Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1908-01-09

or the greatest financial Institution in
the world may be enjoyed by as many
persons us possible. When man has
once been governor or has passed the
chair as the saying goes ne becomes
director for life Hence about one-half
OF the directors are permanent Th,
proportion Of permanent directors remains
ABOUT the same from year to year Tho
BOARD Is composed Of the Leading bank
ers OF London, men who are eminent
Tor their financial ability.
There are about $50 persons in the cn-
pIoy of the bank, whose salaries range
IRON $50 to $1,000 Il year. The total pay
ron Is about t,20oO0 year. All sNlarios
IN England are very much smaller than
IN this country The chief cashier, the
secretary and the chief accountant are
PAD only 1900 year, but have COM
portable apartments free of charge for
themselves and families in the bank
building and are required to reside there.
certain number of clerks are also re
CURED to reside in the building, and
they take turns in sitting up all night
in several of the departments, in addition
TO a military guard, which since the
riots OF 1850 has entered ,he central court
at the close of business every day and
remained there until the opening of bust
ness next morning. The guard room IS
conspicuous feature of the bank. II has
a kitchen and dining room and soldiers
are always glad to be tetailed for that
duty.
Each member Of the directory has tbs
privilege of nominating one clerk I'M
rnedately after his election IL the cam
didate passes the required examination
he Is ass sned to duty and retains his
position during good behavior up to tho
age of 80 years when he Is retired upon
full pay. II the number Of vacancies Ia
In excess of the election of directors
they are filled by the deputy governor
from the sons Of clerks already in tho
service subject to the approval Of the
! board and the usual examination.
! Vacancies caused by death, resignation
and retirement among tine stan of Q
! clerks occur SO infreuuently that pos
! tons in the bank are almost hcrvd.tur
md among the clerks are mon whose at-
| Ccstors have been employed there fIr
| four or five generations. one Of ,h,
| bookkecpers was pointed out T. NE AS
! tho representative of the seventh ge.-
| Grafton of the same family who had &c.
cupied the same desk Promotion ior
! merit is strictly adhered TO- Everybody
who enters the bank-excepting the Irr-
| ters janitors and other nonclercal en-
/ ployes-must begin at the bottom, AM
| Il he remains long enough ana shows
sufficient ability he may ultimately he
come chief cashier. But from the Amer
! can point of view it is Imprisonment for
! life A clerk in the Bank Of Engldnd
receives very small ealry compared
TO those paid here. the average being
| less than 81 600 a year. and he has no OPP
portunity of making money outside ur-
less he has capita. 10 invest. But the
positions are sought with even greater
ardor than those under the government
Tho present cashier. John s. Marine
has r"nled mis- position for over %
years. Ao hrst cashier was Charles
MADDOX who wrote The History Of the
Exchequer." Abraham Ncwland who
was cashier from 177s to 1907, was quite
famous. He slept within the bank every
night during that entire period Of y
| years. He never took vacation ard
was never absent from duty a single
| day. He signed every note that was Is
sued by the bank as long he was
cashier and was referred to in a popular
| song of the time: