of such company or partnership, either by the transfer of any shares or share therein, or by the admission of any new partner or member thereto, or by the retirement of any present partner or member therefrom; provided always, that it shall not be lawful for any company or partnership now consisting of only 6 or less than 6 persons to issue bank notes at any time after the number of partners therein shall exceed 6 in the whole. § 11. Bankers ceasing to issue Notes may not resume. If any banker in any part of the U. K. who after the passing of this act shall be entitled to issue bank notes shall become bankrupt, or shall cease to carry on the business of a banker, or shali discontinue the issue of bank notes, either by agreement with the governor and company of the bank of England or otherwise, it shall not be lawful for such banker at any time thereafter to issue any such notes.§ 12. Existing Banks of Issue to continue under certain Limitations. — Every banker claiming under this act to continue to issue bank notes in England or Wales shall, within 1 month next after the passing of this act, give notice in writing to the commissioners of stamps and taxes at their head office in London of such claim, and of the place and name and firm at and under which such banker has issued such notes during the 12 weeks next preceding the 27th day of April last; and thereupon the said commissioners shall ascertain if such banker was, on the 6th day of May, 1844, carrying on the business of a banker, and lawfully issuing his own bank notes in England or Wales, and if it shall so appear, then the said commissioners shall proceed to ascertain the average amount of the bank notes of such banker which were in circulation during the said period of 12 weeks preceding the 27th day of April last, according to the returns made by such banker in pursuance of the act 4 & 5 Vict. c. 50., intituled "An Act to make further provision relative to the Returns to be made by Banks of the Amount of their Notes in circulation; and the said commissioners or any 2 of them shall certify under their hands to such banker the said average amount, when so ascertained as aforesaid; and it shall be lawful for every such banker to continue to issue his own bank notes after the passing of this act; provided nevertheless, that such banker shall not at any time after the 10th day of October, 1844, have in circulation upon the average of a period of 4 weeks, to be ascertained as herein-after mentioned, a greater amount of notes than the amount so certified. - §13. Provision for united Banks. — If it shall be made to appear to the commissioners of stamps and taxes that any 2 or more banks have, by written contract or agreement (which contract or agreement shall be produced to the said commissiouers), become united within the 12 weeks next preceding such 27th day of April as aforesaid, it shall be lawful for the said commissioners to ascertain the average amount of the notes of each such bank in the manner herein-before directed, and to certify the average amount of the notes of the 2 or more banks so united as the amount which the united bank shall thereafter be authorized to issue subject to the regulations of this act. - § 14. Duplicate Certificate to be published in the Gazette. The commissioners of stamps and taxes shall, at the time of certifying to any banker such particulars as they are herein-before required to certify, also publish a duplicate of their certificate thereof in the next succeeding London Gazette in which the same may be conveniently inserted; and the Gazette in which such publication shall be made shall be conclusive evidence in all courts whatsoever of the amount of bank notes which the banker named in such certificate or duplicate is by law authorized to issue and to have in circulation as aforesaid. — § 15. If Banks become united, Commissioners to certify the Amount of Bank Notes which each Bank was authorized to issue. In case it shall be made to appear to the commissioners of stamps and taxes, at any time hereafter, that any 2 or more banks, each such bank consisting of not more than 6 persous, have, by written contract or agreement (which contract or agreement shall be produced to the said commissioners), become united subsequently to the passing of this act, it shall be lawful to the said commissioners upon the application of such united bank, to certify, in manner herein-before mentioned, the aggregate of the amounts of bank notes which such separate banks were previously authorized to issue, and so from time to time; and every such certificate shall be published in manner herein-before directed; and from and after such publication the amount therein stated shall be and be deemed to be the limit of the amount of bank notes which such united bank may have in circulation: provided always, that it shall not be lawful for any such united bank to issue bank notes at any time after the number of partners therein shall exceed 6 in the whole. - § 16. Penally on Banks issuing in excess. If the monthly average circulation of bank notes of any banker, taken in the manner herein-after directed, shall at any time exceed the amount which such banker is authorized to issue and