Description

This section is from the book "The History, Principles And Practice Of Banking", by J. W. Gilbart. Also available from Amazon: The History, Principles And Practice Of Banking.

The Panic. Part 10

At the weekly meeting of the court of directors there is a statement read of the actual position of the bank in every department, of its securities, of its bullion, and of its liabilities. There is a committee of treasury, who may suggest any measure they think fit for the consideration of the court. The daily transactions of the bank are conducted by a committee of three, assisted by the governor or deputy-governor: no responsible action is taken by the committee without reference to the governor. All bills presented for discount are presented before that daily committee, and they determine upon the bills to be discounted. The bullion is purchased by the governor, who considers that he has no power to refuse the issue of notes for gold bullion brought to him at the bank. The purchasing price of gold has been fixed at £3 17s. 9d. per ounce. The price of silver is regulated by the market price.

On the opposite page is a Table of the dividends, including cash bonuses, paid by the Bank of England to the proprietors from the year 1695 to the present time.

In addition to the indicated dividends and cash bonuses there were distributed to the proprietors of the bank stock as further bonuses: -

In 1799, £1,164,240 in five per cent. Annuities of 1797, being ten per cent. on the bank's capital.

In 1801, £582,120 in Navy five per cent. Annuities, being five per cent. on the bank's capital.

In 1802, £291,060 in Navy five per cent. Annuities, being two and a half per cent. on the bank's capital.

In 1816, £2,910,600 taken from the bank's reserve fund and added to the capital stock of the bank, making it £14,553,000, the amount at which it stands at the present time. This bonus was equal to twenty-five per cent. on the previous capital of £11,642,400.

In the Table on page 98 will be found a more detailed account of all distributions made by the Bank of England amongst the proprietors of bank stock, whether by money payments, transfer of five per cent. Annuities, or otherwise, under the heads of bonus, increase of dividend, and increase of capital, betwixt the 25th February, 1797, and 31st March, 1832, in addition to the ordinary dividend of seven per cent. on the capital stock of that corporation existing in 1797; including therein the whole dividend paid since June, 1816, on their increased capital, stating the period when such distributions were made, and the aggregate amount of the whole.

Year.	Bate per cent.
1695	10
1696
1697	27 1/2
1698	7
1699	9 1/2
1700	10 3/4
1701	9
1702	17
1703	19
1704	15 3/4
1705	15 1/2
1706	18 1/4
1707	7 3/4
1708	12 1/2
1709	16
1710	7 1/2
1711	7
1712	8
to
1714
1715	7 3/4
1716	8
to
1718
1719	17 1/2
1720	7 1/2
1721	6
to
1727
1728	5 1/2
to
1729
1730	5 3/4
to
1732
1733	5 1/2
to
1746
1747	5
to
1752
1753	4 1/2
to
1763

Year.	Rate per cent
1764	4 3/4
1765	5
to
1766
1767	5 1/4
1768	5 1/2
to
1780
1781	5 3/4
1782	6
to
1787
1788	7
to
1803
1804	12
to
1806
1807	10
to
1822
1823	8
to
1838
1839	7
to
1846
1847	9
1848	8
1849	9
1850	7 1/2
to
1852
1853	8
1854	9
1855	8
1856	94
1857	10
to
1858
1859	8 1/2
1860	9 1/2
1861	10
1862	8 1/2

Year.	Rate per cent.
1863	8 3/4
1864	11
1865	10 1/2
1866	11 3/4
1867	10
1868	8
1869	8 3/4
to
1871
1872	9 1/2
1873	10
to
1874
1875	9
1876	9
1877	9 1/2
1878	9 1/2
1879	10 1/2
1880	9 1/2
1881	9 1/2
1882	10 1/2
1883	10 1/4
1884	9 3/4
1885	10
1886	9 1/2
1887	9 3/4
1888	10
1889	10 1/4
1890	10 1/2
1891	11
1892	10
1893	9 3/4
1894	8 1/2
1895	8 1/4
1896	8 1/2
1897	10
1898	10
1899	10
1900	10
1901	10
1902	10
1903	10
1904	9
1905	9

