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.
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Citation: Editors, Litencyc. "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 23 April 2024.]
