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BANKING. A Raw banking company is about to be established in the tnetropolis, under the denomination of the Commercial Bank of London capital £ 2,000,000. in 2000 shares of £1000. 50 per cent. of which will be called up as required. The success which has attended the introduction of the joint-stock b*nking in this country, has given rise to the establishment of banks, whose aggregate capital must far exceed any estimate whtch could previously have been formed, and affords another proof that with confidence, such as may be reposed in under- aK,ngs of this nature, of the security of deposits, and the sure return for capital invested, added to the facilities they afford to our commercial transactions, that no doubt can be entertained Of the successful results which may be expected to attend them. ?lIln'"g Journal. BRITISh COLONIAL BANK AND LOAN COMPANY. Capital £ 1.000,000., in 25,000 shares of £ 40. each. Depottitf5. per Per share. The successful results attendant on joint-stock nks in the United Kingdom, but more especially those, the "Potions of which have been directed to our colonies, have given rise to the establishment of a new bank under the above "enotnination. It will be valuable as presenting advantages to those who, having emigrated, may find a necessity for advances, or who, being more prosperous, may require a place for invest- ment or deposit, as well as a medium for carrying on their mer- cantile or other pursuits. From the prospectus, just issued, it appears that the usefulness of these institutions has been *ery limited, in consequence of their capital and resources J^ing derived from the colony itself, and from their advances being confined to the mercantile classes, upon bills of exchange; whereas the more extensive demand exists by those who are engaged in raising the staple produce of the colony, from whom 10 to 15 per cut, can be obtained on undoubted securities, NORTII AMERICAN COLONIAL ASSOCIXTION OV IRELAND.â This association has, duringthepresterA week, been brought out under the auspices of Lord Fitzwilliam and a board of direc- tors, of the Very first character for wealth and intelligence. The primary objects contemplated in the formation of the com- pany, appear to be the colonisation and settlement of the British American colonies, and arrangements, it is said in the pftfspec- tus, are being made for conducting this department of the un- dertaking, upon a scale of great magnitude. It is stated with truth, by the projectors of the company, that enormous profits have resulted from gimilar undertakings in the United States, and it is confidently affirmed that the British American pro- vinces offer still greater opportunities for turning to profit the uncultivated lands of those fertile regions. The company, it appears, have obtained from Parliament a most unustlal. Act, conferring upon them the privilege of establishing banks of deposit and issue, in the various AmetfcAh colonies where they may contemplate planting emigration stations and settlements, and yet limiting the responsibility of the shareholders, to the amount of their interest, in the stock of the company. This privilege is not enjoyed by any of the joint-stock banks; and but for the magnitude of the company's intended capital, the soundness of their plans, and the commercial standing, and per- sonal respectability of the board of management, we should say that it was an unwise, an unfair, and a dangerous pt-H'Slege, to confer upon a public body. The COtnp&iiy nave purchased the Signiory of Beauharnois. We have always heard this territory spoken of as the mttsl fertile and beautiful property in Lower Canada the prospectus descsibes it as being about to be made the site of a ship canal, and a railroad, to facilitate the commu- nication between the upper and lower province. If the com- pany, by the infusion of population and capital into the colony, can stimulate industry and enterprise, and promote the execu- tion of useful public works, they will do more to secure the tranquillity, prosperity^ attd safety of our North American pro- vinces, than catt be accomplished by sending a whole army of soldiers. The prospectus does not furnish us with a detailed statement of the plan and principles upon which colonisation is to be conducted. We shall look anxiously for the promulga- t:on of this document, which is promised we will then resume the subject. In the mean time, we caution the company against commencing operations upon too large a scale, or spreading them over too large to surface. It is the combined energy of man which can alone give value to an uncultivated territory. Concentration, and not dispersion of their forces, must be the principle upon which the company should act, if they desire at an early period to obtain an adequate return for the capital em- ployed in the undertaking. Till recently, it has been the pre- lp vailing error of companies, as well as in individuals, in at- tempting to effect settlements in a new country, that they have taken a telescopic view of distant advantages, and overlooked the immediate piofits which, by a different system, they might have realised.-Millillg Journal. CHUDLEIGII.âA curious discovery of a range of caverns was made last week in Cliudleigh Rock> in Consequence of a terrier dog getting into a fissure in pursuit of a rabbit. The dog was heard at various times to bark for more than a week, and as it was almost impossible to extricate him, it was attempted to de- stroy him by burning brimstone. On the fifteenth day after the dog's entombment, his moans were plainly heard by many per- sons, when a further endeavour was made to extricate him. A lad on the following day had the courage, with a rope affixed to him, and two lanterns, to enter the chasms, and after two hours, working a passage of twenty feet, he descended into a dry chamber about thirty feet square, and sixty-three feet below the opening, where he found the dog dead, but still warm. p .1 From an aperture in this cavern gushed a stream of air, leading into another cavern, which is supposed to be still deeper, as the boy had not rope enough to descend. This range of caverns is beneath those where Professor Buckland many years since dis- covered some extraordinary antediluvian remains. Exetei- Gazette. MILL BAY IMPROVEMENTS.â-We understand that Mr. C. Dean, and two assistant surveyors, are actively engaged in making a survey and estimate for the contemplated improve- ments in Mill Bay, consisting of the construction of a floating breakwater, on the principle of the patent lately granted to Capt. J. N. Tayler, C.B. of H.M.S. San Josef, (which may be inspected on board that ship.) Capt. Tayler's patent bids fair to supersede stone breakwaters, from its being far more effective in its operation; its cheapness, and from the facility with which it may be applied io harbours of refuge, where breakwaters of any other construction, would be quite inappli- cable. It is also admirably adapted for affording protection to stone breakwaters, while they are being constructed; as it, no, infrequently happens, that long before they are completed, a gale washes the materials into the harbour, and not only causes a serious loss, but does an irreparable injury. The adoption, in Mill Bay, of Capt. Tayler's patent breakwater, will give greater scope for the foreign packets, and for vessels bound up or down channel, seeking shelter from adverse winds. Mr. Dean's model will shew the position, construction, and method of securing Capt. Tayler's breakwater; and also the floating and dry docks, &c.âDevonport Independent.