Article on the foundation of the Bank: -1694

Page 74

The History and Proceedings of the House of Commons: Volume 5, 1713-1714. Originally published by Chandler, London, 1742.

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It must be observed that, in the fourth Session of this Parliament, viz. March 23, 1693-4, the Royal Assent was given to an Act for raising 1,500,000 l. by voluntary Subscriptions; the Subscribers to be incorporated, and to erect a Bank, and to receive Recompence out of certain Duties arising from Tonage and Poundage, and from Beer and Ale; which was the Foundation of the Bank of England.

That, on June the 8th following, a Draught of a Commission for taking Subscriptions for the said Bank, together with a Schedule, containing a Draught of a Charter for the Corporation of the said Bank, were first approved and signed by her Majesty (Queen Mary.)

And that the Charter itself, (which was to pass the great Seal, after the first Day of August, if the Sum of 1,200,000 l. or one Moiety, or more thereof, should be subscribed by that Time, or sooner, if the whole should be sooner subscribed) was accordingly granted towards the Middle of July, the Commissioners having taken Subscriptions amounting to that full Sum by the 5th of that Month.