SECRETS OF A BANK.

Otago Daily Times, Issue 20706, 2 May 1929, Page 6

SECRETS OF A BANK.

HOW A RUN WAS MET. Subterfuges resorted to by the Bank of England to meet the run following the. collapse o* South Sea Company were, mentioned by Mr W. Marston Acres in a recent lecture before the London Society, Y ho , was -, 30 years an official of the bank, said that one device adopted in order to gain time was to pay demands tor cash in shillings and sixpences. The_ counting was a long process. Another device was for the cashiers to pay large sums to certain friendly individuals who went out at «me»door with bags of money and returned shortly afterward by another entrance to' pay it all in again. ihe practice of keeping a military guard at the bank dated from the time oi the Gordon Riots m 1750. At first the City Corporation raised strong objection to what they deemed an interference with their control of the city. The citizens generally complained bitterly of the arrogant behaviour of the soldiers, who marched two abreast along the Strand, fleet street, and Cheapside, jostling and pushing people out of their wav. Various theories had been put forward said Mr Acres, to account for the bank’s nickname. The Old Lady of Threadneedle street.” He thought it originated trom a cartoon bearing that title, which was drawnby James Gillray in 1791, and depicted William Pitt endeavouring to obtain possession of the bank’s gold. Gillray probably got his inspiration from a speech made by Richard Brinsley Sheriln J-be House of Commons in March 1 «* w “ en Sheridan referred to the banl? as an elderly lady in the city of great credit and long standing, who had unfortunately got into bad company