No new private bank is founded in England because men of first-rate wealth will not found one, and men not of absolutely first-rate wealth cannot.
In the present day, also, private banking is exposed to a competition against which in its origin it had not to struggle.
Owing to the changes of which I have before spoken, joint stock banking has begun to compete with it.

In old times this was impossible; the Bank of England had a monopoly in banking of the principle of association.

But now large joint stock banks of deposit are among the most conspicuous banks in Lombard Street.

They have a large paid-up capital and intelligible published accounts; they use these as an incessant advertisement, in a manner in which no individual can use his own wealth.

By their increasing progress they effectually prevent the foundation of any new private bank.
The amount of the present business of private banks is perfectly unknown.