English Public Finance from the Revolution of 1688: With Chapters on the Bank of England

By Harvey E. Fisk | Go to book overview

CHAPTER VIII
The Scotch and Irish Banks

IN what goes before we have confined our studies to the status of banking, to use the words of one of the Bank Charter Acts, "in that part of Great Britain called England."

The first notice of banking in Scotland which occurs in the statute books is an act of King William III passed in 1695, under which the Bank of Scotland was established. The Bank of Scotland remained the only bank in Scotland until the year 1727. At the date of the latest available reports ( December, 1918) there were eight joint-stock banks in Scotland with 1,249 branches. These banks had total resources of £273,658,000. Their combined note issues on December 31, 1919, amounted to £28,705,345, comparing with £7,744,000 December 31, 1913, an increase of £20,961,345.

The Bank of Ireland was established in 1783. Its privileges resemble those of the Bank of England. At the close of 1918 there were nine joint-stock banks in Ireland with 848 branches and combined resources of £175,739,000. The outstanding note issues December 31, 1919, were £30,532,435, comparing with £8,074,000 December 31, 1913, an increase of £22,458,435.


Note Circulation--How Regulated

The bank note circulation of the Scotch and Irish banks is regulated by the Bank Acts of 1845. These Acts authorized the Scotch banks to make uncovered, or fiduciary, issues fixed at an aggregate of £3,087,209. As a result of the failure of the Western Bank of Scotland in 1858 and of the City of Glasgow Bank in 1878 the authorized fixed issue was reduced and is now £2,676,350. The Irish banks were authorized to make

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