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Updated: May 12, 2025
All this while a light had been growing in Gilbart's brain, and now he saw.
Gilbart's History and Principles of Banking we present the following brief analysis of this important act: "The Act of Parliament by which the Bank was established is entitled 'An Act for granting to their majesties several duties upon tonnage of ships and vessels, and upon beer, ale, and other liquors, for securing certain recompenses and advantages in the said Act mentioned to such persons as shall voluntarily advance the sum of fifteen hundred thousand pounds toward carrying on the war with France. After a variety of enactments relative to the duties upon tonnage of ships and vessels, and upon beer, ale, and other liquors, the Act authorizes the raising of 1,200,000 pounds by voluntary subscription, the subscribers to be formed into a corporation and be styled 'The Governor and Company of the Bank of England.
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