| Level | Item |
| Reference Number (click to see whole series/group) | G15/215 |
| Extent | 1 file |
| Title | SECRETARY'S FILES: COMPOSITION TO BANKERS |
| Date | 25 May 1905 - 6 Apr 1962 |
| Admin History | Under the Bank Acts 1844 and 1856 the Bank were entitled to make composition payments to country Banks surrendering their note issuing privileges; the payment was 1% of average circulation in the year prior to surrender. Entitlement to such payments ceased if the recipient bank established a place of business in the London area or was taken over, but much ingenuity was expended in trying to structure mergers so as to leave the right to composition unaffected. |
| Description | The file consists principally of correspondence with HM Treasury (HMT) and Freshfields about individual cases, and of the papers relating to cases which went to court. However, it also contains much incidental information about 19th century bank amalgamations and failures and the operation of country banks. Includes a list of banks that were issuing their own notes in Oct 1844 (i.e. those still issuing after the Bank Charter Act 1844) (NB: list compiled c.1925). |
| Original Reference | P67v2 |
| Keyword | Bank note issue |