Expense of transfer in Bank Stock, for 251. and under, 9s. ; above that sum, 12s. India Stock, for 10....... 17. 10s. 11. 148. .......... 123. Powers of attorney for the sale or transfer of stock to be left at the Bank, &c. for examination, one day before they can be acted upon; if for receiving dividends, present them at the time the first dividend is payable. The expense of a power of attorney is 12. 1s. 6d. for each stock; but for Bank, India, and South Sea stock, 17. 11s. 6d. If wanted for the same day, half-past twelve o'clock is the latest time for receiving orders. The boxes for receiving powers of attorney for sale close at two. Probates of wills, letters of administration, and other proofs of decease, must be left at the Bank, &c. for registration, from two or three clear days, exclusive of holidays. Stock cannot be added to any account (whether single or joint) in which the deccase of the individual, or one or more of a joint party, has taken place; and the decease to be proved as soon as practicable. Powers of attorney, in case of the death of a party or parties granting it, become void, The unaltered possession of 500 or upwards Bank stock, for six months clear, gives the proprietor a vote. (12.) Branch Banks of the Bank of England. — The Bank of England, as already observed, has within these few years established branch banks at several of the most considerable towns throughout the country. The mode and terms of conducting business at these establishments have been described as follows: "The branch bank (of Swansea, and the same is true of those established in other places) is to be a secure place of deposit for persons having occasion to make use of a bank for that purpose; such persons are said to have drawing accounts: to facilitate to the mercantile and trading classes the obtaining discounts of good and unexceptionable bills, founded upon real transactions, two approved names being required upon every bill or note discounted; these are called discount accounts. The application of parties who desire to open discount accounts at the branch are forwarded every Saturday to the parent establishment for approval, and an answer is generally received in about ten days. When approved, good bills may be discounted at the branch without reference to London. Bills payable at Swansea, London, or any other place where a branch is established, are discounted under this regulation. The dividends on any of the public funds, which are payable at the Bank of England, may be received at the branch, by persons who have opened drawing accounts,' after signing powers of attorney for that purpose, which the branch will procure from London. No charge is made in this case, except the expense of the power of attorney and the postages. Purchases and sales of every description of government securities are effected by the branch at a charge of per cent., which includes brokerage in London, and all expenses of postage, &c. A charge of per cent. is also made on paying at the Bank of England, bills accepted by persons having drawing accounts at Swansea, such bills to be advised by the branch; also for granting letters of credit on London, or on the other branches. The branch grants bills on London, payable at 21 days' date, without acceptance, for sums of 10l. and upwards. Persons having drawing accounts at Swansea may order money to be paid aꞌ the Bank in London to their credit at this place, and vice versâ, without expense. The branch may be called upon to change any notes issued and dated at Swansea; but they do not change the notes of the Bank in London, nor receive them in payment, unless as a matter of courtesy where the parties are known. Bank post bills, which are accepted and due, are received at the branch from parties having drawing accounts, and taken to account without any charge for postage; but unaccepted Bank post bills, which must be sent to London, are subject to the charge of postage, and taken to account when due. No interest is allowed on deposits. No advance is made by the branch upon any description of landed or other property, nor is any account allowed to be overdrawn. The notes are the same as those issued by the parent establishment, except being dated Swansea, and made payable there and in London. No note issued exceeds the sum of 5CO., and none are for a less amount than 51." (13.) Act for the Renewal of the Charter. We subjoin a full abstract of the act 3 & 4 Will. 4. c. 98., continuing the charter, and regulating the exclusive privileges of the Bank of England. The first section, after referring to the acts 39 & 40 Geo. 3. c. 28., and the 7 Geo. 4. c. 46., goes on to declare that it is expedient that certain exclusive privileges of banking be continued to the Governor and Company of the Bank of England, for the period, and upon the terms and conditions herein-after mentioned. § 1. No Banking Company of more than 6 Persons to issue Notes payable on Demand within London, or 65 Miles thereof. That during the continuance of the said privilege, no body politic or corporate, and no society or company, or persons united or to be united in covenants or partnerships, exceeding 6 persons, shall make or issue in London, or within 65 miles thereof, any bill of exchange or promissory note, or engagement for the