JOURNAL

OF THE

Institute of Bankers.

(FOUNDED 1879.)

VOL. XIX.-YEAR 1898.

London:

BLADES, EAST & BLADES, PRINTERS, 23, ABCHURCH LANE, E.C.

1898.

SIR JOSEPH COOKFIELD DIMSDALE Prescott, Dimsdale and Co., Limited.

MESSRS. JANSON, COBB & PEARSON, 41, Finsbury Circus, E.C.

34, CLEMENT'S LANE, E.C.

The Institute of Bankers.

JANUARY, 1898.

THE INAUGURAL ADDRESS OF THE PRESIDENT, ROBERT WILLIAMS, Esq., M.P.

[Delivered before the Institute on Wednesday, December 1st, 1897.]

B

INTRODUCTORY.

EFORE referring to the work of the Institute during the past year, which has usually been the first topic touched upon by my predecessors in this chair, I must thank you for the honour you have conferred upon me by electing me to the office of President, and my thanks are also due to you for allowing me to deliver my address somewhat out of the usual course.

PROGRESS OF THE INSTITUTE.

As one of the original members of Council, I have had the pleasure of closely watching the gradual growth of the Institute from its comparatively small beginnings in 1878 to its assured position at the present time, and it is a great satisfaction to me as President to-night to be honestly able to follow the example of my predecessors, and to unfold a flourishing state of affairs.

Our total numbers are still on the increase, more especially, I am glad to say, in the rank of ordinary members, which shows how the educational and other advantages of the Institute are becoming more and more appreciated by those who, to some extent at any rate, have yet to acquire the necessary knowledge for their profession. The number of Candidates for our examinations, which had remained stationary in 1896, was again unprecedentedly large in 1897, being 518, as against 441 in 1896, and 442 in 1895, and I am informed by our Secretary that, so far as he is able to judge by present indications, 1898 will probably show a further increase on this large number. This is a source of great gratification to the Council, whose thanksand indeed those of the Institute generally-are due to the Institutes in Liverpool, Manchester, and to those Fellows and others. without whose help it would be impossible to carry out the work in the provinces.

Our educational work, however, is by no means confined to our Annual Examinations. The plan of delivering our Lectures both in London and at a provincial centre, has proved eminently successful, and is being continued this year in London and Sheffield. The subject, which is, I venture to think, a practical and useful one, is, as most of you are aware, "The British and Foreign Law of Bills of Exchange, and Mr. E. J. Schuster, a well-known anthority, is to deliver the course, the third of which is fixed for this day week. In addition to these, a short course of Lectures on "Bills of Exchange will be delivered in Bristol in January and February of next year. The great increase in the work connected with our Examinations and with the organisation of the various Lectures has of course very considerably added to the labours of our Secretary, and the Council have therefore appointed Mr. Harold Agar, who has been for some time at work at the Institute, permanent Assistant to his father.

THE SESSION.

As regards our papers for the Session, you have already heard Mr. Gallaher's excellent paper on "Hypothecated Merchandise," which will no doubt materially aid us in shaping any proposed legislation in the direction most suitable to the needs of modern commerce. Mr. Van de Linde's Lecture on "The Audit of Banks and Mercantile Firms" should also prove of permanent use to us, and will be of interest in view of the growing dependence of the public upon auditors' certificates and the growing claims of auditors, not only to report facts, but often to decide on questions of policy. In the future we hope for a paper dealing with a subject which is yearly increasing in importance, viz., "Bank Managers as Treasurer of Local Authorities," by Mr. E. J. Naldrett, Barrister-at-Law, and also one dealing with the new Law of Land Transfer from the Banker's point of view.

I must here express my pleasure at seeing the excellent programmes which have been issued by the Institutes in Liverpool and Manchester, and which you will find in our October Journal. In addition to a variety of papers, they have established special examination classes, which must be of the greatest service to the Bank Officials in these districts who are intending to present themselves as Candidates in May next.

COMMERCIAL EDUCATION.

Several of my predecessors have referred in their addresses to the want of interest in Commercial Education on the part of those engaged in business or finance, and have pointed out the necessity of a new departure in this respect. The matter is no less urgent than it was in view of the increasing competition of foreign countries, and especially of Japan and the elaborate system of education already established in that country. The admirable systems which have been in operation in Germany, Austria and France now for some years,