The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1882-06-21
THE BANK OF ENGLAND.



Thanks to one of the policeman, we
may cross safely through the mass of
whirling and rumbling and .attling carriages
from the Royal Exchange the merchants
walks and the house of Lloyds y to- g the
old lady in Threadneedle-stree so called
by her London children, and known to 9TH
er people as the Tank of England. Until
some other corporation can boost capital
greater than ga 900, 900 perhaps they may
be permitted to call their favorite, as they
do now, 4" the richest old lady in the world. y
The bank building is low, long structure,
which covers eight acres Of ground, and in
which there are employed thousand per-
sons, managers, clerks, messengers. and
porters, whose combined salaries amount to
f225,000 year. 1t is a private corporation
or business, not department of the Gov
eminent as many people suppose. 1t has
existed nearly 200 years, having been found
cd in 1851 by shrewd Scotchnlan named
William Patterson. As now arranged the
business of the concern is managed by q
Governor, a Deputy Governor, and Board
VI DhSSeoho SOhoiotiiisss vi Il ulbIlDtfS. vi
these, go out of Office annually, but they
may be and generally are reelected term
after term. 1t is stipulated that the Cover
or must be proprietor of the bank stock
to the amount of 1000, and the Deputy
Governor and Directors shall own stock of
the value of f3, 900 and G., 200, respectively.
So well is the bank managed that the diyi-
dend upon the stock is seldom less than Z
per cent, a high rate in England and one
share of the par value of e100 can usually
find ready sale for 1890. Aside from its
privilege of issuing notes payable on de-
mand-crisp, fresh, beautiful notes they are,
and good in all parts of tho civilized world
the Bank of England has from the Gov
eminent the additional advantage of being
allowed to manage the national debt To
secure the note issue, as may be stated by
the way, there is never less than els, 900, 900
and sometimes as high as f25, 900, 900 in
gold bars and silver beside other securities,
in the bank vault Every bar of the gold
weighs 16 pounds and is worth about $500.
To protect this great treasure at night q
company of militia is employed. For the
management of the national debt, which
now amounts to eS00,000, 900, the bank re-
ceiyes goo, 900 year, acomparatiyely small
commission when II is remembered that
out of it must be paid the expenses of keep
ing the many accounts, connected with the
colossal debt, the paying of dividends to iti
holders. the collection of the income tax
levied upon it, and the transfer of stock
All this vast business, in addition to the
other affairs of the bank, is conducted with
50 much system and care that losses or en-
rors 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 shoyeled about
as though it was so much sand, and piles
| upon piles of bank-notes are counted and
sorted about with the repidity of the wind.
Yet so we'll trained are the clerks, and SO
delicate the weighing machinery, that q
light coin or false note is never passed
into the bank That nothing is stolen from
it is due in great measure to the vigilance
and fidelity of those quiet-looking beadles
who all day long sit silently Mt the doors.
AS we pass out they are us sleepy and listless
apparently as when we went IN, but let o
suspicious or professional thief enter, and
their eyes will never leave him till he is in
the street again. In short, it is no exaggera-
tion to say that the Bank of England is the
most carefully watched and guarded money
institution in the world