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The benefits to the shareholders would be that in return for the capital invested that would finance the government debt, their company would be incorporated by Royal Charter and become the only limited-liability entity allowed to issue Bank Notes and trade in Bonds and re-lend against the government debt. Charles Montagu had only become a member of parliament in and as a new Chancellor his importance in the success of the initial subscription was significant and impressive in its achievement.
Imagine a major bank being founded today on the back of a newly appointed MP, in less than a fortnight, perhaps not. Over time they had created by convention an informal market and these notes operated as virtual money. With the need to in effect finance the national debt there had been a range of ideas tabled as to how this might be affected but key tot the success of the Bank as a subscription would be enabling it to have a formal monopoly on the issuing of what would become known as Bank Notes.
Till Time's Last Sand: A History of the Bank of England | Reviews in History
The Goldsmith Company had existed in various forms since the 14th century and continues today as the Worshipful Company of Goldsmith in the city of London , with also part of the University of London, Goldsmith College having been founded under its original generous patronage. Gold is of course still important in the sound management of any economy but at the time of founding of the Bank of England it was at its very core.
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The Government needed to spend more than it was earning as income from taxation, sound familiar? Need to research some more connections on that point so back to the Bank. The Bank of england had been opened by Subscription as a Private,not a national Company, approved and authorised by Royal Charter, but it was not alone and had to compete for its markets.
Within just three years of opening its doors, there would also be the complications brought about by the South Seas Company debacle and all of this was running alongside the likes of the East India Company, which operated itself as an authorised Company State in its operations of the Indian markets and continued to accrue substantial profits. The timeline and chronology of events in the history of the Bank of england, is summarised below.
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The 18th century saw the development of Banking throughout Europe, the Bank of England established itself as the major institution in Britain but still not officially a part of formal government. Private banks in London and the country proliferated and fuelled business and economic growth across the country.
Despite the South Seas debacle, longer term the Bank of England was beginning to establish its central role in the British economy. The role and function of the Bank of England would continue to develop during the 20th century. Click on an option below to access.
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The Bank of England
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The Foundation of the Bank of England
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