Bank of England loan subscribed in 4 hours (62 words)

Historical Context Note

  • Editors


Founded in 1694 with an initial nominal capital of £1.2m, the annuities offered by Bank of England had become so well established that its offer in February 1709 of £2m in loan bills at 6% was taken up in under four hours, a spectacular achievement taken by Britons and Continentals alike as proof of the extraordinary economic powerhouse that the City of London had become.

Editors. "Bank of England loan subscribed in 4 hours". The Literary Encyclopedia. First published 01 January 2010
[, accessed 27 October 2016.]