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Royal British Bank
The Royal British Bank was a British joint-stock bank, established under a Royal Charter in 1849, that collapsed in 1856. This caused a scandal. The circumstances were described by ''The Economist'' as "an extraordinary example of the little trouble the public take to think for themselves".''Economist'', 22 June 2013 p. 29 The bank's main founders were John MacGregor, a Member of Parliament for Glasgow, and Edward Mullins, a solicitor. After difficulties in raising the necessary capital, the bank was launched in 1849. After press articles alleging substantial losses appeared in 1856, the share price dropped and in September 1856 the bank suspended operations after experiencing a run, leaving 6,000 depositors owed money. It then became apparent that various directors and former directors had taken substantial sums from the bank, though most of the directors in post at the time of the collapse had not done so. The eight surviving directors—among them Henry Dunning Macleod—were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Stock Company
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. In modern-day corporate law, the existence of a joint-stock company is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies. Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In the United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited companies. In t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Sheet
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity. Assets are followed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Failures
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets declines to a value that is less than the market value of its liabilities. The insolvent bank either borrows from other solvent banks or sells its assets at a lower price than its market value to generate liquid money to pay its depositors on demand. The inability of the solvent banks to lend liquid money to the insolvent bank creates a bank panic among the depositors as more depositors try to take out cash deposits from the bank. As such, the bank is unable to fulfill the demands of all of its depositors on time. A bank may be taken over by the regulating government agency if its shareholders' equity are below the regulatory minimum. The failure of a bank is generally considered to be of more importance than the failure of other types of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1858 In Case Law
Events January–March * January – **Benito Juárez (1806–1872) becomes Liberal President of Mexico. At the same time, conservatives install Félix María Zuloaga (1813–1898) as president. **William I of Prussia becomes regent for his brother, Frederick William IV, who had suffered a stroke. * January 9 ** British forces finally defeat Rajab Ali Khan of Chittagong ** Anson Jones, the last president of the Republic of Texas, commits suicide. * January 14 – Orsini affair: Felice Orsini and his accomplices fail to assassinate Napoleon III in Paris, but their bombs kill eight and wound 142 people. Because of the involvement of French émigrés living in Britain, there is a brief anti-British feeling in France, but the emperor refuses to support it. * January 25 – The ''Wedding March'' by Felix Mendelssohn becomes a popular wedding recessional, after it is played on this day at the marriage of Queen Victoria's daughter Victoria, Princess Royal, to Prince ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1849 Establishments In The United Kingdom
Events January–March * January 1 – France begins issue of the Ceres series, the nation's first postage stamps. * January 5 – Hungarian Revolution of 1848: The Austrian army, led by Alfred I, Prince of Windisch-Grätz, enters in the Hungarian capitals, Buda and Pest. The Hungarian government and parliament flee to Debrecen. * January 8 – Hungarian Revolution of 1848: Romanian armed groups massacre 600 unarmed Hungarian civilians, at Nagyenyed.Hungarian HistoryJanuary 8, 1849 And the Genocide of the Hungarians of Nagyenyed/ref> * January 13 ** Second Anglo-Sikh War – Battle of Tooele: British forces retreat from the Sikhs. ** The Colony of Vancouver Island is established. * January 21 ** General elections are held in the Papal States. ** Hungarian Revolution of 1848: Battle of Nagyszeben – The Hungarian army in Transylvania, led by Josef Bem, is defeated by the Austrians, led by Anton Puchner. * January 23 – Elizabeth Blackwell is awarded her M.D. by the Medi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1849
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
