Growth of Banking Flashcards
1
Q
The beginning of paper currency
A
1604
2
Q
The Bank of England established
A
1694
3
Q
119 banks in the country excluding London
A
1784
4
Q
County banks allowed to issue bank notes
A
1791
5
Q
Why was issuing bank notes good?
A
efficient way of paying wages
6
Q
Cap removed, increased stability and confidence in banks
A
1826
7
Q
Parliament allows joint stock banks to issue checks
A
1833
8
Q
Why does Parliament allow joint stock banks to issue checks?
A
So commercial transactions could be done faster
9
Q
808 Banks
A
1808
10
Q
Who were the first recognised bankers in London and why?
A
Goldsmiths, who exchanged gold for paper receipts/bills
11
Q
What did counties have?
A
their own system of banking under businessmen with financial experience
12
Q
Why was banking significant?
A
- Allowed entrepreneurs and innovators to establish themselves
- Bank loans as machines were expensive
- Investments
- Emerging middle class
