BANKS. 125 



In 1836, a " run " was made on the National Bank, and others, and after 

 the alarm was over, O'Connell issued his manifesto to the Irish people upon 

 the folly of their procedure. It is a statesmanlike pronouncement, char- 

 acterised by wise and liberally expressed feelings towards a rival bank. 



In 1854 the National Bank commenced to do business in London, having 

 taken power in its deed of settlement to open in any part of the United 

 Kingdom. The Bank of England resisted this development, but had to 

 withdraw its opposition after consulting high legal opinion. 



The Ulster Bank began in Belfast in 1836, and in the same year opened 

 in Ballymoney. The original capital was ;£" i, 000,000 ; now, ;^2,400,ooo. 

 In i860 its magnificent new head office in Belfast, the finest in the city, was 

 completed. In 1 862 it opened a branch in Dublin. 



The rest of Ireland's banking history may be shortly dismissed. In 1843, 

 the London and Dublin Bank was opened, with a capital of ;£"26o,ooo. It 

 lasted till 1848. The business was then transferred to the National Bank. 

 In 1862 the Union Bank of Ireland was founded, with a nominal capital of 

 iJ" 1, 000,000, and went into liquidation in 1868. The business was divided 

 between the Munster Bank and the Hibernian Bank. In 1863 the English 

 and Irish Bank was established, with a nominal capital of £^2,000,000, and 

 was taken over by the European Bank in 1 864. In that year the European 

 Bank opened a Dublin office, but relinquished it the following year, the 

 business bring transferred to the Munster Bank. The European Bank — 

 originally the Union Bank of England and France — was voluntarily wound 

 up in 1866. The Munster Bank, at first called the National Investment Co., 

 Ltd., was established in Cork in 1864, with a capital of ;^i,ooo,ooo, increased 

 m 1880 to i^i, 500,000. In 1870 it took over La Touche and Co.'s business. 

 It suspended payment July 14, 1885, and went into liquidation. On the 

 ruins of this Bank, the Munster and Leinster Bank was established in 1885. 

 It took over the Dublin and Cork offices of the defunct institution, and sub- 

 sequently purchased most of the branch premises. 



The existing Joint Stock Banks have all adopted limited liability, with 

 the exception of the Bank of Ireland. Bank of Ireland stockholders' 

 liability is undetermined, as nothing is said in the Charter or subsequent 

 Acts of Parliament on the subject. However, a joint opinion was signed, 

 February 26, 1886, by Mr. (afterwards Mr. Justice) Kekewich, Q.C., Sir 

 Richard Webster, Q.C., and Mr. Hornell, to the effect that " holders of Bank 

 of Ireland stock are not Hable for any debts or engagements of the Bank." 

 The Bank of Ireland's subscribed capital is ^^2,769,231 15^-. ^d., and is all 

 paid up. 



In 1825 (6 George IV., c. 79) the assimilation of the Irish and English 

 coinage took place. The English shilling then ceased to pass in Ireland for 

 I3<2?. ; the half-guinea for \\s. \]'2d. ; and the guinea for £\ 2s. gd., which 

 was their previous value, as settled by Proclamation of the Lords Justices 

 and Privy Council, September 29, 1737. In 1828 (9 George IV., c. 80) 

 Irish Banks were authorised to issue unstamped notes upon payment of a 

 composition, and were thus put on an equal footing with banks in England. 

 In 1 84 1 (5 & 6 Victoria, c. 82) the equaUsation of the Irish with the English 

 stamp duties was effected. The result of this legislation was that the impost 

 was more than doubled. In 1845 (8 & 9 Victoria, c. 37) the Irish Banking: 



