The Vancouver independent. (Vancouver, W.T. [Wash.]) 1875-1910, 1882-05-11
he Bank OF England.

LII MS nOteS on MS recent EnSliSu TOUR
Howard Carroll. the New York Journal
jst, says: Thanks, too, to one of these
same policemen, we may cross safely
through the mass of whirllug and rum
bling and rafting carriages from the
Royal Exchange, and the merchants
walks" and the house of "Loyds' to
"the old lady in Threadneedle street, ;"
so called by her London children, and
known to other people as the Bank OF
England. Until some other corporation
can boast capital greater than G14,-
$50 900 perhaps they may he permitted
to call it as they do now, "the richest old
lady in the world" The bank is long,
low structure, which covers eight acres
of ground, and in which there are en-
ployed thousand persons. managers,
clerks, messengers and porters, whose
combined salaries amount to about
9225, 900 year. 1t is a private corpora
ton or business, not a department of
the government, as many people sup
pose. 1t has existed for nearly 200 years,
having been founded in 1851 by
shrewd Scotchman named Will
lam Patterson. AS now arranged
the business of the concern is managed
by a governor, deputy governor, and a
board of directors consisting of twenty
four members. OF these eight go out
of Office annually, but they may be and
generally are reelected term after term.
It Is stipulated that the governor must
be proprietor of the bank stock to the
amount of $4,000, and that the deputy
governor and directors shall own stock
to the value of $4,000 and $4,000 respect
lively. So we'll is the bank managed that
the dividend upon the stock is seldom
less than seven per cent, high rate in
England. One share of the par value of
el00 can usually find ready sale for G200
Aside from its privilege of issuing notes
payable on demand-crisp, fresh, beau
tful notes they are and good in all parts
of the world-the Bank of England has
from the government the additional adj
vantage of being allowed to manage the
national debt. To secure the note issue,
as may be stated by the way there never
is less than e15, 200, 900, and sometimes
silver, besides other securities, in the
the vault of the bank. Every bar of the
gold weighs sixteen pounds and is
worth about $500. To protect this
militia is employed. For the MANAGE
ment of the national debt, which now
amounts to fS00, 900 900, the bank re-
ceives 100000 year, comparatively
small commission when it is remembered
that out of it must be paid the expenses
of keeping the many accounts connected
with the colossal debt, the paying of
dividends to it's holders, the collection
of the income tax levied upon it, and the
transfer of stock.
And all this vast business, in addition
to the other affairs of the bank, is con-
Quoted with so much system and care
that losses or error are almost unknown.
In the paying Office, the telling room
and the rotunda, millions upon millions
are handled every day, great heaps of
gold are shoveled about rs though it was
as much sand, and piles upon piles OF
bank notes are counted and sorted about
with the rapidity of the wind. Yet so
well trained are the clerks, and so deli
cate the weighing machinery that light
coin or false note is never passed into
the bank. That nothing is stolen from
it is due in great measure to the vigi-
lance and fidelity of those quiet-looking
beadles who all day long sit so silently at
the doors. AS we pass out they are
sleepy and listless apparently as when
we went in, but let a suspicious charac-
ter or professional thief enter, and their
Dyes will never leave him until he is in
the street again. In short, it is no ex-
aggeration to say that the Bank OF Eng
land is the most carefully watched and
guarded institution in the world.