		£
In June, 1799, £10 per cent. bonus in five per cents., 1797, on £11,642,400 is.....................		1,164,240
May, 1801, £5 ditto	Navy five per cents. ditto .	582,120
Nov., 1802, £2 1/2 ditto	ditto ditto .	291,060
Oct., 1804, £5 ditto	Cash ditto .	58 ,120
Oct., 1805, £5 ditto	ditto ditto .	582,120
Oct., 1806, £5 ditto	ditto ditto .	582,120
From April, 1807, to Oct., 1822, both in-elusive ....	Increase of dividend at the rate of £3 per cent. per annum, on £11,642,400, is, 16 years . ..	5,588,352
From April, 1823, to Oct., 1831, both inelusive ....	Increase of dividend at the rate' of £1 per cent. per annum, on £11,642,400, is, 9 years . .	1,047,816
In June, 1816, increase of capital at £25 per cent. is .		2,910,600
From Oct., 1816, to Oct., 1822, both in-elusive ....	Dividend at the rate of £10 per cent. per annum,on £2,910,600 increased capital, is, 6 1/2 years	1,891,890
From April. 1823, to Oct., 1831, both inclusive ....	Dividend at the rate of £8 per cent. per annum,on £2,910,600 increased capital, is, 9 years	2,095,632
Aggregate amount of the whole		17,318,070
Annual dividend payable on bank stock in 1797, on a capital of £11,642,400, at the rate of £7 per cent. per		814,968
Annual dividend payable since June. 1816, on a capital of £14,553,000 to October, 1822, inclusive, at the		1,455,300
Annual dividend payable from April, 1823, to 31st March,1 1832, both inclusive, on a capital of £14,553,000 at the		1,164,240

We now proceed to give a statement of the capital stock of the bank, together with the date on which each addition was made, and the way in which it was raised: -

	£	s.	d.
1694. Original Subscription, 5 & 6 Wm. III. c. 20	1,200,000	0	0
1697. Public Subscription, 8 & 9 Wm. III. c. 20 .	1,001,171	10	0
(In 1707 the additional capital raised in 1697 was paid back, leaving the capital as it originally stood; but in 1709 a fresh subscription of £1,001,171 10s. was made, thereby again raising the capital to what it stood at in 1697.) 1709. Public Subscription, 7 Anne, c. 7	2,201,171	10	0
	4,402,343	0	0
1709. Call of about 15 per cent.......	656,204	1	9
	5,058,547	1	9
1710. Further call of about 10 per cent...........................	501,448	12	11
1722. Public Subscriptions, 7 Geo. I. c. 5.......	3,400,000	0	0
	8,959,995	14	8
1742. Call of about 9 1/2 per cent., 15 Geo. II. c. 13.....	840,004	5	4
	9,800,000	0	0
1746. Call 10 per cent., 19 Geo. U. c. 6 ..........................	980,000		0
	10,780,000	0	0
1782. Call 8 per cent., 21 Geo. III. c. 60 .........................	862,400	0	0
Carried forward.....	11,642,400	0	0

Brought forward ....	£11,642,400	0	0
1816. Added to the stock of each proprietor 25 per cent. from the Rest ......	2,910,600	0	0
Capital at present time.................	£14,553,000	0	0

The following is a Table of the changes in the Bank of England minimum rate of discount from the year 1694 to the present time: -

Date.		Rate.	Remarks.
1694	Aug. 8	6	On Foreign Bills.
,,	Aug. 30	4 1/2	,,
,,	Oct. 24	6	Inland Bills.
1695	Jan. 16	6	Foreign Bills three months to run.
,,	,,	4 1/2	Inland Bills to those who keep cash at Bank.
,,	,,	3	Foreign Bills do.
,,	May 19	3	Running Notes and Bills do.
1704	Feb. 28	4	Foreign Bills made payable at Bank.
,,	,,	5	Do. not do.
1710	June 22	5	Foreign Bills.
1716	July 26	4	Foreign and Inland Bills.
1719	April 30	5	Bills and Notes.
1720	Oct. 27	5	Bills.
1722	Aug. 23	4	Do.
1742	Oct. 18	5	Do. drawn within the Kingdom.
,,	,,	4	Do. without.
1745	Dec. 12	4	Foreign Bills.
1746	May 1	4	Foreign Bills.
,,	,,	5	Inland Bills and Notes.
1773	May 13	5	Foreign Bills.
1822	June 20	4	All Bills and Notes. Currency 95 days.
1825	Dec. 13	5	,,	,,
1827	July 5	4	,,	,,
1836	July 21	4 1/2	,,	,,
,,	Sept. 1	5	,,	,,
1838	Feb.15	4	,,	,,
1839	May 16	5	,,	,,
,,	June 20	5 1/2	,,	,,

Date.		Rate.	Remarks.
1839	Aug. 1	6	Currency 95 days.
1840	Jan. 23	5	,,	,,
,,	Oct. 15	5	,,	65 days.
1841	Jane 3	5	,,	95 days.
1842	April 7	4	,,	,,
1844	Sept. 5	2 1/2	Currency 95 days (Bills).
,,	,,	3	Currency 95 days (Notes).
1845	Mar. 13	2 1/2	,,	95 days.
,,	Oct. 16	3	,,	,,
,,	Nov. 6	3 1/2	,,	,,
1846	Aug. 27	3	,,	,,
1847	Jan. 14	3 1/2	,,	,,
,,	Jan. 21	4	,,	,,
,,	April 8	5	,,	,,
,,	Aug. 5	5 1/2	,,	,,
,,	Sept. 2		(Advances 5%.)
,,	Sept. 30	5 1/2	Currency 1 month.
		6	,,	95 days.
,,	Oct. 25	8	,,	,,
			(Government Letter suspending Act of 1844.)
,,	Nov. 27	7	Currency 95 days.
,,	Dec. 2	6	,,	,,
,,	Dec. 23	5	,,	,,
1848	Jan. 27	4	,,	,,
,,	June 15	3 1/2	,,	,,
,,	Nov. 2	3	,,	,,
1849	Nov. 22	2 1/2	,,	,,
1850	Dec. 26	3	,,	,,
1852	Jan. 1	2 1/2	,,	,,
,,	April 22	2	,,	,,
1853	Jan. 6	2 1/2	,,	,,
,,	Jan. 20	3	,,	,,
,,	June 2	3 1/2	,,	,,

Date.		Bate.	Remarks.
1853	Sept. 1	4	Currency 95 days.
,,	Sept. 16	4 1/2	,,	,,
,,	Sept. 29	5	,,	,,
1854	May 11	5 1/2	,,	,,
,,	Aug. 3	5	,,	,,
1856	April 6	4 1/2	,,	,,
,,	May 3	4	,,	,,
,,	June 14	3 1/2	,,	,,
,,	Sept. 6	4	,,	,,
,,	Sept. 13	4 1/2	,,	,,
,,	Sept. 27	5	,,	,,
,,	Oct. 4	5 1/2	,,	,,
,,	Oct. 18	6	,,	60 days.
		7	,,	95 days.
1866	May 22	6	,,	,,
,,	May 29	5	,,	,,
,,	June 26	4 1/2	,,	,,
,,	Oct. 1	5	,,	,,
,,	Oct. 6	6	,,	60 days.
		7	,,	95 days.
,,	Nov. 13	7	,,	,,
,,	Dec. 4	6 1/2	,,	,,
,,	Dec. 18	6	,,	,,
1857	April 2	6 1/2	,,	,,
			(Advances 7%. Indian Mutiny.)
,,	June 2	6	Currency 95 days. (Advances 6 1/2°/o.)
,,	July 16	5 1/2	Currency 95 days.
,,	Oct. 8	6	,,	,,
,,	Oct. 12	7	,,	,,
,,	Oct. 19	8	,,	,,
,,	Nov. 5	9	,,	,,
,,	Nov. 9	10	,,	,,
,,	Nov. 9		Failure of Western Bank of Scotland.
,,	Nov. 12		(Government Letter suspending Act of 1844.)
,,	Dec. 24	8	Currency 95 days.
1858	Jan. 7	6	,,	,,
,,	Jan. 14	5	,,	,,
,,	Jan. 28	4	,,	,,
,,	Feb. 4	3 1/2	,,	,,
,,	Feb. 11	3	,,	,,
,,	Dec. 9	2 1/2	,,	,,
1859	April 28	3 1/2	,,	,,
			(War between France and Austria.)


