Page:UKSRO 1890.pdf/39

It having been represented to Her Majesty in Council by the Governor and Company of the Bank of England in a memorial sealed with the seal of the said Governor and Company and dated the fifth day of December one thousand eight hundred and eighty-nine:—

(1.) That between the date of Her Majesty's Order in Council of the fifteenth day of September one thousand eight hundred and eighty-seven,^[1] and the presentation of the said memorial, certain bankers in the said memorial named, who, on the sixth day of May one thousand eight hundred and forty-four, were issuing their own bank notes to the extent of sums amounting in the aggregate to the sum of 373,667l. have ceased to issue their own bank notes.

(2.) That the total of the authorised issues of bankers who subsequently to the said sixth day of May one thousand eight hundred and forty-four, have ceased to issue their own bank notes, including the above sum of 373,667., amounts to 3,693,904, whereof the proportionate part of two-thirds amounts to 2,462,602l. 13s. 4d.

(3.) That the aggregate increase of issues by the Bank of England of their own bank notes authorised by Orders of Her Majesty in Council, under the provisions of the herein-after mentioned Act, during the same period, have amounted only to 2,200,000l., and

(4.) That the difference between such aggregate increase of issues by the Bank of England and the proportionate part of two-thirds of the aforesaid lapsed issues by other banks is 262,602l. 13s. 4d.

And the said Governor and Company having thereupon humbly made application to be authorised under the provisions of the Act passed in the seventh and eighth years of the reign of Her Majesty, cap. 32, intituled "An Act to regulate the issue of Bank Notes and for giving to the Governor and Company of