The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-02
THE WORLDS FINANCIAL HUB
SOME INTERESTING FACTS ABOUT THE
BANK OF ENGLAND.
Nearly Two Centuries Oid-Founded by =
scotchman, hut No Scotchmen Need APP
piy-Trsnssotions that Amount TO Many
Bittions in "a Ycar-The management.

| piy-Tr.ns.ctions that Amount TO Many
Bihicns In Yoar-The Management
| From the Prorid,ner JournaL
The Bank OF England Is the most noted
: financial institution in the world. On Jan. l.
1885, 1t will celebrate tho second centennial
anniversary Of its establishment. What his
tory this almost two hundred years OF it's ex-
istence would prove In volume and extent, IL
/ infinitely executed. may be judged from tho
fact that tho simple titles OF the acts OF Parla-
mont passed upon the subject OF its affairs
since the bank was founded. occupy moro
/ than 257 pages OF the indexes to the statutes
/ at large
! This famous institution was established in
1904. having been projected in 1902 by a
Scotch merchant. William Patterson. to relieve
King william III. from the difficulties experi-
enced in raising supplies to prosecute the war
against France. The terms OF the charter
granted July 27. 1904. were that the sum Of
81 200. 900 t$8.000.o00l should be raised and
that the snbserbers, should ri form themselves
bank was also to have the privilege, q keep
ing Dividend. issuing notes. &c. for
which an allowance OF $4,000 year. was
loaned to the Government at 8 per cent. This
interest. together with the $4,000 allowance.
the s very USsee the was per
ed dsss hut al in the SSs Hm
auent. history. 1t is a curious fact that. III
h9shn Snad S by Mnnt Ss rst
countrymen is not recorded. but It is com
Of persons are excluded in practice from en-
ployment at the bank-namely, scotchmen.
The nrst offices, occupied by the bank t1e25
to 1874 we're at the Groeers' Hall; in the
to Threadne edle street Probaily no building
in the world is better known than the irregular
which stands in the financial centre OF the city
Of LONDON. now occupied by this great institu-
the and Tie ST s
metropolis. and the stranger In London. who
Gf rs Of ssS
yeyanHes. might well be led to believe
that the Bank OF England was the he u HItI
ton OF being situated in four parishes; 1t
acres Of ground and ' occupies the space be-
tween Lothbury on the north. Threadneedle
ionic i style alter the Tsmplo OF sISyi at Tivoi
Completed until 7sG. and subsequently. under
the original structure was taken down and
made Sngng the bank to It's
on Tnreadneede street, The general lansing
room. which is open to the public. is a spacious
apartment OF somewhat mOueTn appearance.
The visitor is usually struck with the air Of re-
epectability and business that peryades the
naW Tfs nef
of n swallow-tai cd coat OF delicate SALMON
color. a flaming scarlet waistcoat. black
granted to view the directors room and GER
tain other parts Of the building. including the
tor is provided with IA card or letter of intro
dueton from any reputable merchant or
4 directors order. very difficult hewever.
to secure. will permit an inspection OF the
lion. specie. and other valu bles are stored
Here also may be seen large collection 81
coronets, I'm furnished ana rude in execution.
but many a n. in design which ARE, are the
tie ' orsins i Quantity has BEEN melted down
ara coined ne total amount q 9id Eod BULLION j
In another part Of the basement are the bar;
yhss thrt soldiers Tier s5e %
bank. 1t has been the custom to station SOL
diers at the bank ever since the riots OF June.
bank G The Bank Of England first issued notes
n 1888. which We're Of the denomination Of go
notes IN 1893. At one time during the early
Of the cs 81 notes ,bsv Of and
Withdrawn from circulation. and no notes
nTe issued for l nss than 20 and none
be said to be the safest pieces of paper in the
world. as under any, circumstances the
bank cOulu pay with ROlu every one III clECu-
lation without one pound of the capital of the
institution being touched They are a legal
tender everywhere in the United X ngdom. ex-
cept at the bank itself. whore they must be
paid in gold. These notes are all made in the
bank building. and when once paid back into
the hank are never again issued out. After GO
kept for ten years and then totally destroyed |
Large quantities OF gold coin and bullion are
constantly being handled and pass in and out
of the bank. On an average $4,000 sovereiRns
pass over the counters every day.
by the Bank Charter act OF 1874 the bank |
was divided into two departments the issue
and the banking. BY the same act the debt |
then due to the bank from the Government was |
stated to be due the Issue department. and
against this they were allowed to issue notes !
without holding gold. The Government debt, |
originally fl.2OU.UOO was subsequently In. I,
crca ed by various amounts. until in 1916 1t !
reached f1i.USO.U 900. but one fourth of this |
was subseq uently repaid. Since 1850 the |
amount has stood at EllOl5.l 100. OH which |
the bank now receives "a per cent. The bank |
started with capital. us stated. OF fl.2Uu.- |
600. In two years this WAS increased to e. |
POI, OGO. In ITO it was again increased to |
955bO, 900. On June 30. 1876. 1t was raised to |
its present sum of Ella. o53.OOO, equal to about !
S72. 7OU.UOO. No reports OF the bank are made |
beyond the regular weekly statement of |
which the following is a copy for May 3, 1893. |
the figures representing pounds sterling. each |
being worth about So OF American money:
ISSUE DEPARTMENT.
Notes issued 4oo36 cio