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.