,,	May 5	4 1/2	Currency 95 days.
,,	June 2	3 1/2	,,	,,
,,	June 9	3	,,	,,
,,	July 14	2 1/2	,,	,,
1860	Jan. 19	3	,,	,,
,,	Jan. 31	4	,,	,,
,,	Mar. 29	4 1/2	,,	,,
,,	April 12	5	,,	,,

Date.		Rate.	Remarks.
1860	May 10	4 1/2	Currency 95 days.
,,	May 24	4	,,	,,
,,	Nov. 8	4 1/2	,,	,,
,,	Nov. 13	5	,,	,,
,,	Nov. 15	6	,,	,,
			(Withdrawal of gold by Bank of France.)
,,	Nov. 29	5	Currency 96 days.
,,	Dec. 31	6	,,	,,
1861	Jan. 7	7	,,	,,
,,	Feb. 14	8	,,	,,
,,	Mar. 21	7	,,	,,
,,	April 4	6	,,	,,
,,	April 11	5	,,	,,
,,	April 27		(Civil War in America.)
,,	May 16	6	Currency 95 days.
,,	Aug. 1	5	,,	,,
,,	Aug. 15	4 1/2	,,	,,
,,	Aug. 29	4	,,	,,
,,	Sept. 19	3 1/2	,,	,,
,,	Nov. 7	3	,,	,,
1862	Jan. 9	2 1/2	,,	,,
,,	May 22	3	,,	,,
,,	July 10	2 1/2	,,	,,
,,	July 24	2	,,	,,
,,	Oct. 30	3	,,	,,
1863	Jan. 15	4	,,	,,
,,	Jan. 28	5	,,	,,
,,	Feb. 19	4	,,	,,
,,	April 23	3 1/2	,,	,,
,,	April 30	3	,,	,,
,,	May 16	3 1/2	,,	,,
,,	May 21	4	,,	,,
,,	Nov. 2	5	,,	,,
,,	Nov. 5	6	,,	,,
,,	Dec. 2	7	,,	,,
,,	Dec. 3	8	,,	,,
,,	Dec. 24	7	,,	,,
1864	Jan. 20	8	,,	,,
,,	Feb. 11	7	,,	,,
,,	Feb. 25	6	,,	,,
,,	April 15	6	,,	,,
			(Advances 7°/o.)
,,	April 16	7	Currency 95 days.
,,	May 2	8	,,	,,
,,	May 5	9	,,	,,
,,	May 19	8	,,	,,
,,	May 26	7	,,	,,
,,	June 16	6	,,	,,
,,	July 25	7	,,	,,
			(Advances 8%)
,,	Aug. 4	8	Currency 95 days.
,,	Sept. 8	9	,,	,,
,,	Nov. 10	8	,,	,,
,,	Nov. 24	7	,,	,,
,,	Dec. 15	6	,,	,,
1865	Jan. 12	5 1/2	,,	,,

Date.		Rate.	Remarks.
1865	Jan. 26	5	Currency 95 days.
,,	Mar. 2	4 1/2	,,	,,
,,	Mar. 30	4	,,	,,
,,	May 4	4 1/2	,,	,,
,,	May 25	4	,,	,,
,,	June 1	3 1/2	,,	,,
,,	June 15	3	,,	,,
,,	July 27	3 1/2	,,	,,
,,	Aug. 3	4	,,	,,
,,	Sept. 28	4 1/2	,,	,,
,,	Oct. 2	5	,,	,,
,,	Oct. 5	6	,,	,,
,,	Oct. 7	7	,,	,,
,,	Nov. 23	6	,,	,,
,,	Dec. 28	7	,,	,,
1866	Jan. 4	8	,,	,,
,,	Feb. 22	7	,,	,,
,,	Mar. 15	6	,,	,,
,,	May 3	7	,,	,,
,,	May 8	8	,,	,,
,,	May 10		(Overend, Gurney & Co. failed.)
,,	May 11	9	Currency 95 days.
,,	May 12	10	,,	,,
,,			(Government Letter of 11th suspending Bank Act 1844.)
,,	June 13		(War between Prussia and Austria.)
,,	Aug. 16	8	Currency 95 days.
,,	Aug. 23	7	,,	,,
,,	Aug. 30	6	,,	,,
,,	Sept. 6	5	,,	,,
,,	Sept. 27	4 1/2	,,	,,
,,	Nov. 8	4	,,	,,
,,	Dec. 20	3 1/2	,,	,,
1867	Feb. 7	3	,,	,,
,,	May 30	2 1/2	,,	,,
,,	July 25	2	,,	,,
1868	Nov. 19	2 1/2	,,	,,
,,	Dec. 3	3	,,	,,
1869	April 1	4	,,	,,
,,	May 6	4 1/2	,,	,,
,,	June 10	4	,,	,,
,,	June 24	3 1/2	,,	,,
,,	July 15	3	,,	,,
,,	Aug. 19	2 1/2	,,	,,
,,	Nov. 4	3	,,	,,
1870	July 21	3 1/2	,,	,,
			(War between France and Prussia.)
,,	July 23	4	Currency 95 days.
,,	July 28	5	,,	,,
,,	Aug. 4	6	,,	,,
,,	Aug. 11	5 1/2	,,	,,
,,	Aug. 18	4 1/2	,,	,,

