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Amalgamation has now come to such a point that every new one not only brings absolute monopoly more closely in sight, but increases the ease with which agreements among the huge banks might suffice to produce the effects of monopoly without further amalgamations.
It is for the joy of riding, when the charge sounds, at the crest of a wave of men." Is it this that explains the curious fact that Wars notwithstanding all their bitterness and brutishness do not infrequently lead to strange amalgamations and generations?
A few months ago, writing in this Journal on the subject of banking amalgamations, I referred to one of the objections against them, that they tended towards the creation of monopoly, and so encouraged hope on the part of those who would like to see all forms of industry managed by the State, that the banking business might sooner or later be taken over and worked as a State monopoly.
This for a time upset everything, for, as we have said, the original eight companies were taken from different parts of the county, and there was a strong company comradeship, as well as a battalion unity; and if six be taken out of eight it means omissions, amalgamations, grafts, and all sorts of disturbances. We left Duffield on the 15th of August, and marched to Derby Station.
February, 1918 The Recent Amalgamations Will the Provinces suffer? The Suggested Repeal of the Bank Act Sir E. Holden's Proposal. Banking problems have lately loomed large in the financial landscape.
The suddenly announced amalgamation of the London and South-Western and London and Provincial Banks led to a whole host of rumours as to other amalgamations which were to follow; and though most of these proved to be untrue a fresh sensation was aroused when the union was announced of the National Provincial Bank of England and the Union of London and Smith's Bank.
But the ways of Wall Street were not for Harvey. Nevertheless he was cautious enough to help himself to some of the profits that were forthcoming in those days of great amalgamations.
These amalgamations went on continually; and as they advanced, the condition of the cultivator of the ground, and of the peaceful merchant or traveller, was improved, for the rules and regulations for the collection of the tribute became more fixed and settled, and men knew more and more what they could calculate upon, and could regulate their business accordingly.
By the amalgamations announced at the end of 1917, and that of the County of Westminster with Parr's announced on February 1st, the number of joint stock banks will be reduced to 32. The picture would be still more striking if the figures of the private banks were included, since their number has been reduced, since 1891, from 37 to 6.
It yielded prodigiously. At night they found that they had washed out gold to the value of forty pounds sterling! The particles of gold were all large, many being the size of a grain of corn, with occasional nuggets intermixed, besides quartz amalgamations.
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