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REPORT.

SAN FRANCISCO, July 1, 1889.

To his Excellency R. W. WATERMAN, Governor of California:

We have the honor to submit for your consideration the Eleventh Annual Report of the Board of Bank Commissioners.

Two hundred and nineteen banks-a net gain of seventeen during the past year-are now engaged in active business in this State. Twenty-eight are Savings, a gain of five; one hundred and seventeen are Commercial, a net gain of twelve; five are Branches of Foreign banks, identical with last year; thirty-four are Private, a net gain of four; and thirty-five are National, a loss of four.

The classification is suggested by the laws establishing the relations between the banks and this Board. The first three divisions, incorporations either State or Foreign, are licensed by this Board, and are inspected by one or more members of it at least once in every year. These banks and private banks, which are not licensed nor examined by Commissioners, file sworn statements in this office semi-annually-all of which is in accordance with law. The Revised Statutes of the United States forbid inspection of National banks by State officials. We are therefore indebted to the courtesy of the respective officers for all statements in this report from such banks. For the information thus supplied, which enables us to place the entire banking business before the people, we offer the thanks of all persons interested in the banks.

The corporate changes effected in some of the banks during the year have been notable. No State bank has adopted the National system, although such transfers have been of common occurrence for many years, but National and State banks have consolidated, in one instance the National absorbing the State, and in another the State the National. We have also to report the adoption of the State system by a National bank, engaged successfully in business. No similar case is on record, and we believe the occurrence to be unprecedented in the banking of the State. Elsewhere in this report we offer a brief synopsis of the two systems.

The following incorporations have commenced business since our last report:

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