to have in circulation under the provisions of this act, such banker shall in every such case forfeit a sum equal to the amount by which the average monthly circulation, taken as aforesaid, shall have exceeded the amount which such banker was authorized to issue and to have in circulation as aforesaid. § 17. Issuing Banks to render Accounts. Every banker in England and Wales who, after the 10th day of October, 1844, shall issue bank notes, shall on some 1 day in every week after the 19th day of October, 1844 (such day to be fixed by the commissioners of stamps and taxes) transmit to the said commissioners an account of the amount of the bank notes of such banker in circulation on every day during the week ending on the next preceding Saturday, and also an account of the average amount of the bank notes of such banker in circulation during the same week; and on completing the first period of 4 weeks, and so on completing each successive period of 4 weeks, every such banker shall annex to such account the average amount of bank notes of such banker in circulation during the said 4 weeks, and also the amount of bank notes which such banker is authorized to issue under the provisions of this act; and every such account shall be verified by the signature of such banker or his chief cashier, or, in the case of a company or partnership, by the signature of a managing director or partner or chief cashier of such company or partnership, and shall be made in the form to this act annexed marked (B); and so much of the said return as states the weekly average amount of the notes of such bank shall be published by the said counmissioners in the next succeeding London Gazette in which the same may be conveniently inserted; and if any such banker shall neglect or refuse to render any such account in the form and at the time required by this act, or shall at any time render a false account, such banker shall forfeit the sum of 1007. for every such offence. - § 18. Mode of ascertaining the average Amount of Bank Notes of each Banker. For the purpose of ascer taining the monthly average amount of bank notes of each banker in circulation, the aggregate of the amount of bank notes of each such banker in circulation on every day of business during the first com. plete period of 4 weeks next after the 10th day of October, 1844, such period ending on a Saturday, shall be divided by the number of days of business in such four weeks, and the average so ascertained shall be deemed to be the average of bank notes of each such banker in circulation during such period of 4 weeks, and so in each successive period of 4 weeks, and such average is not to exceed the amount certified by the commissioners of stamps and taxes as aforesaid. § 19. Commissioners empowered to cause the Books of Bankers to be inspected. Whereas, in order to insure the rendering of true and faithful accounts of the amount of bank notes in circulation, as directed by this act, it is necessary that the commissioners of stamps and taxes should be empowered to cause the books of bankers issuing such notes to be inspected, as herein-after mentioned; be it therefore enacted, that all and every the book and books of any banker who shall issue bank notes under the provisions of this act, in which shall be kept, contained, or entered any account, minute, or memorandum of or relating to the bank notes issued or to be issued by such banker, or of or relating to the amount of such notes in circulation from time to time, or any account, minute, or memorandum the sight or inspection whereof may tend to secure the rendering of true accounts of the average amount of such notes in circulation 25 directed by this act, or to test the truth of any such account, shall be open for the inspection and examination, at all seasonable times, of any officer of stamp duties authorized in that behalf by writing, signed by the commissioners of stamps and taxes or any 2 of them; and every such officer shall be at liberty to take copies of or extracts from any such book or account as aforesaid: and if any banker or other person keeping any such book, or having the custody or possession thereof, or power to produce the same, shall, upon demand made by any such officer, showing (if required) his authority in that behalf, refuse to produce any such book to such officer for his inspection and examination, or to permit him to inspect and examine the same, or to take copies thereof or extracts therefrom, or of or from any such account, minute or memorandum as aforesaid, kept, contained, or entered therein, every such banker or other person so offending shall for every such offence forfeit the sum of 1007.: provided always, that the said commissioners shall not exercise the powers aforesaid without the consent of the Lords of the Treasury. - § 20. All Bankers to return Names once a Year to the Stamp Office. — Every banker in England and Wales who is now carrying on or shall hereafter carry on business as such shall, on the 1st day of January in each year, or within 15 days thereafter, make a return to the commissioners of stamps and taxes at their bead office in London of his name, residence, and occupation, or, in the case of a company