Authorized Issue. Actual Issue.
12 private banks L482,744 L122,536
17 joint-stock banks 1,084,836 437,693
The reason why the actual circulation of these banks is so far below the
authorized issue is that under existing circumstances their circulation can
only extend over a very limited area. The notes of country banks are now
almost unknown except in the immediate neighbourhood of the places where
they are issued; though they may all be payable in London, yet there is
often considerable difficulty in getting them cashed.