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Bank Charter Act
The Bank Charter Act 1844 ( 7 & 8 Vict. c. 32), sometimes referred to as the Peel Banking Act of 1844, was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. It is one of the Bank of England Acts 1694 to 1892. Purpose Until the mid-nineteenth century, commercial banks in Britain and Ireland were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. Under the 1844 Act, bullionism was institutionalized in Britain, creating a ratio between the gold reserves held by the Bank of England and the notes that the Bank could issue, and limited the issuance by English and Welsh banks of non-gold-backed Bank of England notes to up to £14 million. The Act also placed strict curbs on the issuance of notes by the country banks, barring any new "banks of issue" in any part of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Short Titles Act 1896
The Short Titles Act 1896 (59 & 60 Vict. c. 14) is an Acts of Parliament in the United Kingdom, act of the Parliament of the United Kingdom. It replaces the Short Titles Act 1892 (55 & 56 Vict. c. 10). This act was retained for the Republic of Ireland by section 2(2)(a) of, and part 4 of schedule 1 to, the Statute Law Revision Act 2007. In that country, this act is one of the Short Titles Acts 1896 to 2007. Section 1 of, and schedule 1 to, the act authorised the citation of 2,095 earlier acts by short titles. The acts given short titles were passed between 1351 and 1893. This act gave short titles to all public general acts passed since the Union of England and Scotland and then in force, which had not already been given short titles, except for those omitted from the Revised edition of the statutes, Revised Edition of the Statutes by reason of their local or personal character. In 1995, the Law Commission (England and Wales), Law Commission and the Scottish Law Commission recom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Currency School
The British Currency School was a group of British economists, active in the 1840s and 1850s, who argued that the excessive issuing of banknotes was a major cause of price inflation. They believed that, in order to restrict circulation, issuers of new banknotes should be required to hold an equivalent value of gold as a reserve. This concept was also known as convertibility and the currency principle. They argued that prices were mostly based on quantity of currency in circulation, but did acknowledge that prices were also affected by deposits. Therefore, by controlling prices banks could limit outflow of gold. Bullionism controversy The Currency School emerged from the beliefs of the Bullionist group, which was prevalent in the early 1800s. When the French landed on English soil in 1797, financial panic arose in Britain. Due to the 18th century banking system, there was high concern of banking panic, a financial crisis that occurs when many bank runs occur at the same time an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknotes Of Northern Ireland
Banknotes have been issued for use specifically in Northern Ireland since 1929, and are denominated in Pound sterling, pounds sterling. They are legal currencies, but technically not legal tender anywhere (including Northern Ireland itself). This is not uncommon as most bank notes are not recognised as tender. However, the banknotes are still widely accepted as currency by larger merchants and institutions elsewhere in the United Kingdom. Issuing banks have been granted legal rights to issue currency, and back the notes with deposits at the Bank of England. The issuing of banknotes in Northern Ireland is regulated by the Currency and Bank Notes Act 1928, the Coinage Act 1971, Banknotes (Ireland) Act 1864 (c. 78), Banknotes (Ireland) Act 1920 (c. 24), Bankers (Ireland) Act 1845, Bankers (Northern Ireland) Act 1928 (c. 15), among others. Pursuant to some of these statutes, His Majesty's Revenue and Customs (HMRC) publishes in the ''Belfast Gazette'' an account of "the Amount of N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknotes Of Scotland
Banknotes of Scotland are the banknotes of the pound sterling that are issued by three Scottish retail banks (Bank of Scotland, the Royal Bank of Scotland and Clydesdale Bank) and in circulation in Scotland. The Bank of Scotland, the oldest bank operating in the country, was the first bank in Europe to successfully print its own banknotes in 1695. The issuing of banknotes by retail banks in Scotland is subject to the Banking Act 2009, which repealed all earlier legislation under which banknote issuance was regulated, and the Scottish and Northern Ireland Banknote Regulations 2009. Currently, three retail banks are allowed to print notes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank. Scottish banknotes are unusual, first because they are issued by retail banks, not government central banks, and second, because they are not legal tender anywhere in the United Kingdom. Scottish bank notes are not legal tender even in Scotland, where, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sterling Area
The sterling area (or sterling bloc, legally scheduled territories) was a group of countries that either adopted or pegged their currencies to the pound sterling. The area began to appear informally during the early 1930s, after sterling had left the gold standard in 1931, with the result that a number of currencies of countries that historically had performed a large amount of their trade in sterling were pegged to sterling instead of to gold. A large number of these countries were part of the British Empire; however, a significant minority were not. Early in the Second World War, emergency legislation united the sterling bloc countries and territories (except Hong Kong) of the British Empire in a single exchange control area to protect the external value of sterling, among other aims. Canada and Newfoundland were already linked to the US dollar and did not join the sterling bloc. The Bank of England in London guided co-ordination of monetary policy in the currency area. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Meulen