or partnership, of the name, residence, and occupation of every person composing or being a member of such company or partnership, and also the name of the firm under which such banker, company, or partnership carry on the business of banking, and of every place where such business is carried on; and if any such banker, company, or partnership shall omit or refuse to make such return within 15 days after the said 1st day of January, or shall wilfully make other than a true return of the persons as herein required, every banker, company, or partnership so offending shall forfeit and pay the sum of 504.; and the said commissioners of stamps and taxes shall on or before the 1st day of March in every year publish in some newspaper circulating within each town or county respectively a copy of the return so made by every banker, company, or partnership carrying on the business of bankers within such town or county respectively, as the case may be. § 21. Bankers to take out a separate Licence for every Place at which they issue Notes or Bills. Every banker who shall be liable by law to take out a licence from the commissioners of stamps and taxes to authorize the issuing of notes or bills shall take out a separate and distinct licence for every town or place at which he shall, by himself or his agent, issue any notes or bills requiring such licence to authorize the issuing thereof, any thing in any former act contained to the contrary thereof notwithstanding: provided always, that no banker who on or before the 6th day of May, 1844, had taken out four such licences, which on the said last-mentioned day were respectively in force, for the issuing of any such notes or bills at more than 4 separate towns or places, shall at any time hereafter be required to take out or to have in force at one and the same time more than 4 such licences to authorize the issuing of such notes or bills at all or any of the same towns or places specified in such licences in force on the said 6th day of May, 1844, and at which towns or places respectively such bankers had on or before the said last-mentioned day issued such notes or bills in pursuance of such licences or any of them respectively.-22. Compensation to certain Bankers named in the Schedule. Whereas the several bankers named in the schedule hereto annexed marked (C) have ceased to issue their own bank notes under certain agreements with the governor and company of the bank of England; and it is expedient that such agreements should cease and determine on the 31st day of December next, and that such bankers should receive by way of compensation such composition as hereafter mentioned; and a list of such bankers, and a statement of the maximum sums in respect of which each such banker is to receive compensation, hath been delivered to the commissioners of stamps and taxes, signed by the chief cashier of the bank of England; be it therefore enacted, that the several agreements subsisting between the said governor and company and the several bankers mentioned in the schedule hereto relating to the issue of bank of England notes shall cease and determine on the 31st day of December next; and from and after that day the said governor and company shall pay and allow to the several bankers named in the schedule hereto marked (C), so long as such banker shall be willing to receive the same, a composition at and after the rate of 11. per cent per annum on the average amount of the bank of England notes issued by such bankers respectively and actually remaining in circulation, to be ascertained as follows; (that is to say,) on some day in the month of April, 1845, to be determined by the said governor and company, an account shall be taken of the bank of England notes delivered to such bankers respectively by the said governor and company within 3 months next preceding, and of such of the said bank of England notes as shall have been returned to the bank of England, and the balance shall be deemed to be the amount of the bank of England notes issued by such bankers respectively and kept in circulation; and a similar account shall be taken at intervals of 3 calendar months; and the average of the balances ascertained on taking 4 such accounts shall be deemed to be the average amount of bank of England notes issued by such bankers respectively and kept in circulation during the year 1845, and on which amount such bankers are respectively to receive the aforesaid composition of 1 per cent, for the year 1845; and similar accounts shall be taken in each succeeding year; but in each year such accounts shall be taken in different months from those in which the accounts of the last preceding year were taken, and on different days of the month, such months and days to be determined by the said governor and company; and the amount of the composition payable as aforesaid shall be paid by the said governor and company out of their own funds; and in case any difference shall arise between any of such bankers and the governor and company of the bank of England in respect of the composition payable as aforesaid, the same shall be determined by the Chancellor of the Exchequer for the time being, or by some person to be named by him, and