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Restriction Period
The Bank Restriction Act 1797 ( 37 Geo. 3. c. 45) was an Act of the Parliament of Great Britain which removed the requirement for the Bank of England to convert banknotes into gold. The period lasted until 1821, when convertibility was restored. The period between these two dates is known as the Restriction period. Reasons for restricting An increasing number of people were trading their banknotes for gold. The overprinting of banknotes caused the Bank of England to loose its supply of gold, and due to the gold standard, the value of each banknote was diminishing. The timing of the act, which had been under consideration for a few months owing to runs on banks in Newcastle-upon-Tyne, Sunderland, and Durham that had in turn requested monetary support from the Bank of England, was the invasion of Britain on 22–24 February 1797 by French forces in Fishguard. When news of this event, now known as the Battle of Fishguard, became known in London, a much greater run on the Bank of Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
37 Geo
37 may refer to: * 37 (number) * 37 BC * AD 37 * 1937 * 2037 Media * ''37'' (film), a 2016 film about the murder of Kitty Genovese * ''37'' (album) by King Never, 2013 * ''Thirty Seven'', a Karma to Burn song from the album ''Almost Heathen ''Almost Heathen'' is the third studio album by the stoner rock band Karma to Burn. It was released on September 4, 2001, by Spitfire Records. It was the last album released before their seven-year disbandment in 2002. The album was reissued in ...'', 2001 * ''37'', a DEVO song found on '' Hardcore Devo: Volume Two'' Science * Rubidium, an alkali metal in the periodic table * 37 Fides, an asteroid in the asteroid belt Other uses * 37 (MBTA bus), a bus route in Boston, Massachusetts, US * 37 (New Jersey bus), a NJ Transit bus route in New Jersey, US See also * 37th (other) * List of highways numbered 37 {{Numberdis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In Great Britain
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1797 In Economic History
Events January–March * January 3 – The Treaty of Tripoli, a peace treaty between the United States and Ottoman Tripolitania, is signed at Algiers (''see also'' 1796). * January 7 – The parliament of the Cisalpine Republic adopts the Italian green-white-red tricolour as their official flag (this is considered the birth of the flag of Italy). * January 13 – Action of 13 January 1797, part of the War of the First Coalition: Two British Royal Navy frigates, HMS ''Indefatigable'' and HMS ''Amazon'', drive the French 74-gun ship of the line '' Droits de l'Homme'' aground on the coast of Brittany, resulting in over 900 deaths. * January 14 – War of the First Coalition – Battle of Rivoli: French forces under General Napoleon Bonaparte defeat an Austrian army of 28,000 men, under ''Feldzeugmeister'' József Alvinczi, near Rivoli (modern-day Italy), ending Austria's fourth and final attempt to relieve the fortress city of Mantua. * January 26 & ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciate
In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used. Accountin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peel's Bill
Peel's Bill, or the Resumption of Cash Payments Act 1819 ( 59 Geo. 3. c. 49) was an act of the Parliament of the United Kingdom that marked the return of the British currency to the gold standard, after the Bank Restriction Act 1797 ( 37 Geo. 3. c. 45) saw paper money replacing convertibility to gold and silver under the financial pressures of the French Revolutionary Wars. Controversial in its passing, Peel's Bill generated debate and conflict over the decades that followed. Antecedents The debate over the return to the gold standard dated back at least to the Bullion Report of 1810, whose recommendations of a return to cash payments within two years were hotly opposed by, among others, Nicholas Vansittart on both theoretical and practical grounds. While the principle of a return to gold became broadly accepted, its implementation was repeatedly postponed, until in 1819 public outrage forced the establishment of a committee to review the matter, chaired by Sir Robert Peel. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Old Lady Of Threadneedle Street
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
