[From 60 years of banking, 1925]
COPY OF PROSPECTUS 1858.
PROSPECTUS of an INSULAR JOINT
STOCK BANK (Limited).
THE Public having expressed a desire for the establishment of a LOCAL BANK, (the extreme want of adequate Banking facilities having been lately experienced within the Isle of Man,) and the increasing Wealth, Business, and prosperity of the country demanding it, these circumstances have induced the Undersigned, after mature deliberation. to issue this Prospectus for the Establishment of an Insular Bank on limited liability.
For some time past this Island has been in a measure indebted for Banking facilities to Establishments in Scotland. The Profits of the Insular Branches being drawn from our shores, not like the mist from the river "to return and water the earth," but merely to enrich a foreign soil, it may therefore be fairly presumed that this Island contains within itself the resources requisite for the formation of a Bank adequate to the requirements of the public, and deserving of their confidence and support.
The Promoters of the present undertaking feel convinced that a purely Insular Bank, formed for Insular convenience, whilst exercising a highly beneficial influence on the Agricultural, Commercial, and other Local Interests, would at the same time prove a safe and profitable investment for the Shareholders.
To constitute the Bank, the present Capital is fixed at £75,000, to be raised in 1500 Shares of £50 each, whereof the Sum of Five Pounds on each Share shall be paid on allotment, and the remainder (being the extent of each Shareholder's liability) in such calls as the Directors may deem most advisable, within Six Months from the Incorporation of the Company by Act of Tynwald.
That the SUM of £125,000, part of the said subscribed Capital, shall at all times be lodged in the Funds or other Government Securities. or on landed Property in this Island, in the Names of Two Trustees, for the sole purpose of creating a Guarantee Fund for the Creditors of the Bank.
That the said Banking Company shall apply for a Licence to issue Local Notes (in legal form) to the extent of £20, 000, or such other Sum as the Directors may consider necessary to supply a Circulating Medium.
That a sufficient Sum (exclusive of the aforesaid Guarantee Fund) shall he invested in the Funds or other Government Securities, or on real Property in this Island, to secure the payment of the said Notes,
That, the affairs of the said Bank shall be managed by Five Directors, and that one of the Directors shall retire annually, and shall not after the second year of the Establishment of the Bank, be eligible for re-election for Twelve Months.
That Two Auditors shall be elected annually by the shareholders to audit it the accounts of the Bank, and (if expedient) at the expiration of each year a Professional Accountant. associated with a competent person possessed of ample local knowledge (both to be nominated by His Excellency, the Lieutenant-Governor) shall fully audit and certify the state of the Bank Accounts, its transactions, funds, and conditions of its securities, and a statement of such audit shall be published . A Monthly Statement shall also be made out, certified and sworn to by the Official Manager, Cashier, and one of the Directors, to be made public through the medium of one or more of the local; Newspapers.
That the manager of the said Bank shall not directly or indirectly be connected with, or concerned in any manner of business, speculative employment, or undertaking, and above all, shall not traffic in the said Company's Banking Shares and Concerns; and that no advance shall be made to any Director, Manager, or other Officers of the said Bank; nor shall any advance be made to any Shareholder in respect of the Shares held by him in the said Company.
Arrangements will be made to allow a small rate of Interest to customers on their- Current Accounts, and Deposits with notice previous to withdrawal, which the Directors may have power from time to time to vary, according to the state of the Money Market.
The amount received upon Allotment of Shares shall be paid without deduction into the London and Westminster Bank. in the names of Wm. F. Moore, Samuel Harris, and Joseph Jefferson, Esquires; and should the Bank fail in carrying out its views of proceeding upon its safe basis of Limited Liability, the money will be returned to the Subscribers, subject to a deduction for expenses in proportion to the number of shares held by each Shareholder, which however will in no case exceed Five Shillings per share.
Applications for Shares to be made to MESSRS. HARRIS and ADAMS, Advocates, Douglas, Isle of Man, and should the list of Shareholders be filled up on or before the 30th day of March instant, the Shares will then be allotted to the Applicants: and immediately thereafter a Meeting of the Shareholders will be held in Douglas to appoint Officers for the said Company, and for other purposes.
W. F. MOORE,
GAVIN TORRANCE, T
H. B. NOBLE,
Douglas, Isle of Man 4th March, 1858.