ABSTRACT

ALL through the month of June, 1844, application for "Londonand York " scrip flocked in to the office of the Committee at Lothbury from all sides. In the previous month of May, on the motion of Mr. W. E. Gladstone, the President of the Board of Trade, the amount of deposit required by Government had been reduced from 10 to 5 per cent, of the capital, on the ground that it was " undesirable to oppress speculation " at a time of commercial buoyancy, and this measure-a very ill-timed one as events proved-made the issue of the London and York scrip an easier task than it might otherwise have been. On the other hand, the Committee had to exercise all possible care to prevent persons subscribing to their share contract who might subsequently prove unable to pay the further calls on the shares.