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Rh a position of great importance by absorbing smaller banks, and when the London & Westminster Bank amalgamated with the London & County Banking Company, Ltd., in 1909 it was thought that the matter would rest there. Nine years later, however—in Feb. 1918, to be precise—a further addition to the strength of the combined institutions was made by the amalgamation with Parr's Bank, and the title of the bank was finally fixed as the London County Westminster & Parr's Bank. Ltd. As the bank now stands it represents six original clearing banks, viz., the London County & Westminster Bank; Jones, Lloyd & Co.; London & County Bank; Alliance Bank (subsequently changed to Parr's Bank); Fowler, Banbury & Co., and the Consolidated Bank. In Ireland the London County & Westminster Bank has affiliated with the Ulster Bank, Ltd., and it also has foreign auxiliaries in France, Belgium and Spain. The total number of banks and affiliations represented in 1921 was sixty.

The rise of the London Joint City & Midland Bank, Ltd., is no less remarkable. It was first established in 1836 as the Birmingham and Midland Bank, and although it absorbed a number of small banks from 1851 onwards, its first great step forward may be said to date from 1891, when it absorbed the Central Bank of London, Ltd., and adopted the new title of The London & Midland Bank, Ltd. Then, in 1898, it absorbed the old City Bank and again altered its name to the London City & Midland Bank, Ltd. Other amalgamations soon followed, and the principal absorptions were those of banks of such provincial fame as the Sheffield Banking Co., the North & South Wales Bank, and the Bradford Banking Co. Further additions were made by the purchase of the share capital of banks wider afield, and the bank now owns the Belfast Banking Co. and the Clydesdale Bank. The great amalgamation came, however, in 1918, when the London Joint Stock Bank, Ltd., which came into existence in July, 1836, was absorbed, and the title of the whole concern was changed to its present one of the London Joint City & Midland Bank, Ltd. As it now stands it represents what were formerly 65 banks.

Lloyd's Bank, Ltd., is remarkable for the series of amalgamations that have marked its rise to fame. The real origin of the bank can be traced back to 1765, although it was not incorporated as a joint stock bank until 1865. According to repute, it has taken over by amalgamation or absorption more banking concerns than any other similar institution. Including its affiliated institutions and foreign auxiliaries it represents a total banking strength of what were formerly 119 separate banks. Among some of the more important joint stock banks which this bank has absorbed during its career are: the Shropshire Banking Co., the Coventry & Warwickshire Banking Co., the Birmingham Joint Stock Bank, the West City & County Banking Co., Bristol & West of England Bank, and the Wilts & Dorset Banking Co. The great amalgamation came, however, when the Capital & Counties Bank, Ltd., was absorbed. The Capital & Counties Bank, as it happens, was itself established in 1834 and some six years later commenced to absorb other banks. In fact from 1877 to 1907 it acquired the business of no fewer than 26 other banks. Its career as a separate institution came to an end in the early part of 1918, when it was amalgamated with Lloyd's Bank, Ltd. Since then Lloyd's Bank has absorbed the West Yorkshire Bank and Messrs. Fox, Fowler & Co. of Somerset. It is also closely associated with the London & River Plate Bank and the National Bank of Scotland.

Barclay's Bank, Ltd., has an almost unique history. Until the year 1896 it was simply a private banking house carrying the name of Barclay & Co. Then it suddenly sprang into fame as being the originator of the amalgamations as we know them to-day. In 1896 the banking world was really taken by surprise by the announcement that Barclay & Co. had absorbed, at one sitting, 15 other private banks and had become incorporated at the same time. From that moment Barclay's progressed rapidly; the bank soon absorbed other institutions, such as the York Union Banking Co., Bolitho Williams & Co., Stamford, Spalding & Boston Bank, Ltd., and Neville, Reid & Co. The absorption of the United Counties Bank, Ltd., followed in 1916. A further large addition to its sphere of influence came in 1918 when the London & Provincial & South Western Bank was acquired, itself an amalgamation of two large joint stock banks. By this step over 250 branches in London and suburbs were added to its strength, and an interest acquired in the French subsidiary—Cox & Co. (France), Ltd. In 1919-20 Barclay's Bank extended its sphere still farther by affiliations with the Union Bank of Manchester, the British Linen Bank and the Anglo-Egyptian Bank, thus giving it a total banking strength of 102 banks.

The last of the “big five” is the National Provincial & Union Bank of England, Ltd. The National Provincial was itself formed in 1833, while the Union Bank of London, though not really established until 1839, can claim through one of its constituent institutions to date back to 1688. The principal absorptions for which the combined institutions have been responsible are: the County of Stafford Bank; Isle of Wight Joint Stock Bank; London & Yorkshire Bank; Briscoe's Bank; Smith, Payne & Smith's; Union Bank of London. The Union Bank of London, it is interesting to note, itself amalgamated with Smith, Payne & Smith's, London, Smith Ellison & Co., Lincoln, Smith, Smith Bros. & Co., Hull, and Samuel Smith & Co., Derby, and the title was changed to the Union of London & Smith's Bank, Ltd., in 1902. The latter institution was amalgamated with the National Provincial Bank in 1917, the title adopted being the

National Provincial Union Bank of England, Ltd. The Sheffield Banking Co. was absorbed in Dec. 1917 and the Bradford District Bank on Jan. 1 1919. A year later an affiliation was made with Cox & Co., the well-known firm of private bankers who had themselves amalgamated with Robarts, Lubbock & Co. as recently as 1914. Finally, the National Provincial & Union Bank of England, Ltd., absorbed the Northamptonshire Union Bank, Ltd., in 1920. With its auxiliary bank, Lloyd's & National Provincial Foreign Bank, Ltd., this institution now Represents what were formerly 63 banks.

The resources of the “big five” were, of course, very substantial before the amalgamations, and as the following table will show, there had been no diminution up to 1921:—

Just how the paid-up capital of the banks compares with that shown before the principal amalgamations took place will be seen from the following table:—

The great upward movement in the amount of deposits held by the banks may be said to date from 1910; consequently, it will be of interest to place on record the deposits of the large banks in that year, and those at the end of 1921.

Concerning the reasons for amalgamation, little need be said. The war undoubtedly drove the leading London bankers to look for increased financial resources, in order to cope with the increased magnitude of the operations they were being called upon to finance. Fashion, the desire to out-bid other institutions, the element of self-preservation, banking evolution, the