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· JAMES WILLIAM GILBART, F.R.S.
GENERAL MANAGER OF THE LONDON AND WESTMINSTER BANK.
“ The best security against mismanagement of banking affairs must ever be
IN TWO VOLUME S.
PART II.OF BANKING INSTITUTIONS.
THE BANK OF ENGLAND.
THE Act of Parliament by which the bank was established, is entitled “An Act for granting to their Majesties several duties upon tonnage of ships and vessels, and upon beer, ale, and other liquors, and for securing certain recompenses and advantages in the said Act mentioned, to such persons as shall voluntarily advance the sum of 1,500,0001. towards carrying on the war with France.” After a variety of enactments relative to “the duty upon tonnage of ships and vessels, and upon beer, ale, and other liquors,” the Act authorizes the raising of 1,200,0001. by voluntary subscription, the subscribers to be formed into a corporation, and be styled, “ The Governor and Company of the Bank of England." The sum of 300,0001. was also to be raised by subscription, and the contributors to receive instead, annuities for one, two, or three lives. Towards the 1,200,0001, no one person was to subscribe more than 10,0001. before the first day of July next ensuing, nor at any time more than 20,0001. The corporation were to lend their whole capital to Government, for which they were to receive interest at the rate of 8l. per cent. per annum, and 4,0001. per annum for management; being 100,0001. per annum in the whole. They were not allowed to borrow or owe more than the amount of their capital ; and if they did so, the individual members became liable to the creditors, in proportion to the amount of their stock. They were not to trade in any “goods, wares, or merchandise whatsoever;" but they were allowed to deal in bills of exchange, gold or silver bullion, and to sell any goods,