Date.		Rate.	Remarks.
1870	Aug. 25	4	Currency 95 days.
,,	Sept. 1	3 1/2	,,	,,
,,	Sept. 15	3	,,	,,
,,	Sept. 29	2 1/2	,,	,,
1871	Mar. 2	3	,,	,,
,,	April 13	2 1/2	,,	,,
,,	June 15	2 1/4	,,	,,
,,	July 13	2	,,	,,
,,	Sept. 21	3	,,	,,
,,	Sept. 28	4	,,	,,
,,	Oct. 7	5	,,	,,
,,	Nov. 16	4	,,	,,
,,	Nov. 30	3 1/2	,,	,,
,,	Dec. 14	3	,,	,,
1872	April 4	3 1/2	,,	,,
,,	April 11	4	,,	,,
,,	May 9	5	,,	,,
,,	May 30	4	,,	,,
,,	June 13	3 1/2	,,	,,
,,	June 20	3	,,	,,
,,	July 18	3 1/2	,,	,,
,,	Sept. 18	4	,,	,,
,,	Sept. 26	4 1/2	,,	,,
,,	Oct. 3	5	,,	,,
,,	Oct. 10	6	,,	,,
,,	Oct. 21		(Advances 7%.)
,,	Nov. 8		(Advances 8°/o.)
,,	Nov. 9	7	Currency 95 days.
,,	Nov. 12		(Advances 9%.)
,,	Nov. 28	6	Currency 95 days.
,,	Dec. 12	5	,,	,,
1873	Jan. 9	4 1/2	,,	,,
,,	Jan. 23	4	,,	,,
,,	Jan. 30	3 1/2	,,	,,
,,	Mar. 26	4	,,	,,
,,	May 7	4 1/2	,,	,,
,,	May 10	5	,,	,,
,,	May 17	6	,,	,,
,,	June 4	7	,,	,,
,,	June 12	6	,,	,,
,,	July 10	5	,,	,,
,,	July 17	4 1/2	,,	,,
,,	July 24	4	,,	,,
,,	July 31	3 1/2	,,	,,
,,	Aug. 21	3	,,	,,
,,	Sept. 25	4	,,	,,
,,	Sept. 29	5	,,	,,
,,	Oct. 14	6	,,	,,
,,	Oct. 18	7	,,	,,
			(Advances 8%.)
,,	Nov. 1	8	Currency 95 days.
			(Advances 10°/o.)
,,	Nov. 7	9	Currency 95 days.
			(Advances 12%.)
,,	Nov. 20	8	Currency 95 days.
,,	Nov. 27	6	,,	,,
,,	Dee. 4	5	,,	,,
,,	Dec. 11	4 1/2	,,	,,
1874	Jan. 8	4	,,	,,

