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<p>[QUOTE=&quot;De Orc, post: 244986, member: 4408&quot;]Aiden the dept of trade admited they did not have the authority to allow him to issue banknotes in the 1st place, also try reading the 19 July 1844 Bank Charter Act and Companies Act , </p><p><br /></p><p>Parliament legislates to control the economy and establish rules of commercial conduct. During the first half of the 19th century, many banks have over-issued paper banknotes and then collapsed. <b><font size="5"><span style="color: Red">The Bank Charter Act prevents new banks from issuing their own banknotes and strictly limits the number of notes established banks can issue. The Bank of England is given control over how many banknotes can be in circulation, based on the level of its securities and gold bullion reserves. </span></font></b></p><p><br /></p><p>The Companies Act requires companies to register publicly and submit annual accounts.</p><p><br /></p><p>Now that is direct from the act</p><p><br /></p><p>The Treasuary notes were printed with the permission of the Chancellor Lloyd George who over rode the Bank of England objections that &#039;such low value notesd would have to be printed on special paper so take time&#039; by getting the Treasury to do them, the 1st issues were done over a single weekend by Waterlows, He wanted them done in a hurry to preserve the countries gold. He announced it in Parliment on the 5th of August &amp; they were done by the 7th.</p><p><br /></p><p><b><font size="5"><span style="color: Red">Under the 1928 Currency &amp; Banknotes act the Bank of England assumed all responsibility for issuing Banknotes in England &amp; Wales</span></font></b>.</p><p><br /></p><p>Now how many more acts of parliment do you want me to quote before you admit that the Bank of England has the final &amp; only say as to who issues Banknotes in England &amp; Wales??[/QUOTE]</p><p><br /></p>

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