BOOM IN MONEY MARRIAGES.

Press, Volume LIV, Issue 16156, 9 March 1918, Page 3

BOOM IN MONEY MARRIAGES.

£219,000.000 CONTROLLED BY

TWO BANKS

Thorp appears to bo little doubt that before lone: the amalgamation of large banks will undergo a further development (says a London paper of December 16th). On December sth the London and Provincial and the London and Southwestern, with joint deposits of £70.000.000, announced their amalgamation." Yesterday the National Provincial Bank of England and tlio Union of London and Smiths Bank announced a fusion. Both of these amalgamations take effect from January Ist, 1018. r . The enormous importance of the "marriages" of these banks cannot bo over-estimated. Practically every oneof the old-fashioned, privatelv-run banks has been absorbed by the big joint-stock concerns; now the latter are commencing to absorb caeli other. i'he probabilities are that other largo joint-stock banks will, for their own protection, also amalgamate.. The London and Provincial and tho London and South-Western have between them 271 branches in town and country. Tho National Provincial, which conducts an extensive business all over the country, has no fewer than 444 branches, with total deposits of £96,000,000. The Union of London and Smiths Bank has 225 agencies and branches, with deposits of £53,000,000. The so combined thus reach the gigantic sum of £149,000,000, thMotal of which is only exceeded bv the London City and Midland Bank, with £180,000,000. Lloyds Bank now ranks third with £141.000,000. Exactly how far this fusion of interests is to be carricd only the future can tell. It has been on the tapis for some years past, but it has been left to the financial strain of the war to make the amalgamation effective. Outside the recently "married" banks there are now eight large clearing banks left in London —the, London City and Midland, Lloyds, London County and Westminster, Barclays, Parrs, Onpital and Counties, London Joint Stock, , and Williams Deacons. It is quite likely that some of these will amalgamate before very long. The banking business-' of Great Britain has increased on an /-unprecedented scale during the past three years. Since June, 1914, tjhe deposits of the London City and Midland Bank have increased from £95,027,000 to £180.417,000, an increase cf £85,390,000. Two of the greatest bankers of the world are involved hi the recent amalgamations: Sir Frederick'Banbury, M.P., t"he chairman of the London and Provincial, and Sir Felix Schuster, the governor of the Union of London and Smiths Banks. They have an opponent worthy of their steel in Sir Edward Holden, tho managing director of the London City and Midland.

Financi.nl circles in London view the trend of amalgamation with slightly perturbed feelings. Tliey are doubtful as to what tho outcome will be,- and do not view with equanimity the likelihood of other amalgamations taking place in the near future. ,