Friday, July 11, 2014

1833 bank of bengal news

archival Extracts from editorial Bank of Bengal 

The letter of a proprietor, which we yesterday published, has led us to make some inquiries regarding the management of the Bank of Bengal, and we are sorry for the sake of the shareholders to say, that the prospect of dividends to be lessening. Discounting is at a stand and in lieu of it, the funds are issued in buying up 4 per cent, paper, so that from acting like the Bank of England in a time deep commercial distress and opening security alone. We look upon the present conduct of the Bank of Bengal is adding to the distrust, by turning private discount from its doors, and by its deeds declaring its confidence in government security alone. We look upon the present conduct of the Bank of Bengal as vicious to a degree, pregnant with evil, to the commercial community, and serious in its consequence to the true interest of proprietors. For what has the Bank established? Not surely to prejudice the commercial community? Its directors ought to be men above the weakness of acting under the influence of panic; they should feel the necessity of upholding to the utmost the credit of commercial men, and by a liberal and steady discount business, lead the way to a restoration of confidence... Reformer. 5 October 1833

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