Shortly before the removal to New Street, Mr. Edmunds began to wish for a less laborious position. Following the precedent in Mr. Geach's case, he was made managing director, and Mr. Goode took the well-earned position of manager. This arrangement existed until about twelve months ago, when Mr. Edmunds retired altogether from the active administration of the business. He retained, however, a seat at the board as one of the ordinary directors. On this occasion, the board, with the sanction of the shareholders, to mark their sense, of his admirable judgment and unceasing industry, voted him a retiring pension of L1,000 a year. His portrait now hangs in the board-room at the bank, near that of his friend, Mr. Geach. May the walls of this room, in the future, be adorned by the "counterfeit presentment" of successive managers as good and true as these two, the pioneers, have proved themselves! Mr. Goode's qualifications for the post he occupies are not only hereditary, but are supplemented by the experience of more than forty years in this bank, under the able guidance of the two colleagues who have preceded him. His acute perceptions and great financial skill qualify him admirably for the post, whilst his undeviating courtesy has made him very popular, and has gained for him "troops of friends." Notwithstanding the enormous increase in the business of the town and neighbourhood, there was no other bank established in Birmingham for more than twenty-five years. One reason, probably, was that, by a clause in an Act of Parliament, it was made incumbent upon all banks established after it became law, to publish periodical statements of their affairs. This seemed to many shrewd men to be an obstacle to the success of any new bank, although it was felt that there was ample room for one. The passing of the Limited Liability Act opened the way. It was seen that by fixing the nominal capital very high, and calling up only a small portion of its amount, there would always be so large a margin of uncalled capital, that the periodical publication of assets and liabilities could alarm no one. Taking this view, and seeing the probability of a successful career for a new banking institution, a few far-seeing men--notably the late Messrs. John Graham and Henry Clive--soon attached to themselves a number of influential colleagues, and at the latter end of 1861 the prospectus of the Birmingham Joint Stock Bank was issued. Mr. G.F. Muntz was chairman, Mr. Thomas Short, vice-chairman, and Messrs. John Graham, H. Clive, R. Fletcher, J.S. Keep, W. Middlemore, C.H. Wagner, and W.A. Adams were directors. The capital, to the required extent, was eagerly subscribed. Mr. Joseph Beattie, of London, was appointed manager, and the bank opened its doors, in Temple Row West, on New Tear's Day, 1862.