BANK OF ENGLAND INCORPORATION ACT (1694). An Act for Granting to Their Majesties several Rates and Duties upon Tunnage of Ships and Vessels, and upon Beer, Ale and other Liquors, for Securing certain Recompences and Advantages in the said Act mentioned, to such Persons as shall Voluntarily Advance the Sum of Fifteen hundred thousand Pounds towards carrying on the War against France.

NINE YEARS WAR. Great Britain. Parliament.

Published by London: Charles Bill and the Executrix of Thomas Newcomb, 1694

About this Item

Folio (10.75 inches). 5 & 6 William & Mary, Chapter 20. Bank of England Incorporation Act, 1694, also known as the Ways and Means Act, 1694 and the Tunnage Act, 1694. General title leaf + pages 323-378. Woodcut Royal coat of arms, headband, and decorative initial. Text in Black Letter. Neatly extracted from a bound volume and expertly mended. The crushing defeat of the Royal Navy at the Battle of Beachy Head in 1690 at the hands of the French prompted England to focus on rebuilding itself as a global naval power, but being unable to borrow money due to its weak credit rating, the country was at a crossroads. William Paterson (1658-1719), a Scottish merchant, recognized the opportunity to lend the government money, and joined with a number of London merchants to propose a bank of credit based on the model used by the Bank of Saint George in Genoa, Italy. The group raised £1,200,000 of the £1,500,000 needed by the government in return for incorporation and exclusive banking privileges. The Bank of England was established on July 27, 1694 by a Royal Charter granted in pursuance of this omnibus Act (see Section 19 of the Act for the actual statement of incorporation, together with further rules and operational parameters outlined on pages 343-372), whereby the exclusive privilege to incorporate as The Governor and Company of the Bank of England was awarded to William Paterson and his colleagues for lending £1,200,000 to the government to rebuild its Navy, carry on the war with France, and address domestic affairs. In respect of their contribution, the Bank was paid a yearly tax-free return of 8 per cent (which equated to an annual sum of £96,000) plus £4,000 for management fees. The privately-owned Bank of England started out as the government s banker and debt manager, and grew into a commercial banking powerhouse that took deposits and issued notes and coins. Seller Inventory # 030

Bibliographic Details

Title: BANK OF ENGLAND INCORPORATION ACT (1694). An...

Publisher: London: Charles Bill and the Executrix of Thomas Newcomb

Publication Date: 1694

Binding: Soft cover

Condition: Very Good

Edition: 1st Edition