From 1870 onwards the City of London was judged by contemporaries more and more on the functions it performed. This meant that its position in British culture increasingly relied upon which of these functions caught the public's imagination at any particular moment rather than the actual range and importance of the activities conducted within its boundaries. During the years after 1870 the City of London consolidated its position as the dominant financial centre in Britain. Domestically, London-based joint stock banks extended their influence throughout England and Wales by opening ever more branches and taking over provincial banks. Provincial banks followed the same route by taking over London banks and then gradually transferring the centre of their operations to the City. The result was a nationwide branch banking system in England and Wales that was capable of withstanding any financial crises or monetary disturbance. Increasingly, all the City's joint stock banks were seen to possess the stability that was once the exclusive privilege of the Bank of England. City-based joint stock banking became a highly disciplined service conducted according to strict principles and careful monitoring. The last collapse of a major British bank in the nineteenth century took place in 1878 and concerned a Scottish bank, the City of Glasgow Bank, rather than one in the City. This was highly symbolic as Scotland had long been home to best practice in banking and possessed a reputation for thrift and prudence. At the same time the railway and the telegraph, with the telephone appearing from 1879, helped to integrate British financial and commercial markets so that all looked instantly to London for prices and conditions. Again, such activities became routine as bankers, brokers and merchants throughout the country were in constant contact with each other. Finally, joint stock enterprise had passed through a learning curve, making it easier for financiers in the City to provide a realistic valuation of the businesses created. It was now evident that joint stock would not sweep all before it but it was also clear that corporate enterprise could make a real contribution in certain areas of the economy, as well as providing a safe and remunerative investment.