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Cromwell Argus, Volume V, Issue 259, 15 September 1874, Page 3

• On June 15 two deputations—one of Provincial bankers, and the other of London "bankers—had an interview with the Chancellor of the Exchequer, in reference to the recent establishment of branch office of Scotch Banks in England. They complained that by the Act of 1845 Scotch bankers had several privileges granted to them which are denied to the English bankers, and hence it would be placing English bankers at a disadvantage if their brethren in Scotland were allowed to trade in England with those privileges. The Scotch bankers practically had an unlimited issue, partly with and partly without security, and they could issue pound notes. The Scotch banks also had the privilege of issuing on credit to the amout of three millions,' from which alone they derived a profit of about £200,000, a subsidy which en abled them to establish branch banks in small villages. They urged that, when Sir Robert Peel gave the Scotch banks those privileges, it was never intended that they should extend their business into England. The Provincial bankers pointed out they were excluded from opening banks in London, and the London bankers showed that, by the English Act of 1844, they were prevented from issuing bills of exchange payable to bearer on demand within sixty-five miles of London. They submitted that a short Bill should be introduced to confine Scotch bankers to Scotland ; or, if they were to be allowed to do their business in England, they must have their privileges taken from them on an equal footing with English bankers. The Chancellor of the Exchequer said it was a difficult and a complicated matter to deal with, but he must consider what effect imposing restrictions upon Scotland Would have upon foreign bankers, if they chose to do business here.