Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
“An honest man’s the noblest work of God!”
The unpleasant rumours continuing to spread very rapidly, it became
desirable to procure a director with something like respectability
attached to his name; so Mr. Knowles wrote to Sir John Rae Reid,
Governor of the Bank of England, stating, that as he was a native of
Dover he could assist Sir John with his constituents, provided that
gentleman would give his name as director to the falling establishment.
The only reply was a contemptuous refusal, and an unceremonious request
that Mr. Knowles would withdraw the accounts of the West Middlesex from
the custody of the Bank.
In the mean time the established institutions looked on in wonder,
asking themselves when this bold violation of probity would cease. It
was certain that, so long as the new office could procure money from
the public, they would continue to do so. There was no law, indeed,
which could touch them; and when some of their victims hesitated at
continuing their payments, the following specious letter was written by
the agent whom the gang at Baker Street had found means to blind:--
“I have been to London purposely to examine the affairs of this
society, and I can assure you the reports issued against them are
wholly without foundation; the principal part of them are gentlemen
living on their own property. The following is the result of my
investigation, which must surely satisfy the mind of any person as
to their respectability:--63,000_l._ in the Bank of England to meet
emergencies; 160,000_l._ on mortgage property in London, at 7 per cent.
and 8 per cent.; 40,000_l._ on reversionary property; 120,000_l._
on different funded securities; 3000_l._ in the Bank of Scotland;
30,000_l._ on mortgage security in that country; 3000_l._ in the Bank
of Ireland; 10,000_l._ on landed security in that country; and their
paid-up capital is 375,000_l._”
Public-domain text, read in full here on John Shaqi.
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