Bank of England L28,890,000
Private banks 124,000
Joint-stock banks 429,000
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Total in England L29,443,000
Scotland 7,477,000
Ireland 6,452,000
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Total in United Kingdom L43,372,000
This shows an apparent increase of more than L6,000,000 since 1844. The
decrease of the country circulation in England and the increase of the
Scottish and Irish circulations may be set off against each other. The
increase is mainly in the notes of the Bank of England. In 1844 the number
of banking offices in England and Wales was 976, while in 1906 there were
more than 5880. Each of these offices must hold some till-money, and of
this Bank of England notes almost always form a part. Hence it is probable
that a large part of the increase in the circulation of the Bank of England
since 1844 is held in the tills of the banks in England and Wales, and that
the active note circulation of the United Kingdom is but little larger than
it was.
It may be added that the government received from the note circulation for
a typical year (ending 5th of April 1904), out of the profits of issue
(Bank of England) L184,930, 2s. 2d., and also composition for the duties on
the bills and notes of the banks of England and Ireland and of country
bankers, L120,768, 18s. 6d.
In 1906 the banking business of England was carried on practically by about
ten private and sixty joint-stock banks of which more than one was properly
a private firm under a joint-stock form of organization. Though the number
of individual banks had diminished, the offices had greatly increased.
The records of the numbers of banks in the United Kingdom have up to quite
recent years been very imperfect. Such as exist were made by individual
observers. The banks of England and Wales are believed to have been 350 in
number in 1792. Those registered from 1826 to 1842 were:--
[v.03 p.0339] /* Private. Joint-stock. 1826 554 ... 1827 465 6 1833 416
35 1842 311 118 */
The number of banking offices in England and Wales was estimated by Mr.
William Leatham in 1840 as being 697. The _Banking Almanac_ for 1845 gives
the number in 1844 for England and Wales as 336 private bank offices and
640 joint-stock offices, Scotland 368 offices, Ireland 180 offices.