the decision of the Chancellor of the Exchequer, or his nominee, shall be final and conclusive; provided always, that it shall be lawful for any banker named in the schedule hereto annexed marked (C) to discontinue the receipt of such composition as aforesaid, but no such banker shall by such discontinuance as aforesaid thereby acquire any right or title to issue bank notes. — § 23. Bank of England to be allowed to compound with Issuing Banks. It shall be lawful for the said governor and company to agree with every banker who under the provisions of this act shall be entitled to issue bank notes, to allow to such banker a composition at the rate of 1 per cent. per annum on the amount of bank of England notes which shall be issued and kept in circulation by such banker, as a consideration for his relinquishment of the privilege of issuing his own bank notes; and all the provisions herein contained for ascertaining and determining the amount of composition payable to the several bankers named in the schedule hereto marked (C) shall apply to all such other bankers with whom the said governor and company are hereby authorized to agree as aforesaid; provided that the amount of composition payable to such bankers as last aforesaid shall in every case in which an increase of securities in the issue department shall have been authorized by any order in council be deducted out of the amount payable by the said governor and company to the public under the provisions herein contained: provided always, that the total sum payable to any banker under the provisions herein contained by way of composition as aforesaid, in any 1 year, shall not exceed, in case of the bankers mentioned in the schedule hereto marked (C), 1 per cent. on the several sums set against the names of such bankers respectively in the list and statement delivered to the commissioners of stamps as aforesaid, and in the case of other baukers shall not exceed 1 per cent. on the amount of bank notes which such bankers respectively would otherwise be entitled to issue under the provisions herein contained.-$ 24. Compositions to cease on 1st August 1856-All the compositions payable to the several bankers mentioned in the schedule hereto marked (C), and such other bankers as shall agree with the said governor and company to discontinue the issue of their own bank notes as aforesaid, shall, if not previously determined by the act of such banker as herein-before provided, cease and determine on the 1st day of August, 1856, or on any earlier day on which parliament may prohibit the issue of bank notes.-25. Banks within Sirty-Ave Miles of London may accept, &c. Bills. From and after the passing of this act it shall be lawful for any society or company or any persons in partnership, though exceeding 6 in number, carrying on the business of banking in London, or within 65 miles thereof, to draw, accept, or endorse bills of exchange, not being payable to bearer on demand, any thing in the herein-before recited act passed in the 4th year of the reign of his said majesty King William IV., or in any other act, to the contrary notwithstanding. - § 26. Bank to enjoy Privileges, subject to Redemption. The said governor and company of the bank of England shall have and enjoy such exclusive privilege of banking as is given by this act, upon such terms and conditions, and subject to the termination thereof at such time and in such manner as is by this act provided and specified; and all and every the powers and authorities, franchises, privileges, and advantages, given or recognised by the said recited act, 3 & 4 Will. 4. c. 98., as belonging to or enjoyed by the said 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 redemption upon the terms and conditions following; viz. at any time upon 12 months' notice to be given after the 1st day of August, 1855, and upon repayment by parliament to the said governor and company or their successors of the sum of 1,015,100., being the debt now due from the public to the said governor and company, 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 100,000l. per annum, in the last-mentioned act 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, the said exclusive privileges of banking granted by this act shall cease and determine at the expiration of such notice of 12 months; and any vote or resolution of the house of commons, signified under the hand of the speaker of the said house in writing, and delivered at the public office of the said governor and company, shall be deemed and adjudged to be a sufficient notice.§ 27. Interpretation Clause. The term "bank notes" used in this act shall extend and apply to all bills or notes for the payment of money to the bearer on demand other than bills or notes of the governor and company of the bank of England; and the term " bank of England notes " shall extend and apply to the promissory notes of the governor and company of the bank of England payable to bearer on demand; and the term " banker" shall extend and apply to all corporations, societies, partnerships, and persons and every individual person carrying on the business of banking, whether by the issue of bank notes or otherwise, except only the governor and company of the bank of England; and the word "person" used in this act shall include corporations; and the singular number in this act shall include the plural number, and the plural number the singular, except where there is any thing in the context repugnant to such construction; and the masculine gender in this act shall include the feminine, except where there is any thing in the context repugnant to such construction.