act of 21 & 22 Geo. III., Ireland, as prohibits any other body exceeding the number of six persons from issuing notes or bills payable on demand, or at any less time than six months, and authorises, from and after December 6, 1845, any persons exceeding six in number united or to be united in societies or partnerships, or for any bodies, politic or corporate, to transact or carry on the business of bankers in Ireland at Dublin, and at every place within fifty miles thereof, as freely as persons exceeding six in number as aforesaid may lawfully carry on the same business at any place in Ireland beyond the distance of fifty miles from Dublin; but every member of such partnership is to be responsible for the due repayment of all debts and liabilities.

S. 2. From and after the passing of this Act the debt is made chargeable upon the consolidated fund, and interest is to be paid on it to the corporation of the Bank of Ireland at the rate of 31 per cent., amounting to £92,076 18s. 5d., in half-yearly payments, on January 5 and July 5, annually.

The Bank of Ireland (s. 3) undertakes to manage the public debt of Ireland, and to pay the dividends without any expense to the Government.

The Bank corporation (s. 4) may be dissolved any time after January 1, 1845, on repayment of the debt, and after a twelvemonth's legal notice.

S. 5 repeals so much of the 32 Geo. II. c. 14, s. 15 (Ireland), as prohibits public officers from being partners in banks, and s. 6 declares Bank of England notes to be not a legal tender in Ireland, but this is not to prevent their circulation in Ireland.