ENGLAND

THE, was | the lished by charter in 1694, and at | bas enjoyed exclusive privileges, as no} B ' banking Senet was allowed to/ shir asine in the kingdom. The charter | The renewed in 1708, but with a more/of | ed monopoly. Yetit was not until the} 131: og of the Banks Bill of 1826 that| Sco! Stock banks began to be established| B wiand; indeed, the first busine of | the ind in London did not begin Gy ain Brit until 1833. The Bank of England stil | fam 3 a monopoly of certain busine , and | app’ uis privilege pays to the government} hou: 000 mae f and the profits arising} B the i ue of notes beyond a certain! eba:. £9 eadition tO (he busine it doce private customers, it acts as the troment Banker, manages the National. and pars its dividends. It { ues bequer bills and government loa also manages much of the nancial pe of the Indian and Colonial ernments. All bankers dealing with London Clearing House have accounts ee Cort glee = net profits ) for the -year en August, |, amounted to £715,767. Since 1816 capital of the Bank has stood at 553,000, and on December 8th, 1903, © was a reserve of £3,148,604. Since Gordon Riots of 1780, when the bank nizes were considered to be in danger attack, a military guard has been tly stationed there. Refer to Jnder. [s. 62]