The First Bank in the World

Oamaru Mail, Volume XXXV, Issue 9729, 4 January 1908, Page 2 (Supplement)

The First Bank in the World

Tlie Bank of England, the greatest I monetarv institution in the universe, was founded! in the''year 1694 by a Scotchman of the name of William Paterson ; euriously enoucrh, the Bank of Scotland, was founded! by an Englishman. In its early diays some fifty-odd - persons, including the directors, comprised: the entire etaff, and one room sufficed! to conduct its businss in; to-day the Bank, with its London and provincial oraches, employs t-xime 1.100 men and! a few score of women, and its name is synonymous'with stability and'security throughout the entire world. The grey stone building, darkened by the smoke of London, is low audi unpretentious ; the long, blank walls, broken only by one entrance on each street, give it the gloomy' appearance- of a- fortress or aaol. The governor and company of the "Bank of England" consists of about twenty-five wealthy City men, who have generally invested'fairly heavily in Bank stock, the £IOO shares of which have nearly trebled in value. These gentlemen constitute the board' of directors; the entire body meet every Thuredav in the court-room to consider whether any change is necessary in the Bank rate, and transact any other business of moment. The director draws £SOO a year. The- governor and deputygovernor the latter invariably attnding daily, receive respectively £2,0C0 and £1,500 annually. Each of the directors has in. hie gift two nominations annually, which are eagerly sought after,. Though it appears almost unthinkable, there wa=a time when- so meat was the dearth of clerical labor that the Bank was- compelled to advertise publicly on the walls lor fortv assistants, and even then they had difficulty in obtaining them; and it is 6aid for some years alter that period' certain of the directors handed nominations, on to their butlers to dispose of. The nominees, who must- be between the ages' of eighteen and- twenty-three years (previously to last year it was eighteen to twenty-five years), must- pass .an examination in such .subjects as arithmetic, .geography, dictation, etc. A certain number of marks musUbe obi taincd, nndV, failing to secure these, the candidate isi rejected l , to be riven one more chance six months later at the next election. . It is necessary also that the fortunate recipients- of the directors" nominations should' pass the Bank's medical officer, and find; a surety for £2,000. The annual pay-roll of the Bank amounts to about £200,000, the salaries ranging from £IOO (up to the last year, £B3) to the newly elected: members to £3,500 a vear to the chief cashier (originally £3000). All clerks must retire at the age of 65 years, when they receive as pension two-thirds of their income. Those who through illhkilth or other causes are compelled to resign, before that age are generally dea.t with fairly .liberally by thd directors, who are also generous in the matter of sick leave. As things are now it cannot be disputed that "The Old Lady of Threadneodlc-s-treet" is a 'distinctly -good mistress to serve, but as in everything else, m the clerical world, time has not improved th» lot of tho worker; many of the former privileges of the bank clerk have been abolished; and while the new system of higher salaries at the start- seemei at first skht to his advantage, the rise is so gradual that in, the long run the Bank is the gainer. On the upper floor of the Bank are the .printing rooms, where five presses are turnins ol,t banknotes at the rate of several thousand ada v. The Tupee notes for the Indian Government are also printed there, and the postal notes for. the Government are here run out to the number of nearlyhalf a. million yearly. The most interesticg machine ale the automatic scales far teSting sovereigns. The coins are fed at about, the rate of on© a second, through a long trough; bri. to a small inclined plate •that shoots' the full weights, out in front and throws the light-weights out at the side. Abbut a hundred thousand; so>vei'eilns'are taken-ini and weighed daily, of which about 2 per cent; are found deficient ill weight These are clipped and returned to the Mint. If in paying in- money into tlie :Bank the shortage in- weight of your gold: amounts to over three grains per sovereign ydii niiistmake good that loss. The gold' is stored' in vaults in the basement from which it is hoistM to the issue, department by lifts. "lii the bullion yard, op-

pMaclied'frdm Lothbiiry, 'gold U taken in ofr feded out' frorii the. Balm." Here, too, ify clerks "of, the different banks .who come fP<laTge quantities of gold! are accommodatedl.'; A note, .when onoe paid into the Bank, never;ijoes oilfc again; it is cancelled, relegate*' lo 1 its ptiper place, stored for se*eh--yearsi .and 1 tinemburiii. All notes jost ih any.way}, siich as shipwreck, lire, etc., means A pure igahi to the Bank, which hi 'spite of its iriarly ixpenses, big salary roll, 'Ac'.; makes a handsome profit. Most of this, of course, is the interest on the vast ,simiß' of -money the Bonk is always lending ■■"'{<> its: customers in the various jjartsibf iiio world., r Many of the offices in the;; Bank are/.«i;chitecturally ; very fiiiej though none approach the magnificence of entrant* tail '-of liteßank of Mnotreai; rrii Montreal;, the. designing and coloring of whicli iriike"it ,6tte i.of .the-show ', places of A&riads •;: Wit; still", ihe. Private Drawing oil to the.cffarjniflg-^Bank'gafderij -veritably an desert- of bricks and; mortar, are hai'd to beat