The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-06-27
earlier y.ar. 81 was s.bieo.sd to many .un.

earlier ysars II was subjected TO many runs.
aome organized by the Jealous private bank
ers, some the result OF political causes.
The policy Of the bank has been assailed
many times on both sides. Pamph-
nssn v uius' a.s.olina Il, covering
many shelves in tho British museum. OF
cou 90 many OF these par ers are just in
their ciiticism. and may are unjust. The
management has not been without it,
faults. The volumes Of information col
!eoteo together on banking and currency
BY parliamentary conn ittees between
che years 1887 and 1919 tend to show
tho reckless conduct into which the
directors fell u that junoturs Of the
banks history. In 1924 the amount Of gold
in the vaults amounted to IA. 142. 600 pounds.
the largest sum that had evsr been held up
to that tins. In the panic Of 1925. IN which
no less h no banks in Great Britain
failed, the demand for gold was emo; nous.
Every effort was mado to procure gold any
price. Meanwhile tho accumulation of the
bank had drifted away owing to the turn
In foreign exchanges, and in December. the
bank (whioh at tho b eginning Of the year
had over IA. OOO.0 600 in eold) had about
]. 1000, 600 pounds left. A way out of tho
difficulties caused by that panic was found
In the issue Of some l pound notes found in
an old chest which had been forgotten. but
which was discovered ct an appropriate
tima.
The present governor Of the bank Is Mr..
David Powell. and the deputy governor 10
Mr.. Clifford Wigram, ench receiving a sal
airy Of $1,000 rer year. The chief cashier.
M. Frank May. is known shs world over
BY reason Of his familiar signature on tho
bank notes. The bank has twenty-four
directors. each of whom must hold G2,0O
of stock, and who receive $500 a year COM
pensation. There are in all 1.O5O persons
employed in ths various departments OF
the institution, and their united salaries
amount to about 81. 400. 600 . year.
% TO 1926 it was the only joint stock
bank in England. and until 1885 it re-
manned the only joint stock bank in Lon
don. Al that date tho London and West
minister bank was founded. and at the same
time forty other joint stock banks were g.
tablished in Great Britain. The original
charter gave the BAN Of England the sx-
elusive privilege Of issuing notes. payable
on demand, but il did not give It the ex-
elusive privilege of receiving deposits. In
the old days when the charter was framed
the torn banking referred chiefly to the is
; sas of then ao'''' h. deposit t 5.n11ne r b,
Bank Of England il not only the
banker Of the government. but is also
the bankers bank. All other banks keep
their bullion reserves at the bank of Eng
land. and that 10 one fact that gives tho
establishment its special importance 40 the
This reserve 10 seldom allowed to fall below
10. 600. 600 pounds. = fair average being from
ID. 600. 600 TO 14,O00,0 900 pounds. The daily
transactions of this institution sometimes
run a. high as {. 5000, 600 pounds. The num-
ber Of pc aons receiving dividends ia nearly
284, 600. Nearly 25,0O0.OO0 pounds ($124.-
600. 0OO) arc annually paid out by the bank
as dividends ON stocks and annuities reach
ing the enormous sum of IT'S. 600, 600 pounds.
OF. say. So. 873. 600. 600!
During the year 1892 the stock of The
bank sold 40 high as 344 pounds per share,
and 40 low ns 1926 POUNDS. The highest
Dividend ever paid was in 1897, 2711 per
cent. and the lowest during the years
17b3-63. ~ per cent. For the past twenty
years the dividend has averaged about 10
per cent.