On May 26, 1826, the Royal sanction was given to an Act which virtually destroyed the monopoly of the Bank of England, and laid the foundation of the present Joint Stock Banks, or rather what they were before they took advantage of limited liability. It is 7 Geo. IV. c. 46, and is entitled, "An Act for the better regulating co-partnerships of certain bankers in England." But it does not seem to have been acted on in London, at all events till 1833, when we have advertisements soliciting subscriptions to the London and Westminster Bank, the Imperial Bank of London, and the National Provincial Bank of England. The London and Westminster Bank was established March, 1834; the National Provincial Bank of England in 1833; the National Bank in 1835; the London Joint Stock Bank in 1836; as also the Commercial Bank of London and the London and County Bank; whilst in 1837 was started the Union Bank of Australia. When William IV. died, the trade of the country was in a very depressed state, as we learn by the _Annual Register_, June 13, 1837, which quotes from the following papers:-- "We are sorry to say that trade in this district continues in a very depressed state; and the consequence is, a scarcity of employment and low wages for the operatives, amongst whom, we regret to observe, distress prevails to a most deplorable extent."--_Manchester Courier._ "At Manchester it is stated there are fifty thousand hands out of employ, and most of the large establishments are working only half-time. At Wigan, which is not a large place, there are four thousand weavers totally unable to get work. Unless a stimulus is shortly given to commerce, persons who have the means of forming the most correct opinion say that half a million of hands at least will be idle in the manufacturing districts in the very worst time of the year."--_Morning Chronicle._ "The pressure upon manufacturers and commerce has at last reached our county. Within a short time several extensive failures in the 'How of Fife,' along the Leven, as well as in the towns upon the coast, have taken place."--_Fifeshire Journal._ "A meeting convened by the circular of several gentlemen was held on Friday, at the Public Office, for the purpose of considering what measures could be adopted sufficient to relieve the present appalling state of commercial distress. At this meeting it was universally admitted that the number of unemployed workmen, and the consequent distress which prevails, call for the adoption of prompt and efficient measures; and resolutions were passed expressive of the deep sympathy felt by the meeting for their suffering fellow-townsmen and their families."--_Birmingham Journal._