. The three presidencies of India: a history of the rise and progress of the British Indian possessions, from the earliest records to the present time. With an account of their government, religion, manners, customs, education, etc., etc. Illustrated by numerous engravings, and a map by Wyld . y, were not again to be caught, Ijy using the merchants as theirbankers. The immediate consequence oftKese disasters was the establish-ment of the Agi-a Bank, chiefly bymilitary men and civil servants,with branches at other success of this one establish-ment was followed by the forma-tion of
. The three presidencies of India: a history of the rise and progress of the British Indian possessions, from the earliest records to the present time. With an account of their government, religion, manners, customs, education, etc., etc. Illustrated by numerous engravings, and a map by Wyld . y, were not again to be caught, Ijy using the merchants as theirbankers. The immediate consequence oftKese disasters was the establish-ment of the Agi-a Bank, chiefly bymilitary men and civil servants,with branches at other success of this one establish-ment was followed by the forma-tion of the Bank of Bengal, witha capital of half a million; one-fifth of the shares and the direc-tion being in the hands of the localgovernment. The Union Bank, theXorth-western Bank of India, andothers, quickly followed, openingup a new phase in the history ofIndian commerce. It may be wellto notice here, as tending to ex-plain the final results of most ofthese new undertakings, that theseinstitutions could scarcely deservethe name of banks, and might withfar greater propriety have been denominated loan societies, theirbusiness having been almost exclusively confined to the granting ofloans on the personal security of the negotiators, with some collateral^ Calcutta Re\iew, vol. ix. p. A BENGAL SIECAB. COMMERCIAL EXPERIENCES, 385 security of no very tangible nature, the loans being mostly repayableby instalments covering a period of several years. These institutions,of course, found no lack of customers ; their transactions grew far be-yond the expectations of their projectors. More capital was added byissuing fresh shares, Avhich were divided at par amongst the originalproprietors; many of whom, not possessing the means of paying the calls on them, were kindly allowed to remain indebted to the bankfor the amount until they could dispose of the paper to a profit, whichwas not then a difficult matter, seeing they had been worked up to aconsiderable premium. Whilst this was the
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