You already know of the sensation which my appearance in the world caused, but I have not yet told you that I started in life with the sanction and support of the Government, and that I received my Charter of Incorporation, as it was called, on the day I was born. Those who had the charge of me found it no easy matter to fulfil all that was demanded of them by the Government for my safety. For, by Act of Parliament, passed especially for my benefit, they were authorised and commanded to raise the sum of £1,200,000 within a given time by voluntary subscriptions, and in case of their failing to do this, I was to lose my charter. This was a most difficult undertaking, and under the circumstances its success was doubtful; for, as you may suppose, I had many enemies among the money-lenders and people opposed to the Government, who, from self-interest, did all in their power to ruin me. Happily, however, the subscriptions came pouring in from individuals, both native and foreign, and from bodies political and bodies corporate, and that so rapidly that within ten days the whole sum was obtained and my charter secured; and thus, bound together with the subscribers, I became a corporate body, under the name of the Governor and Company of the Bank of England. And now I must tell you that with this £1,200,000, my original capital, I did my first stroke of business, which was to lend it to the Government, who were in want of money to prosecute the war, and who for the loan of it paid me interest at the rate of 8 per cent., with a further allowance of £4,000 a year for management, which, if you reckon up, you will find afforded me an income of £100,000 per annum—a nice little sum to start in life with. To understand my position, you must hear something of my household and my housekeeping. It was deemed needful and proper that I should have a governor, sub-governor, and twenty-four directors, all of whom, it was decided, must be either natural-born subjects or have been naturalised; and further to render them eligible for my service, they must have a certain sum of my stock—Bank of England Stock—standing in their names and for their use. The governor must possess £4,000 of it, the sub-governor £3,000, and each director £2,000, at least. Regarding my position at this present time, you will scarcely believe how simple and economical was my way of living originally. I occupied only one room in the hall of the Grocers’ Company, and employed but fifty-four assistants, whose united salaries did not exceed £4,350. I must here state that my governors and directors were no expense to me, but served me without proposing any advantage to themselves, save and except the interest they would receive from their contributions to the capital stock of £1,200,000, and the position they would derive from being of my household.