Word: bankes
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Dates: during 1920-1929
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...third time in succession, the Rt. Hon. Montagu Collet Norman was elected to "the Chair" (Governorship) of the Bank of England...
...Bank of England or, more correctly, the Governor and Company of the Bank of England, came into being with the Tonnage Act of 1694. It was and still is an essentially private concern, receives deposits and in general conducts a public banking business. But it is something more: the Government Bank and the National Bank...
...close connection with the Government has been maintained since the day of its birth; for, on that day, it lent the State ?1,200,000 in perpetuity. For 70 years (1884 to 1914) it was practically the sole bank which had the right to issue notes; but, since the outbreak of the War, the Treasury has issued notes far in excess of the Bank of England's issue. The Committee of Treasury, formed of an indefinite number of the older members of the directorate of 24, regulated the daily business between the Bank and the Treasury, for which...
Ever since the War, the Government has been compelled to meet its prodigious expenses by issuing bank notes that were backed by an insignificant gold reserve. In other words, the value of the franc depreciated, causing prices to rise to new heights. This, in turn, forced the Government to issue still more paper francs. And so the dog went on chasing its tail...
Etienne Clementel mounted the tribune of the Senate. . . . There was eager attention. First, he announced the obvious fact that France had erred previously by placing too much hope in German reparations payments. Then he warmed to his subject. He pointed out that many of the bank notes now in circulation were being hoarded by the people, advocated a new note issue to replace the old. He pointed out that, before the War, the note and metal circulation was 11,500,000,000 francs; that, since the value of the franc...