BANK OF ENGLAND

Hokitika Guardian, 16 April 1931, Page 7

BANK OF ENGLAND

rebuilding on old site FEATURES PRESERVED. ;1 s a bank,” is a savin* but U • ls „„ L generally so true as sonic people mav think. There are banks, and banks In America they collapse in dozens m times of crisis. ".Vale as the Hank ot England,’ is much more expressive, lor the Bank of England is the safest 111 the world. It is the centre of the financial system of London, which Is the heart of the financial system ol tinworld. "The Old Lady of ThreadneedLStreet.” it is sometimes called, because Threadnoedle is the name of one Of its boundary streets. The Bank arose out of the Tonnage Act ot 1019 and the original capital was £l,mooo. It had many troubles in its early (lavs, and nearly "crashed” at the tin* of the South Sea Bubble. In the nineteenth century there were several crises, and three times the famous Bank Act of 1841 was suspended. It became tlie bankers’ hank, and the repository of the gold that was the basis ol the nation’s credit. The hank buildings that the world has known were the work of Sir Anhu Soane. They became so inadequate that the greater part of the bank stall had to be accommodated elsewhere. There was something characteristically English about the unobtrusive dignity of this block. The safety of tinbank, by the way, is increased bv a nightly guard of troops. It is said that when an American journalist came over to supply ideas to a popular London paper, he was amused to find that there was no telephone at the bank. However, modernising became imperative, and a few years ago it was put in hand. The bank buildhigs occupied nearly three and a half acres, and it was realised that something besides nimnmrcinl factors had to be considered. Artistic and historical inirresis must, receive due weight. It was decided, in order to preserve as far as possible the style and character of the hulling, tire 4 ; the outer walls should lie preserved ar.ri as many of the old rooms as possible, and that rim new building should be raised within them. '1 lie great amount ol consideration given to these alterations is a measure of the veneration that is •Alt for this, the most famous bnnklmilding in the world. The directors consulted at least three eminent architects. including the president of the the Royal Tnsiituie of British Architects. and Bit- Herbert Baker, one of the designers or the m-w Delhi.