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46
In 1946 Parliament brought the Bank of England into public ownership. The
Governor, Deputy Governor and 46 Directors who form the Court of Directors
are appointed by the sovereign on the recommendation of the Prime Minister. No
longer can it be claimed that the Bank prevents the implementation of desirable
social policies. The Treasury is helped to implement government policies through
the Bank, which controls in various ways the credit policies of the commercial
banks in their relations with the public. The Bank of England is a central bank is
charged with the control of the banking system in the interests of the nation. In
the last 25 years one of the key functions of government has been the manage-
ment of prosperity.
The chief functions of the Bank of England are to act as the Government's
bank in the widest possible sense anticipating where possible the banking prob-
lems that may arise and examining those that do arise. It then undertakes the ap-
propriate operations in the money, capital and foreign-exchange markets. Because
of its influential position in the financial affairs of the country the Bank is able to
give useful financial advice to the Treasury to assist in forecasts of the economic
situation and the balance-of-payments position. It participates in the international
activities of such bodies as the International Monetary Fund and the International
Bank for Reconstruction and Development.
The Stock Exchange
A stock exchange is a highly organized financial market where bonds, stocks
and shares can be bought or sold. The London Stock Exchange is situated in
Throgmorton Street within a few yards of the Bank of England, and at the centre
of financial affairs of the City of London. It is a respected and valued national
institution, but it is not alone. There are independent groups of stock exchanges in
other large cities.
The function of a stock exchange is to put those who wish to sell stocks or
shares in touch with those who wish to buy, so that investments car change hands
in the quickest, cheapest, and fairest manner possible.
Stock is shares that have been consolidated into one block. Every share is an
individual unit paid by a shareholder.
In 1946 Parliament brought the Bank of England into public ownership. The
Governor, Deputy Governor and 46 Directors who form the Court of Directors
are appointed by the sovereign on the recommendation of the Prime Minister. No
longer can it be claimed that the Bank prevents the implementation of desirable
social policies. The Treasury is helped to implement government policies through
the Bank, which controls in various ways the credit policies of the commercial
banks in their relations with the public. The Bank of England is a central bank is
charged with the control of the banking system in the interests of the nation. In
the last 25 years one of the key functions of government has been the manage-
ment of prosperity.
The chief functions of the Bank of England are to act as the Government's
bank in the widest possible sense anticipating where possible the banking prob-
lems that may arise and examining those that do arise. It then undertakes the ap-
propriate operations in the money, capital and foreign-exchange markets. Because
of its influential position in the financial affairs of the country the Bank is able to
give useful financial advice to the Treasury to assist in forecasts of the economic
situation and the balance-of-payments position. It participates in the international
activities of such bodies as the International Monetary Fund and the International
Bank for Reconstruction and Development.
The Stock Exchange
A stock exchange is a highly organized financial market where bonds, stocks
and shares can be bought or sold. The London Stock Exchange is situated in
Throgmorton Street within a few yards of the Bank of England, and at the centre
of financial affairs of the City of London. It is a respected and valued national
institution, but it is not alone. There are independent groups of stock exchanges in
other large cities.
The function of a stock exchange is to put those who wish to sell stocks or
shares in touch with those who wish to buy, so that investments car change hands
in the quickest, cheapest, and fairest manner possible.
Stock is shares that have been consolidated into one block. Every share is an
individual unit paid by a shareholder.
46