payment of money on demand, or upon which any person holding the same may obtain payment on demand: provided always, that nothing herein or in the said act of the 7 Geo. 4. c. 46. contained shall be construed to prevent any body politic or corporate, or any society or company, or incorporated company or corporation, or co-partnership, carrying on and transacting banking business at any greater distance than 65 miles from London, and not having any house of business or establishment as bankers in London, or within 65 miles thereof, (except as herein-after mentioned,) to make and issue their bills and notes, payable on demand or otherwise, at the place at which the same shall be issued, being more than 65 miles from London, and also in London, and to have an agent or agents in London, or at any other place at which such bills or notes shall be made payable, for the purpose of payment only, but no such bill or note shall be for any sum less than 5., or be re-issued in London, or within 65 miles thereof. - 2 Companies or Partnerships may carry on Banking in London, or within 65 Miles thereof. - And whereas the intention of this act is, that the Bank of England should, during the period stated in this act (subject nevertheless to such redemption as is described in this act), continue to hold and enjoy all the exclusive privileges of banking given by the act 39 & 40 Geo. 3. c. 28. as regulated by the act 7 Geo. 4. c. 46. or any prior or subsequent act or acts of parliament, but no other or further exclusive privilege of banking: and whereas doubts have arisen as to the construction of the said acts, and as to the extent of such exclusive privilege; and it is expedient that all such doubts should be removed, be it therefore declared and enacted, that any body politic or corporate, or society, or company, or partnership, although consisting of more than 6 persons, may carry on the trade or business of banking in London, or within 65 miles thereof, provided that such body politic or corporate, or society, or company, or partnership, do not borrow, owe, or take up in England any sum or sums of money on their bills or notes payable on demand, or at any less time than 6 months from the borrowing thereof, during the continuance of the privileges granted by this act to the said Governor and Company of the Bank of England. — § 3. All Bank of England Notes payable on Demand issued out of London payable at the Place where issued, &c.-From and after the 1st of August, 1834, all promissory notes payable on demand of the Governor and Company of the Bank of England issued at any place in England out of London, where the trade and business of banking shall be carried on for and on behalf of the said Governor and Com pany, shall be made payable at the place where such promissory notes shall be issued; and it shall not be lawful for the said Governor and Company, or any committee, agent, cashier, officer, or servant of the same, to issue at any place out of London, any promissory note payable on demand not made payable at the place where the same shall be issued, any thing in the said act 7 Geo. 4. c. 46, to the contrary not withstanding. § 4. Exclusive Privileges to end upon One Year's Notice at the end of 10 Years after August, 1834. - Upon one year's notice given within 6 months after the expiration of 10 years from the 1st of August, 184, and upon repayment by parliament to the said Governor and Company, or their successors, of all principal money, interest, or annuities which may be due from the public to the said Governor and Company at the time of the expiration of such notice, as is herein-after stipulated and provided in the event of such notice being deferred until after the 1st of August, 1855, the exclusive privileges of banking granted by this act shall cease and determine at the expiration of such year's notice, and any vote or resolution of the House of Commons, signified by the Speaker of the said house in writing, and delivered at the public office of the said Governor and Company, or their successors, shall be deemed and adjudged to be a sufficient notice. 5. Bank Notes to be a legal Tender, except at the Bank and Branch Banks. From and after the 1st of August, 1834, unless and until parliament shall otherwise direct, a tender of a note or notes of the Governor and Company of the Bank of England, expressed to be payable to bearer on demand, shall be a legal tender, to the amount expressed in such note or notes, and shall be taken to be valid as a tender to such amount for all sums above 51. on all occasions on which any tender of money may be legally made, so long as the Bank of England shall continue to pay on demand their said notes in legal coin: provided always, that no such note or notes shall be deemed a legal tender of payment by the Governor and Company of the Bank of England, or any branch bank of the said Governor and Company; but the said Governor and Company are not to become liable or be required to pay and satisfy, at any branch bank of the said Governor and Company, any note or notes of the said Governor and Company not made specially payable at such branch bank; but the said Governor and Company shall be liable to pay and satisfy at the Bank of England in London all notes of the said Governor and Company, or of