Description
About The Book : The Bank of England is the oldest of the European national banks. ‘ Established in 1694, it has seen the great banks which preceded it disappear one by one and has witnessed the collapse of many later foundations. At the present day it still remains the most famous, and from many points of view, the most original bank in the world. A very slight study of English history shows the importance of this great institution to the Government and to the English nation. The loans made by the Bank to William III. and Queen Anne enabled England to regain that position among European nations which she had to all appearances hopelessly lost. The English Government sought help from the Bank on the eve of all the eighteenth century wars, and on the day of reckoning which followed the insanities of the Land Bank and of the South Sea Bubble. Finally, not only the establishment of public credit by the formation of the permanent debt, but the organisation of the floating debt, and even the conversion of the national debt, are in the main the work of the Bank. Much has changed since these far-distant days. The machinery of credit has extended, and big loans have become customary.