Date.		Rate.	Remarks.
1874	Jan. 15	3 1/2	Currency 95 days.
,,	April 30	4	,,	,,
,,	May 28	3 1/2	,,	,,
,,	June 4	3	,,	,,
,,	June 18	2 1/2	,,	,,
,,	July 30	3	,,	,,
,,	Aug. 6	4	,,	,,
,,	Aug. 20	3 1/2	,,	,,
,,	Aug. 27	3	,,	,,
,,	Oct. 15	4	,,	,,
,,	Nov. 16	5	,,	,,
,,	Nov. 30	6	,,	,,
			(Advances 7%.)
1875	Jan. 7	5	Currency 95 days.
,,	Jan. 14	4	,,	,,
,,	Jan. 28	3	,,	,,
,,	Feb. 18	3 1/2	,,	,,
,,	July 8	3	,,	,,
			(Heavy failures; Collie and others.)
,,	July 29	2 1/2	Currency 95 days.
,,	Aug. 12	2	,,	,,
,,	Oct. 7	2 1/2	,,	,,
,,	Oct. 14	3 1/2	,,	,,
,,	Oct. 21	4	,,	,,
,,	Nov. 18	3	,,	,,
,,	Dec. 30	4	,,	,,
1876	Jan. 6	5	,,	,,
,,	Jan. 27	4	,,	,,
,,	Mar. 23	3 1/2	,,	,,
,,	April 6	3	,,	,,
,,	April 20	2	,,	,,
1877	May 3	3	,,	,,
,,	July 5	2 1/2	,,	,,
,,	July 12	2	,,	,,
,,	Aug. 28	3	,,	,,
,,	Oct. 4	4	,,	,,
,,	Oct. 11	5	,,	,,
,,	Nov. 29	4	,,	,,
1878	Jan. 10	3	,,	,,
,,	Jan. 31	2	,,	,,
,,	Mar. 28	3	,,	,,
,,	May 30	2 1/2	,,	,,
,,	June 27	3	,,	,,
,,	July 4	3 1/2	,,	,,
,,	Aug. 1	4	,,	,,
,,	Aug. 12	5	,,	,,
,,	Oct. 2		(Failure of City of Glasgow Bank.)
,,	Oct. 14	6	Currency 95 days.
,,	Nov. 21	5	,,	,,
			(Failures of J. and J. Fenton and Sons, Rochdale, Nov. 30; West of England Bank, Bristol, Dec. 14); Tweedy, Williams and Co., Truro, Jan. 4, 1879.)
1879	Jan.16	4	Currency 95 days.

Date.		Rate.	Remarks.
1879	Jan. 30	8	Currency 95 days.
			(Failure of Vivian, Grylls, Kendal and Co., Helston, Feb. 4.)
,,	Mar. 13	2 1/2	Currency 95 days.
,,	April 10	2	,,	,,
			(Failure of Swann, Clough and Co., York, May 8.)
,,	Nov. 6	3	Currency 95 days.
1880	June 17	2 1/2	,,	,,
,,	Dec. 9	3	,,	,,
1881	Jan. 13	3 1/2	,,	,,
,,	Feb.17	3	,,	,,
,,	April 28	2 1/2	,,	,,
,,	Aug. 18	3	,,	,,
,,	Aug. 25	4	,,	,,
,,	Oct. 6	5	,,	,,
1882	Jan. 30	6	(Bank crisis in Paris, failure of the Societe de l'Union Gener-ale.)
,,	Feb. 23	5	Currency 95 days.
,,	Mar. 9	4	,,	,,
,,	Mar. 23	3	,,	,,
,,	Aug. 17	4	,,	,,
,,	Sept. 14	5	,,	,,
1883	Jan. 25	4	,,	,,
,,	Feb. 15	3 1/2	,,	,,
,,	Mar. 1	3	,,	,,
,,	May 10	4	,,	,,
,,	Sept. 13	3 1/2	,,	,,
,,	Sept. 27	3	,,	,,
1884	Feb. 7	3 1/2	,,	,,
,,	Mar. 13	3	,,	,,
,,	April 3	2 1/2	,,	,,
,,	June 19	2	,,	,,
,,	Oct. 9	3	,,	,,
,,	Oct. 30	4	,,	,,
,,	Nov. 6	5	,,	,,
1885	Jan. 29	4	,,	,,
,,	Mar. 19	3 1/2	,,	,,
,,	May 7	3	,,	,,
,,	May 14	2 1/2	,,	,,
,,	May 28	2	,,	,,
,,	Nov. 12	3	,,	,,
,,	Dec. 17	4	,,	,,
1886	Jan.21	3	,,	,,
,,	Feb. 18	2	,,	,,
,,	May 6	3	,,	,,
,,	June 10	2 1/2	,,	,,
,,	Aug. 26	3 1/2	,,	,,
,,	Oct. 21	4	,,	,,
,,	Dec. 16	5	(Advances 6 per cent. Monetary Panic in New York.)
1887	Feb. 3	4	Currency 95 days.
,,	Mar. 10	3 1/2	,,	,,

