Formation
By the time that the Bank of Liverpool was formed, the city already possessed seven private banks, the most prominent of which, Arthur Heywood, had been in existence since 1773. However, in 1826 a new Act of Parliament limited the Bank of England’s monopoly of joint stock banking to within 65 miles of London and allowed the creation of new joint stock banks in the provinces. The first of the new joint stock banks to open an office in Liverpool (in 1829) was the Manchester and Liverpool District Bank, regarded as a “needless humiliation” by the local merchants. Encouraged by William Brown, the Bank of Liverpool was formed in 1831 and was the first joint stock bank to have its head office in Liverpool. As a footnote, Thomas suggested that the first joint stock bank to be “registered” was “apparently” the Bank of Liverpool in 1826, although there is no mention of this in Chandler.
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