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By 1833 these corporate banks were permitted to accept and transfer deposits in London, although they were prohibited from issuing money, a prerogative monopolized by the Bank of England. Corporate banking flourished after legislation in 1858 approved limited liability for stock-issuing banks. The banking system, however, failed to preserve the large number of institutions typical of U.S. banking. At the turn of the 20th century, a wave of bank mergers reduced both the number of private and stock-issuing banks. The present structure of British commercial banking was substantially in place by the 1930s, with the Bank of England, then privately owned, at the apex, and 11 London clearing banks ranked below the Bank of England. Clearing banks sort and then forward checks to the bank from which they were originally drawn for payment. Two changes have occurred since then: The Bank of England was nationalized (became government-owned) in 1946 by the postwar Labour government; and in 1968 a merger among the largest five clearing banks left the industry in the hands of four: Barclays, Lloyds (now Lloyds TSB Group), Midland (now part of HSBC Holdings), and National Westminster (taken over by the Royal Bank of Scotland in 2000). The larger clearing banks, with their national branch networks, dominate British banking.