Date.		Rate.	Remarks.
1887	Mar. 24	3	Currency 95 days.
,,	April 14	2 1/2	,,	,,
,,	April 28	2	,,	,,
,,	Aug. 4	3	,,	,,
,,	Sept. 1	4	,,	,,
1888	Jan. 12	3 1/2	,,	,,
,,	Jan. 19	3	,,	,,
,,	Feb. 16	2 1/2	,,	,,
,,	Mar. 15	2	,,	,,
,,	May 10	3	,,	,,
,,	June 7	2 1/2	,,	,,
,,	Aug. 9	3	,,	,,
,,	Sept. 13	4	,,	,,
,,	Oct. 4	5	,,	,,
1889	Jan.10	4	,,	,,
,,	Jan. 24	3 1/2	,,	,,
,,	Jan. 31	3	,,	,,
,,	April 18	2 1/2	,,	,,
,,	Aug. 8	3	,,	,,
,,	Aug. 29	4	,,	,,
,,	Sept. 26	5	,,	,,
,,	Dec. 30	6	Advances 7%.
1890	Feb. 20	5	Currency 95 days.
,,	Mar. 6	4 1/2	,,	,,
,,	Mar. 13	4	,,	,,
,,	April 10	3 1/2	,,	,,
,,	April 17	3	,,	,,
,,	June 26	4	,,	,,
,,	July 31	5	,,	,,
,,	Aug. 21	4	,,	,,
,,	Sept. 25	5	,,	,,
,,	Nov. 7	6	Advances 7%.
,,	Dec. 4	5	(Involvement of Messrs. Baring Bros. and Co.)
1891	Jan. 8	4	Currency 95 days.
,,	Jan. 22	3 1/2	,,	,,
,,	Jan. 29	3	,,	,,
,,	April 16	3 1/2	,,	,,
,,	May 7	4	,,	,,
,,	May 14	5	,,	,,
,,	June 4	4	,,	,,
,,	June 18	3	,,	,,
,,	July 2	2 1/2	,,	,,
,,	Sept. 24	3	,,	,,
,,	Oct. 29	4	,,	,,
,,	Dec. 10	3 1/2	,,	,,
1892	Jan. 21	3	,,	,,
,,	April 7	2 1/2	,,	,,
,,	April 28	2	,,	,,
,,	Oct. 20	3	,,	,,
1893	Jan. 26	2 1/2	,,	,,
,,	May 4	3	,,	,,
,,	May 11	3 1/2	,,	,,
,,	May 18	4	(Banking crisis in Australia. Heavy bank failures.)
,,	June 8	3	Currency 95 days.
,,	June 15	2 1/2	,,	,,
,,	Aug. 3	3	,,	,,
,,	Aug. 10	4	(Monetary crisis in the United States of America. Heavy failures.)

