and Shropshire. In November 1908, the bank had a total of 84 branches and 24 sub-branches. Further development in Liverpool The strong commercial connection between Liverpool and Wales, and the strength of Liverpool as a commercial centre meant that the bank remained permanently headquartered in Liverpool at the following locations: from establishment to 1873: James Street; from 1873 onwards : 62 Castle St (until the 1908 merger) 1908 to 1980s: 62 Castle Street (as a branch of Midland Bank); 1980s onwards: Dale Street (after merger of the two branches, the Dale Street branch previously having been a branch of another Liverpool bank). In 1901 the Liverpool base was further strengthened when the bank acquired Leyland and Bullins, a banking firm with strong shipping and cotton trade connections which had been founded in 1807. Reputation Under the management of George Rae (banker) the selection and training of staff and the efficiency of book-keeping systems were given high priority in comparison with other country banks. The large number of managers and clerks using the Welsh language was particularly distinctive. Graduates of the bank included (in addition to Rae) distinguished bankers such as R Meredith Jones, Liverpool manager between 1868 and 1894, and Rowland Hughes, general manager between 1897 and 1908 and the bank owed much of its reputation to the quality of its staff and its methods. Merger In November 1908 the bank merged with Midland Bank. The merger was initiated by Sir Edward Holden, 1st Baronet who was the chairman of Midland Bank and its managing director (chief executive officer). He was a leading figure in bank mergers of the period. Although the bank had been profitable between 1868 and 1895, with dividends of 17'/2%, the business subsequently declined. In particular, the business cycle of the cotton industry and the Panic of 1907 led to a decision to merge with Midland Bank. At the time of the merger the bank’s paid-in capital was £750,000, bank reserves were £512,000, deposits were £11 million and advance payments and bills (negotiable instrument) were £7'/2 millions. After the merger the branches and staff of the bank became part of the much larger Midland network. Bank notes In the 19th century, most private banks issued their own bank notes. The Bank Charter Act 1844 restricted this practice and only banks that issued notes before the implementation of the Act could do so and would lose the