III. The Issue Department might not at any time hold more silver than one-fourth part of the gold held. As a matter of fact, the Issue Department holds no silver.
IV. Notes might be demanded from the Issue Department by any person in exchange for gold at the rate of £3 17s. 9d. per standard ounce.
V. If any banker having the power of issue on the 6th May, 1844, should relinquish such issue, the Issue Department may be authorised to increase its issue of notes against securities to the extent of two-thirds of the issue so relinquished; but all the profits on such increased issue against securities were to belong to the Government.
VI. The Bank must issue a weekly statement of the position of both its Issue and Banking Departments, in a prescribed form.
VII. Bankers having the right to issue their own notes on the 6th May, 1844, might continue such issue under certain conditions, and to an agreed amount; but no provision was made compelling such bankers to keep any reserve either in cash or securities against their issues. If any issue lapsed, from any cause, it could not be resuscitated; and no institutions could acquire the right of issue in the future.
VIII. Banks consisting of more than six partners, though within the sixty-five-mile radius of London, might draw, accept, or endorse bills of exchange not being payable to bearer on demand.
The first return issued by the Bank in accordance with the regulations of the new Act was that of the 7th September, 1844, and was as follows:—
| For the Week ending 7th September, 1844 | |||
| Dr. | ISSUE DEPARTMENT | Cr. | |
| £ | £ | ||
| Notes issued | 28,351,295 | Government debt | 11,015,100 |
| Other securities | 2,984,900 | ||
| Gold coin and bullion | 12,657,208 | ||
| Silver bullion | 1,694,087 | ||
| £28,351,295 | £28,351,295 | ||
| Dr. | BANKING DEPARTMENT | Cr. | |
| £ | £ | ||
| Proprietors’ capital | 14,553,000 | Government securities | 14,554,834 |
| Rest | 3,564,729 | Other securities | 7,835,616 |
| Public deposits | 3,630,809 | Notes | 8,175,025 |
| Other deposits | 8,644,348 | Gold and silver coin | 857,765 |
| Seven-day and other bills | 1,030,354 | ||
| £31,423,240 | £31,423,240 | ||
For comparison we append the Return of the 2nd September, 1903.