WESTMINSTER BANK LIMITED. British joint stock banking company, one of the "Big Five" of British banking. The London and Westminster Bank, in which it had its begin ning, was the pioneer of joint-stock banking in London, and was founded, in the face of strenuous opposition, in 1834. Its incep tion was the outcome of the persistent efforts of W. R. Douglas and a group of friends, who, dissenting from the popularly held belief that the Bank of England had legally a complete monopoly of joint-stock banking within a radius of 65m. of London, and interpreting the restriction to apply only to banks of issue, re solved to test their case, and applied to parliament for a defini tion of the Bank of England's powers. The law officers of the Crown upheld the view that the hank's charter did not prevent the formation of joint-stock banks in the London area, provided that they did not issue notes, and the legality of such institutions was affirmed by the Bank Charter Renewal Act of 1833.
On the removal of this legal obstacle, Douglas's committee formed a bank of deposit which they termed the London and Westminster Bank. In March 1834 the bank commenced opera tions, with a paid-up capital of only £50,000, and with L30,000 in its tills. In 1854, admission to the London Bankers' Clearing House was secured, and the bank became a limited liability company in 1880.
The company absorbed from time to time a number of private and joint-stock banks. In 1909 amalgamation was effected with the London and County Banking Company, which had an impor tant business in London and the home counties. The London County and Westminster Bank (Paris), of which the entire capital was held by the parent bank, was established in 1913, and opened branches in France and Belgium. The affiliation of the Ulster Bank, Ltd., took place in 1917, and other amalgamations followed: with Parr's Bank, Ltd. (1918), with the Nottingham and Notts Banking Company (1919) ; the Yorkshire banking-houses of Beckett and Company (1919), etc. The bank has built up a strong position as an issuing house, especially in relation to the stocks of British Dominions and Corporations.
The title of the institution was shortened in 1923 to West minster Bank, Ltd., and at the same time the foreign auxiliary became Westminster Foreign Bank, Ltd. At the beginning of 1928, the bank had 97o offices, of which 189 were in the metro politan area. Its authorized capital was £33,000,000, of which L30,533,127 had been subscribed, and £9,320,157 paid up. The reserve equalled the paid-up capital. Current, deposit and other accounts totalled L280,612,019. The head office of the bank is in Lothbury, London. (L. C. M.)