Date.		Rate.	Remarks.
1893	Aug. 24	5	Currency 95 days.
,,	Sept. 14	4	,,	,,
,,	Sept. 21	3 1/2	,,	,,
,,	Oct. 5	3	,,	,,
1894	Feb. 1	2 1/2	,,	,,
,,	Feb. 22	2	,,	,,
1895	No change		,,	,,
1896	Sept. 10	2 1/2	,,	,,
,,	Sept. 24	3	,,	,,
,,	Oct. 22	4	,,	,,
1897	Jan. 21	3 1/2	,,	,,
,,	Feb. 4	3	,,	,,
,,	April 8	2 1/2	,,	,,
,,	May 13	2	,,	,,
,,	Sept. 23	2 1/2	,,	,,
,,	Oct. 14	3	,,	,,
1898	April 7	4	,,	,,
,,	May 26	3 1/2	,,	,,
,,	June 2	3	,,	,,
,,	June 30	2 1/2	,,	,,
,,	Sept. 22	3	,,	,,
,,	Oct. 13	4	,,	,,
1899	Jan. 19	3 1/2	,,	,,
,,	Feb. 2	3	,,	,,
,,	July 13	3 1/2	,,	,,
,,	Oct. 3	4 1/2	,,	,,
,,	Oct. 5	5	(Outbreak of war in South Africa.)
,,	Nov. 30	6	Currency 95 days.
1900	Jan.11	5	,,	,,
,,	Jan. 18	4 1/2	,,	,,
,,	Jan. 25	4	,,	,,
,,	May 24	3 1/2	,,	,,
,,	June 14	3	,,	,,
,,	July 19	4	,,	,,
1901	Jan. 3	5	,,	,,
,,	Feb. 7	4 1/2	,,	,,
,,	Feb. 21	4	,,	,,
,,	June 6	3 1/2	,,	,,
,,	June 13	3	,,	,,
,,	Oct. 31	4	,,	,,
1902	Jan. 23	3 1/2	,,	,,
,,	Feb. 6	3	,,	,,
,,	Oct. 2	4	,,	,,
1903	May 21	3 1/2	,,	,,
,,	June 18	3	,,	,,
,,	Sept. 3	4	,,	,,
1904	April 14	3 1/2	,,	,,
,,	April 21	3	,,	,,
1905	Mar. 9	2 1/2	,,	,,
,,	Sept. 7	3	,,	,,
,,	Sept. 28	4	,,	,,
1906	April 5	3 1/2	,,	,,
,,	May 3	4	,,	,,
,,	June 21	3 1/2	,,	,,
,,	Sept. 13	4	,,	,,
,,	Oct. 11	5	(Heavy shipments of gold to America and elsewhere.)
,,	Oct. 19	6

The establishment of joint stock banks at a distance beyond sixty-five miles from London having been permitted by Act, 7 Geo. IV. c. 46, 26th May, 1826, it is desirable to present in the following Table the average Bank rate for each year from that period until now.

Year.	Average Bank Rate.
	£	s.	d.
1826	5	0	0
1827	4	10	2
1828	4	0	0
1829	4	0	0
1830	4	0	0
1831	4	0	0
1832	4	0	0
1833	4	0	0
1834	4	0	0
1835	4	0	0
1836	4	7	9
1837	5	0	0
1838	4	2	6
1839	5	2	0
1840	5	1	3
1841	5	0	0
1842	4	5	3
1843	4	0	0
1844	3	10	4
1845	2	13	7
1846	3	6	6
1847	5	3	8
1848	3	14	5
1849	2	19	0
1850	2	10	1
1851	3	0	0
1852	2	3	0

Year.	Average Bank Rate.
	£	8.	d.
1853	3	13	10
1854	5	2	3
1855	4	17	9
1856	6	1	3
1857	6	12	11
1858	3	4	7
1859	2	14	8
1860	4	3	7
1861	5	4	11
1862	2	10	6
1863	4	8	2
1864	7	7	0
1865	4	15	4
1866	6	18	11
1867	2	10	9
1868	2	1	11
1869	3	4	2
1870	3	1	11
1871	2	17	8
1872	4	1	11
1873	4	15	10
1874	3	13	10
1875	3	4	8
1876	2	12	2
1877	2	18	0
1878	3	15	7
1879	2	10	3

Year.	Average Bank Rate.
	£	s.	d.
1880	2	15	4
1881	3	10	0
1882	4	2	8
1883	3	11	4
1884	2	19	1
1885	2	17	7
1886	3	1	0
1887	3	7	0
1888	3	5	11
1889	3	10	11
1890	4	10	5
1891	3	5	2
1892	2	10	6

Year.	Average Bank Rate.
	£	s.	d.
1893	3	1	1
1894	2	2	3
1895	2	0	0
1896	2	9	8
1897	2	12	8
1898	3	4	11
1899	3	15	1
1900	3	19	3
1901	3	14	4
1902	3	6	7
1903	3	15	0
1904	3	6	1
1905	3	0	0

The figures from 1880-1904 are taken from the Banking Almanac.

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		The Panic. Part 10

The Panic. Part 10

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The Panic. Part 10

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