The Bank Of England was projected by William Paterson, a Scottish merchant, to meet the difficulty experienced by William III in raising the supplies for the war against France, and founded in 1694. 40 merchants subscribed 500, 000 pounds towards the sum of 1,200,000 pounds to be lent to the government at 8 per cent., in consideration of the subscribers being incorporated as a bank. A royal charter was granted in 1694 appointing Sir John Houblon the first governor and the bank commenced active operations on the 1st of January 1695. Research Bank Of England
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Research Bank Of England
