was as follows:--

_Notes in Circulation_.--The monthly return of the circulation ending the
12th of October 1844 (stamps and taxes, 25th October);

_England._
Bank of England L20,228,800
Private banks 4,674,162
Joint-stock banks 3,331,516

_Scotland._
Chartered, private and joint-stock banks 2,987,665

_Ireland._
Bank of Ireland 3,597,850
Private and joint-stock banks 2,456,261
-----------
Total L37,276,254

In May 1907 the number and amounts were reduced to:--

Authorized Issue. Actual Issue.
12 private banks L482,744 L122,536
17 joint-stock banks 1,084,836 437,693

The reason why the actual circulation of these banks is so far below the
authorized issue is that under existing circumstances their circulation can
only extend over a very limited area. The notes of country banks are now
almost unknown except in the immediate neighbourhood of the places where
they are issued; though they may all be payable in London, yet there is
often considerable difficulty in getting them cashed.

The average circulation in 1906 was as follows:--

Bank of England L28,890,000
Private banks 124,000
Joint-stock banks 429,000
-----------
Total in England L29,443,000
Scotland 7,477,000
Ireland 6,452,000
-----------
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