-§ 28. SCHEDULE A. BANK OF ENGLAND. An Account pursuant to the Act 7 & 8 Vict. cap. 32. for the Week ending on Saturday the 9th of January, 1847. Notes issued Issue Department. SCHEDULE C. (Amended to January 1847.) Banks which have ceased to issue their own Bank Notes under certain Agreements with the Governor and Company of the Bank of England. An Account of the Notes, Securities, Bullion, &c. of the Bank of England, as published Weekly in the "Gazette," from the passing of the Act 7 & 8 Vict. c.32., to the 19th December, 1846. April 5 14,553,000 3,209,696 9,941,556 10,323,799 10,379,610 967,934 £ £ 13,540,619 10,193,713 8,286,105 13,546,619 10,293,154 8,745,540 $40.559 13,540,619 10,763,777 8,959,630 791.417 11,051,821 9,076,800 678.251 11,426,996 827,468 13,651,692 13,541,692 13,476,160 8,418,725 9,001,44 7,772,950 612,709 8,627,598 7,388,085 651747 8,561,399 7,418,075 €1,562 8,652,751 7,612,235 666,145 10,065,958 8,128,350 700.748 714,560 13,171,379 10,821,457 8,395,065 778,81% 985,035 13,522,379 10,784,491 983,328 13,474,379 11,707,400 11,836,377 9,340,815 83753 9,451,385 796,591 12,535,169 7,321,555 10,713,052 13,589,379 13,126,469 9,747,280 13,474,379 13,123,678 9,252,350 15,147,495 11,069,829 8,001,434 14,471,966 10,654,085 7,791,345 13,921,966 9,680,272 1,139,238 13,616,966 9,857,656 7,827,925 641,139 1,106,626 13,416,966 10,101,614 8,140,050 638,751 10,276,032 1,060,598 13,385,797 10,656,808 8,734.045 658,945 10,087,531 1,021,487 13,384,898 10,644,537 9,014,545 860,296 10,865,704 1,030,553 13,464,898 11,558,992 9,182,485 776,243 10,564,524 1,018,497 13,384,898 11,170,505 9,382,505 779,486 10,315,111 976,405 13,384,898 11,305,902 9,554,615 693.505 6,951,773 10,147,586 1,001,282 13,384,848 11,984,420 9,837,175 387.7035 7.398,420 10,154,148 1,026,853 13,384,898 12,619,663 9,717,270 54.431 7,330,309 10,041,440 1,045,502 13,384,206 12,944.496 9,279,785 14,553,000 3,218,008 3,456,089 11,356,519 1,081,545 13,800,344 11,282,221 8,068,970 14,553,000 3,231,28 2,834,528 10,934,390 1,091,953 13,456,776 10,815,121 7,890,610 14,553,000 3,321,972 2,933,908 10,745,613 1,085,211 13,539,344 10,607,877 7,942,485 14,533,000 3,338,246 3,215,563 10,960,214 1,072,260 14,553,000 3,340,750 4,034,767 10,187,780 1,023,977 73210 1,063,189 722,05 1,085,969 67-99,977 1,122,066 658.620 1,374,346 23 14,553,000 3,319,282 5,393.936 8,408,887 1,383, 66 6,474,705 3,611,164 7,319,619 13,441,844 11,679,359 7,494,205 603,898 580,295 11,712,811 7,959,390 583,287 11,967,081 8,755,505 473.658 12,391,188 8,450,700 393,997 20 14,555,000 3,616,685 8,222,109 8,110,787 1,020,324 13,345,643 13,297,048 8,327,895 542.319 27 14,553,000 3,621,711 1,000,311 Oct. 4 14,553,000 3,629,978 8,703,497 8,167,961 1,088,160 11 14,533,000 3,140,006 3,188,641 4,488,419 13,348,643 14,149,003 7,946,935 602,703 509,373 511,834 5,525,510 411,330 14,553,000 3,212,133 4,323,662 13,203,138 12,931,115 5,389,575 58573 1,106,405 8 14,553,000 3.274,595 5,340,731 9,134,243 1,133,320 13,203,138 13,429,813 5,219,775 617,927 5207683 15 14,553,000 3,244,733 595,401 7,363,168 29 Dec. 6 14,553,000 3,246,426 7,670,581 9,024,223 14,553,000 3,209.394 13 14,555,000 3,215,596 8,684,374 9,089,705 9,408,044 8,715,667 9,698,109 9,369,630 8,350,465 3,314,454 5,191,017 10,656,207 950,967 1,020,503 1,063,589 13,201,863 15,454,390 6,076,985 522,951 505,038 526.870 647,421 605,547 700.989 18,912,445 963,688 945,332 918,282 947,432 898,176 April 4 11 18 25 May 2 9 16 June G 13 20 27 14,553,000 3,799,508 7,074,026 16,763,047 16,354,017 963,128 15,947,268 970,461 857,187 13,137,047 22,905,661 6,263,625 637,025 760,305 707,935 717,285 13,136,440 21,806,194 8,037,665 700,292 718,20 22,058,631 7,316,415 643.541 19,438,782 6,728,120 541,772 6,515,990 595,660 656,517 6,408,470 16,165,620 890,192 13,008,065 18,460,493 8,043,560 704.212 15,927,013 852,008 12,988,065 18,321,641 8,468,180 €86.691 12,988,065 18,122,698 9,011,510 736,331 17.984,603 9,631,235 6x3,419 9,664 090 742.554 9.303,030 625,651 8,425,630 396.306 8,139,020 6.0,892 8,562,695 636.452 510.23 554,203 385,960 522,676 9,161,868 490,178 9.35,830 12 14,553,000 3,867,789 8,198,500 8,095,203 903,872 12,961,735 12,523,550 9,231,095 19 14,553,000 3,873,491 12,961,360 13,049,001 9.817,195 $50,676 26 14,553,000 3,878,988 Oct. 3 14,553,000 3,886,985 9,776,195 10 14,553,000 3,383,158 9,801,402 8,322,626 17 14,553,000 3,432,359 5.356,260 9,084,274 938,723 12,961,360 12,808,119 12,788,939 7,409,870 14,036,157 9,788,685 808.197 456 491 24 14,553,000 8,755,111 1,026,996 12,808,119 12,219,710 7,157,353 455,0€1 12,175,968 6,931,120 47584 Nov. 7 8,281,624 1,018,610 524,6021 14 14,553,000 3,471,506 6,777,777 12,808, 119 12,525,905 7,836.335 60.458 13,353,675 8,018,391 892,355 12,808,119 13.562,822 8.525.745 Dec. 12,807,417 886.993 12.807,417 13,879,9608,623,815 742 749,6 |