THE BANK OF ENGLAND.
Some interesting facts about the Bank of England were given by Mr Birch, the Governor, the other night, in replying to the toast of his health, given by the Lord Mayor, at a banquet held at the Mansion House. Mr Birch said the business of the Bank of England had no parallel in any other establishment in the world, inasmuch as it combined with an ordinary banking business the management of the National Debt and the issue and payment of. the greater portion of the note circulation of the country. Some idea of the greatness of the work might be formed from the facts that there were no less than 236,500 accounts open in the public funds, that the number of Bank notes issued during the last year was above 15% millions, representing a sum of £338,000,000, and there was a similar amount cancelled. An accurate register* of every operation was kept, so that any note paid into the bank during the last five years could be produced within a minute or two, with information as to the channel through which it had found its way back to the Bapk, and this notwithstanding that the register represented 77 millions of notes stowed away in 4,500 boxes. It was generally thought that the Bank was extravagant in cancelling the notes which came in, but the matter had been well considered, and it was calculated that if they were to keep a register of the notes their present system was the cheapest.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/SCANT18810509.2.18
Bibliographic details
Ngā taipitopito pukapuka
South Canterbury Times, Issue 2537, 9 May 1881, Page 3
Word count
Tapeke kupu
254THE BANK OF ENGLAND. South Canterbury Times, Issue 2537, 9 May 1881, Page 3
Using this item
Te whakamahi i tēnei tūemi
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.