BANKS. 121 



through the kingdom with facsimiles of their notes, and directions for 

 detecting forgeries ; and in County Wexford a representative attended the 

 fairs, and examined notes for the country people. The same was done in 

 other places. 



In 1820, by the Act i and 2 George IV., c. 72, so much of the Bank of 

 Ireland's monopoly was then removed, as enabled companies with more 

 than six partners, i.e., with any number of partners, to start and carry on 

 business, as bankers, at fifty Irish miles from Dublin, and to borrow, owe, 

 or take up any sum or sums of money on their bills or notes payable on 

 demand, and to make such bills or notes payable at any place in Ireland 

 outside that radius. At this date the Bank of Ireland was without country 

 branches. It had no establishment outside Dublin. In Cork and Belfast 

 there were private banks. Wexford and Mallow had one each also. The 

 rest of the island was bankless. There was ample room, therefore, for the 

 exercise of banking energy and enterprise. For four years, nevertheless, 

 the Act of 1820 could not be turned to any good account. It was contended, 

 and successfully so, that under this legislation non-residents in Ireland could 

 not become partners in an Irish Joint Stock Bank. Thus, English capital 

 was excluded. To remove this obstruction to bank development, the 

 Amending Acts of 1824 (5 George IV., c. 73) and 1825 (6 George IV., c. 42) 

 were passed. The latter year saw three Joint Stock Banks in operation in 

 Ireland. These were, in the order of opening, the Northern, the Hibernian, 

 and the Provincial. 



The Northern Banking Company was founded in Belfast on the private 

 Northern Bank. In 1820, with the law as it then stood, an unsuccessful 

 attempt had been made to convert it into a Joint Stock Bank. It was the 

 first, however, to take advantage of the Act of 1824, and commenced busi- 

 ness in the Northern Bank Buildings, Castle-place, Belfast, January, 1825, 

 with a nominal capital of ^^"500,000. In the same year the Bank of Ireland 

 opened a branch in Belfast, in Donegall-place. Belfast had then about 

 45,000 of a population. In 1852, when the population was over 100,000, the 

 Northern Banking Company moved to its present head office. In 1867 it 

 was incorporated, and the capital doubled. The capital was again doubled, 

 and limited liability was adopted, September i, 1883. In 1888, the Northern 

 Banking Company, Limited, opened an office m Dublin. 



The Hibernian Bank, originally known as the Hibernian Joint Stock 

 Loan and Annuity Company, was promoted by Catholic capitalists, who, 

 by reason of the religious tests formerly imposed, were excluded from the 

 direction of the Bank of Ireland. It was established under a special Act of 

 Parliament (5 George IV, c. 159), and commenced business in June, 1825, 

 v/ith a capital of ;^i, 000,000, ;^2 50,000 of which was paid up. In 1868 the 

 capital was increased to ;^i, 500,000, and in 1873 to ;^2,ooo,ooo. The nomi- 

 nal amount of each share was then £^100, with ;^25 paid up. In 1885 the 

 Company underwent reconstruction, and was called the Hibernian Bank, 

 Limited. The capital was then sub-divided into ;o20 shares, with £^ paid 

 up on each. In the originating Bill, the Bajik sought the power of note- 

 issue, but this, on the opposition of the Bank of Ireland, was not conceded. 

 Tokens were then substituted, on engraved unstamped paper, with the 

 words " Hibernian Bank Token, One Pound," with signature and date. 

 These, it was contended, were not notes, but the Bank of Ireland resisted 



