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.
We have have no profile for this entry. If you are a qualified scholar and you wish to write for The Literary Encyclopedia, please click here to contact us.
Editors. "Bank of England loan subscribed in 4 hours". The Literary Encyclopedia. First published 01 January 2010
[https://www.litencyc.com/php/stopics.php?rec=true&UID=13853, accessed 20 January 2018.]