It in time gave the Bank of England the monopoly of the note issue of the Metropolis.

It had at that time no branches, and so it did not compete for the country circulation.

But in the Metropolis, where it did compete, it was completely victorious.

No company but the Bank of England could issue notes, and unincorporated individuals gradually gave way, and ceased to do so.
Up to 1844 London private bankers might have issued notes if they pleased, but almost a hundred years ago they were forced out of the field.

The Bank of England has so long had a practical monopoly of the circulation, that it is commonly believed always to have had a legal monopoly.
And the practical effect of the clause went further: it was believed to make the Bank of England the only joint stock company that could receive deposits, as well as the only company that could issue notes.