The subscription for the £1,200,000 was completed in ten days. The Bank began its business on July 27, 1694. Its offices were at first the Grocers’ Hall, where they continued until the year 1743. In this year the new building, part of the present edifice, was completed. Maitland describes it as “A most magnificent structure; the front next the street is about 80 feet in length, adorned with columns, entablature, etc., of the Ionick order. There is a handsome courtyard between this and the main building, which, like the other, is of stone, and adorned with pillars, pilasters, entablature, and triangular pediment of the Corinthian Order. The hall is 79 feet in length, and 40 in breadth, is wainscotted about 8 feet high, has a fine fretwork ceiling, and a large Venetian window at the west end of it. Beyond this is another quadrangle, with an arcade on the east and west sides of it: and on the north is the Accomptant’s Office, which is 60 feet long, and 28 feet broad. There are handsome apartments over this and the other sides of the quadrangle, with a fine staircase adorned with fretwork; and under it are large vaults, that have very strong walls and iron gates for the p reservation of the cash.” By the charter they constituted a Governor, who must have £4000 in Bank stock; a Deputy Governor, who must have £3000; and twenty-four Directors, who must have £2000 each. The Bank, although a year or two after its foundation its utility was fully recognised by merchants, did not command complete confidence for many years. Pamphlets were written against it. They were answered in 1707 by Nathaniel Tench, a merchant. The defence is instructive. Maitland sums it up:— “The chief purpose of this defence was to vindicate a corporation, and the management thereof; not so much from crimes they had already been guilty of in the experiment of eleven or twelve years, as the fear of what they might do hereafter.” The charter of the Bank was renewed in 1697 to 1711; in 1708 to 1733; in 1712 to 1743; in 1742 to 1765; in 1763 to 1786; in 1781 to 1812; and so on. There have been times of tightness. In 1697 the Bank was forced to suspend partially payment in coin, giving 10 per cent once a fortnight, and afterwards at the rate of 3 per cent once in three months. In 1720 it escaped the disaster of the South Sea Bubble. In 1745, when London was thrown into a panic by the approach of the Pretender, there was a run upon the Bank. This was staved off by paying slowly in silver. In the year 1797, by an order in Council, last payments were suspended. These events, however, belong to the after history of the Bank.