THE "OLD LADY OF TIIREADNEEDLE STREET." (To THE EDITOR or
THE " SPECTATOR.")
SIR,—Tho Bank of England was incorporated on July 27th. 1694. with a capital of £1,200,000, which sum the merchants of London subscribed and lent to William and Mary at S per cent. To-day the National Debt is about £5,000,000,000, and the whole business of the transfer of stock and the issue of bonds, registered and inscribed stock, is conducted by the Bank. The general public do not appreciate, I am sure, the enormous volume of work done in the Bank, and the courtesy and efficiency shown by the officials in the doing of it, and the con- sequent invaluable service rendered to the public at large. A technical explanation of how the business is done would only weary the layman, but the method is very typical of our national character, and I doubt if such a system would be workable in any other country in the world. Once you are introduced and are known to the ladies and gentlemen of the Bank, and to certain fierce-looking old gentlemen who sit in separate and raised desks in prominent positions, and you have caught the right spirit, and have become acclimatized to the atmosphere (and there is a tremendous atmosphere there), you bear a charmed life. All you have to do is to take your receipt to the right lady or gentleman, say good morning, open a hook (in which you will always find ready an entry corresponding to your receipt), sign the book and the receipt, which the aforesaid lady or gentleman witnesses, and behold £100,000 stock has gone out of your name " unto " some one else. The only title that some one else has got is that his or her stock is " inscribed in the books of the Bank of England." There is a kindliness and helpfulness among all concerned which is remarkable, and the smooth working is due to the com- plete trust and confidence that exists between the officials and those whore business and privilege it is to work with them. The Spectator and the Bunk of England both give you the same kind of feeling, quite indescribable, but based on the knowledge that there is nothing quite like them, or quite as wonderful in the world. If this letter is printed it would not be complete without a tribute to the quiet confi- dence they both inspire and the deep debt of gratitude which is owed them both by all who come in contact with them.—I am,
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