15 November 2007

Interviewing Sir William Paterson

Farrakh: Good afternoon Sir William Paterson and thank you for taking time to see me today.

William: no problem thank you for having me, So what kind of questions would you like to ask me about?

Farrakh: I was interested in how you founded Bank of England.

William: Well i can say it was'nt easy but i returned to London from the Bahamas and made my fortune with foreign trade (primarily with the West Indies) in the Merchant Taylor Company. In 1694, I founded the Bank of England, described in my pamphlet A Brief Account of the Intended Bank of England, to act as the English government's banker. I proposed a loan of £1.2m to the government; in return the subscribers would be incorporated as The Governor and Company of the Bank of England with banking privileges including the issue of notes. The Royal Charter was granted on July 27, 1694.

Farrakh: Wow thats very interesting and as much as i'd love to hear more about how you founded Bank of england im afraid we are out of time also i am very grateful that you took time from your busy schedule to see me and i hope we can have another interview in the future.

William: I hope so and also thank you for having me, goodbye.

Posted by Farrakh at Thursday, November 15, 2007

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