any branch thereof. — § 6. Bills not having more than 3 Months to run, not subject to Usury Laws. -No bill of exchange or promissory note made payable at or within 3 months after the date thereof, or not having more than 3 months to run, shall, by reason of any interest taken thereon or secured thereby, or any agreement to pay or receive or allow interest in discounting, negotiating or transferring the same, be void, nor shall the liability of any party to any bill of exchange or promissory note be affected by reason of any statute or law in force for the prevention of usury; nor shall any person or persons drawing, accepting, indorsing, or signing any such bill or note, or lending or advancing any money, or taking more than the present rate of legal interest in Great Britain and Ireland respectively for the loan of money on any such bill or note, be subject to any penalties under any statute or law relating to usury, or any other penalty or for. feiture; any thing in any law or statute relating to usury in any part of the United Kingdom to the contrary notwithstanding. - §7. Accounts of Bullion and of Notes in Circulation to be sent weekly to the Chancellor of the Exchequer. — An account of the amount of bullion and securities in the Bank of England belonging to the said Governor and Company, and of notes in circulation, and of deposits in the said Bank, shall be transmitted weekly to the Chancellor of the Exchequer for the time being, and such accounts shall be consolidated at the end of every month, and an average state of the Bank accounts of the preceding months, made from such consolidated accounts as aforesaid, shall be published every month in the next succeeding London Gazette. — § 8. Public to pay the Bank Part of 14,686,8002. — One fourth part of the debt of 14,686,8002, now due from the public to the Governor and Company of the Bank of England, shall and may be repaid to the said Governor and Company. - § 9. Capital Stock of the Bank may be reduced. — A general court of proprietors of the said Governor and Company of the Bank of England shall be held some time between the passing of this act and the 5th of October, 1834, to determine upon the propriety of dividing and appropriating the sum of 3,638,2504 out of or by means of the sum to be repaid to the said Governor and Company as before mentioned, or out of or by means of the fund to be provided for that purpose amongst the several persons, bodies politic or corporate, who may be proprietors of the capital stock of the said Governor and Company on the said 5th of October, 1834, and upon the manner and the time for making such division and appropriation, not inconsistent with the provisions for that purpose herein contained; and in case such general court, or any adjourned general court, shall determine that it will be proper to make such division, then, but not otherwise, the capital stock of the said Governor and Company shall be, and the same is hereby declared to be reduced from the sum of 14,553,000, of which the same now consists, to the sum of 10,914,750, making a reduction or difference of 3,638,2504 capital stock, and such reduction shall take place from and after the 5th of October, 1834; and thereupon, out of or by means of the sum to be repaid to the said Governor and Company as herein-before mentioned, or out of or by means of the fund to be provided for that purpose, the sum of 3,638,2504. sterling, or such proportion of the said fund as shall represent the same, shall be appropriated and divided amongst the several persons, bodies politic or corporate, who may be proprietors of the said sum of 14,553,000 Bank stock on the said 5th of October, 1834, at the rate of 251. sterling for every 100%. of Bank stock which such persons, bodies politic and corporate, may then be proprietors of, or shall have standing in their respective names in the books kept by the said Governor and Company for the entry and transfer of such stock, and so in proportion for a greater or lesser sum.-10. Governor, Deputy, or Directors not to be disqualified by Reduction of their Share of the Capital Stock.The reduction of the share of each proprietor in the capital stock of the said Governor and Company of the Bank of England, by the repayment of such part thereof, shall not disqualify the present governor, deputy governor, or directors, or any or either of them, or any governor, deputy governor, or director who may be chosen in the room of the present governor, deputy governor, or directors at any time before the general court of the said Governor and Company to be held between the 25th of March and the 25th of April, 1835: provided that at the said general court, and from and after the same, no governor, deputy governor, or director of the said corporation shall be capable of being chosen such governor, deputy governor, or director, or shall continue in his or their respective offices, unless he or they respectively shall at the time of such choice have, and during such his respective office continue to have, in his and their respective name, in his and their own right, and for his and their own use, the respective sums or shares of and in the capital stock of the said corporation in and by the charter of the said Governor and Company prescribed as the qualification of governor, deputy governor, and directors respectively.