Banking Flashcards
(18 cards)
In 1866 how many Joint Stock Banks were open with how many branches?
154 Joint Stock Banks with 850 branches.
When was Lancashire Banking Company set up?
1826
When was the Bank of England established?
1694
How many banks were established in Britain in 1784?
119 banks
How many banks were established in 1808?
800 banks
When were county banks granted permission to issue bank notes?
1797
Who was Cardiff Bay docks built by in 1839?
Marquess of Bute
What did the Bank of England Charter deny?
Denied note issuing to banks with 6+ members.
When was the Bank of England Charter cap on issuing bank notes repealed?
1826
In 1761 how many pounds of cotton were imprinted to Britain?
Over 3 million pounds.
In 1833 how many pounds of cotton were imported to Britain?
Over 300 million pounds.
How many people were employed by the cotton trade in 1833?
Over 833,000 people.
When was Richard Arkwright’s Water Frame invented?
1761
When was Samuel Compton’s Spinning Mule invented?
1779
How did the Bank of England Charter impact the growth of Banking?
Kept banking localised and small scale.
Who were the first people to practice the idea of banking?
Goldsmiths - kept gold safe in return for receipts/bills of exchange.
Why was joint stock banking so significant?
- speed of commercial transactions increased.
- established a financial network.
Why was banking so significant to the Industrial Revolution?
- Source of capital ton establish businesses and startups.
- Technological innovations could be adopted commercially and across the nation.
- United gentleman farmers with industrialising centres of commerce through investments.