Henry Meulen (1881–1978) was a British free banking Free banking is a monetary arrangement where banks are free to issue their own paper currency ( banknotes) while also being subject to no special regulations beyond those applicable to most enterprises. In a free banking system, market forces co ... proponent. Meulen was very involved with different British libertarian advocacy organizations, mainly the Personal Rights Association. Selected works * Meulen, Henry. ''Banking and the Social Problem''. 1909 * Meulen, Henry. ''Free banking''. 1934. * Meulen, Henry. ''Free Banking. An outline of a policy of individualism''. 1934 * Meulen, Henry. ''Individualist Anarchism'' (Reprinted from "The Word," November 1949. With a portrait.) 1949 * Meulen, Henry. ''Industrial Justice through Banking Reform. An outline of a policy of individualism''. 1917 * ''The price of gold''. By T. Goeritz and H. Meulen. 3rd ed. 1972 References External links * Part I of ''Instead of a M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Famine (Ireland)
The Great Famine, also known as the Great Hunger ( ), the Famine and the Irish Potato Famine, was a period of mass starvation and disease in Ireland lasting from 1845 to 1852 that constituted a historical social crisis and had a major impact on Irish society and history as a whole. The most severely affected areas were in the western and southern parts of Ireland—where the Irish language was dominant—hence the period was contemporaneously known in Irish as , which literally translates to "the bad life" and loosely translates to "the hard times". The worst year of the famine was 1847, which became known as "Black '47".Éamon Ó Cuív – the impact and legacy of the Great Irish Famine The population of Ireland on the eve of the famine was about 8.5 million; by 1901, it was just 4.4 million. During the Great Hunger, roughly 1 million people died and more than 1 million more Irish diaspora, fled the country, causing the country's population to fall by 20–25% between 18 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles Read (economic Historian)
Charles Read is a British economic historian who teaches at the University of Oxford. He has written two books and also writes and edits for the Economist magazine. Early life and education Read was born in London and is of English, Welsh, Armenian and Ethiopian ancestry. He completed his BA, MPhil and PhD degrees at Christ's College, Cambridge with a focus on economic history, with his doctoral research garnering four academic prizes. Career Read was a fellow of Corpus Christi College, Cambridge, where he taught economics and history and served as director of a bridging course (an introduction to university life aimed at widening participation). He also served as junior proctor of the university for the 2023/24 academic year. In 2024, Read transferred to Oxford University where he is currently a senior tutor and tutorial fellow at Regent's Park College, Oxford. He is also an elected Fellow of the Royal Historical Society. Read has written and edited for ''The Economist' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknotes Of The Pound Sterling
The pound sterling (symbol: Pound sign, £; ISO 4217 currency code: GBP) is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. The Bank of England has a legal monopoly of banknote issuance in England and Wales. Six other banks (Banknotes of Scotland, three in Scotland and Banknotes of Northern Ireland, three in Northern Ireland) also issue their own banknotes as provisioned by the Banking Act 2009, but the law requires that the issuing banks hold a sum of Bank of England note issues, Bank of England banknotes (or gold) equivalent to the total value of notes issued. Versions of the pound sterling issued by Crown dependencies and other areas are regulated by their local governments and not by the Bank of England. Four British Overseas Territories (Gibraltar, Saint Helena, Ascension Island and the Falkland Islands) also have currencies called pounds which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Notes (Scotland) Act 1845
A banknote or bank notealso called a bill (North American English) or simply a noteis a type of paper money that is made and distributed ("issued") by a bank of issue, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authorities. By extension, the word "banknote" is sometimes used (including by collectors) to refer more generally to paper money, but in a strict sense notes that have not been issued by banks, e.g. government notes, are not banknotes. National banknotes are often, but not always, legal tender, meaning that courts of law are required to recognize them as satisfactory paym ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fox, Fowler And Company
Fox, Fowler, and Company was a British private bank, based in Wellington, Somerset, Wellington, Somerset. The company was founded in 1787 as a supplementary business to the main activities of the Fox Brothers, Fox family, shepherd, sheep-herding and wool-making. Banknote issue Like many other commercial banks of the time, Fox, Fowler, and Company was legally entitled to issue its own banknotes. However, when the Bank Charter Act 1844, Bank Charter Act was passed in 1844, no new banks could issue notes in England and Wales, and the number of note-issuing institutions fell gradually with financial sector consolidation. Fox, Fowler, and Company was the last commercial note-issuing bank in England and Wales, until it was bought out by Lloyds Bank in 1921.Peter Mathias, ''The First Industrial Nation'', Routledge, pp. 326, Under the terms of the 1844 act, the bank lost the legal right to issue banknotes upon its merger with Lloyds, and the Bank of England became the sole note-issuin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit Account
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount owed by the bank to the customer. In other words, the banker-customer (depositor) relationship is one of debtor-creditor. Some banks charge fees for transactions on a customer's account. Additionally, some banks pay customers interest on their account balances. Types of accounts * How banking works In banking, the verbs "deposit" and "withdraw" mean a customer paying money into, and taking money out of, an account, respectively. From a legal and financial accounting standpoint, the noun "deposit" is used by the banking industry in financial statements to describe the liability ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