-11. Proprietors not to be disqualified. - Provided also, and be it enacted, that no proprietor shall be dis. qualified from attending and voting at any general court of the said Governor and Company to be held between the said 5th of October, 1834, and the 25th of April, 1835, in consequence of the share of such proprietor of the capital stock of the said Governor and Company having been reduced by such repayment as aforesaid below the sum of 5007, of the said capital stock; provided such proprietor had in his own name the full sum of 500. of the said capital stock on the said 5th of October, 1834; nor shall any proprietor be required, between the said 5th of October, 1834, and the 25th of April, 1835, to take the oath of qualification in the said charter. — § 12. Bank to deduct 120,000l. from Sum allowed for Management of National Debt. - From and after the 1st of August, 1834, the said Governor and Company, in consideration of the privileges of exclusive banking given by this act, shall, during the continuance of such privileges, but no longer, deduct from the sums now payable to them, for the charges of management of the public unredeemed debt, the annual sum of 120,000, any thing in any act or acts of parliament or agreement to the contrary notwithstanding: provided always, that such deduction shall in no respect prejudice or affect the right of the said Governor and Company to be paid for the management of the public debt at the rate and according to the terms provided by the act 48 Geo. 3. c. 4., intituled "An Act to authorize the advancing for the public Service, upon certain Conditions, a Proportion of the Balance remaining in the Bank of England for Pay. ment of unclaimed Dividends, Annuities, and Lottery Prizes, and for regulating the Allowances to be made for the Management of the National Debt."- 13. Provisions of Act of 39 & 40 Geo. 3. to remain in force, except as altered by this Act. All the powers, authorities, franchises, privileges, and advantages given or recognised by the said recited act of the 39 & 40 Geo. 3. c. 28. aforesaid, as belonging to or enjoyed by the Governor and Company of the Bank of England, or by any subsequent act or acts of parliament, shall be and the same are hereby declared to be in full force, and continued by this act, except so far as the same are altered by this act, subject nevertheless to such redemption upon the terms and conditions following; (that is to say,) that at any time, upon 12 months' notice to be given after the 1st of August, 1855, and upon repayment by parliament to the said Governor and Company, or their successors, of the sum of 11,015,100, being the debt which will remain due from the public to the said Governor and Company after the payment of the of the debt of 14,686,8047 as herein-before provided, without any deduction, discount, or abatement whatsoever, and upon payment to the said Governor and Company and their successors of all arrears of the sum of 100,000 per annum in the said act of 39 & 40 Geo. 3. aforesaid mentioned, together with the interest or annuities payable upon the said debt or in respect thereof, and also upon repayment of all the principal and interest which shall be owing unto the said Governor and Company and their successors upon all such tallies, exchequer orders, exchequer bills, or parliamentary funds which the said Governor and Company, or their successors, shall have remaining in their hands or be entitled to at the time of such notice to be given as last aforesaid, then and in such case, and not till then, (unless under the proviso hereinbefore contained,) the said exclusive privileges of banking granted by this act shall cease and determine at the expiration of such notice of 12 months. — § 14. Tables exhibiting a View of the Circulation, Deposits, Profits, &c. of the Bank of England. No. L-A Return of the Number of Persons convicted of Forgery, or passing forged Notes and Post Bills of the Bank of England, in each Year, from 1791 to 1829, inclusive. The Bank of England does not possess the means of stating or distinguishing the punishments inflicted for the said crimes. No. IL-A Return of the Number of Persons convicted of Forgery on the Bank of England connected with the Public Funds, Bills of Exchange, or otherwise, except Bank Notes, &c., in each Year, from 1791 to 1829, inclusive. The Bank of England does not possess the means of stating or distinguishing the punishments inflicted for the said crimes.- 25th of May, 1830. No. III.-An Account of the Average Market Price of Bullion in each Year, from 1800 to 1821 (taken from official Documents), of the Average Value per Cent. of the Currency, estimated by the Market Price of Gold for the same Period, and of the Average Depreciation per Cent. No. IV. -Account of the Debts and Assets (exclusive of the Bank Capital) of the Bank of England; exhibiting, on the one hand, the Amount of Bank Notes, Post Bills, &c. in Circulation, and of the public and private Deposits in the Hands of the Bank; and, on the other, the Amount of the various public and private Securities, and of the Bullion held by the Bank, on the 31st of August, in each Year, from 1778 to 1881 inclusive.-(From the Appendix, No. 5. of Report on Bank Charter.) |