THE HAMILTON ASSOCIATION 53 
The shareholders that year, however, had to forego the usual 
dividend. 
The Bank has been ready and able to assist the Government 
in every time of trouble. It was conspicuously helpful during 
the tremendous disaster which occurred to the financial world at 
the bursting of the South Sea Bubble, and, to instance a more 
recent assistance, which is still before the mind of the public, was 
the help that it gave to the financial world in coming to the rescue 
of the House of Baring. 
The premises which the Bank now occupies is on Thread- 
needle Street, and comprises about four acres of land. The build- 
ing is constructed in the shape of a fort and was built to resist 
attack by force from without, and, consequently, the architecture 
of it is somewhat plain. The building is entirely lighted by sky- 
lights and windows from the courts within. In 1772 the Bank 
was attacked during the Gordon Riots. It was repelled by the 
officers, who mounted guard, and by the assistance of the militia. 
Ever since that time a military force marches to the Bank at sun- 
set and is on guard there until the Bank commences its business 
the next morning. 
In 1826 the Bank surrendered its monopoly of issuing notes 
in the Provinces, retaining the sole right, however, of issuing 
notes within a radius of sixty-five miles of London. 
Tn 1884 the Bank Act, introduced by Robert Peel. divided the 
Bank into two separate departments. The Bank was allowed at 
this time to issue fourteen million pounds sterling against securi- 
ties, eleven million pounds sterling representing the debt owing 
by the Government to the Bank. All issue above this fourteen 
million pounds sterling has to be against gold coin or bullion of 
equal value to the issue, and which now amounts to about fifty 
million pounds sterling. There is no limit to this issue, but coin 
or bullion of equal value has to be deposited with it for every 
pound it issues beyond the amount allowed against securities. 
The Bank also has the right to take up two-thirds of the issue of 
all the Provincial Banks which had power to issue notes at that 
time and which had ceased to issue. It will thus be seen that 
