| Level | Item |
| Reference Number (click to see whole series/group) | G15/217 |
| Extent | 1 file |
| Title | SECRETARY'S FILES: COMPOSITION TO BANKERS |
| Date | 7 Mar 1842 - 5 Jan 1894 |
| 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 | Prescott and Others v Bank of England. 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. |
| Related Material | F13/41-44 |
| Original Reference | P67_02 |
| Keyword | Bank note issue |