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Overend, Gurney And Company
Overend, Gurney & Company was a London wholesale discount bank, known as "the bankers' bank", which collapsed in 1866 owing about £11 million, equivalent to £ million in . The collapse of the institution triggered a banking panic. History Early years The business was founded in 1800 as Richardson, Overend and Company by Thomas Richardson, clerk to a London bill discounter, and John Overend, chief clerk in the bank of Smith, Payne and Company at Nottingham (absorbed into the National Provincial Bank in 1902), with Gurney's Bank (absorbed into Barclays Bank in 1896) supplying the capital. At that time, bill-discounting was carried on in a spasmodic fashion by the ordinary merchant in addition to his regular business, but Richardson considered that there was room for a London house which should devote itself entirely to the trade in bills. This idea, novel at the time, proved an instant success. Samuel Gurney joined the firm in 1807 and took control of Overend, Gurney and Co. in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states, and therefore have associations and formal designations which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation (though a corporation need not be a public company), in the United Kingdom it is usually a public limited company (plc), i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Company
In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by Share (finance), shares or by guarantee. In a company limited by shares, the liability of members is limited to the unpaid value of shares. In a company limited by guarantee, the liability of owners is limited to such amount as the owners may undertake to contribute to the assets of the company, in the event of being wound up. The former may be further divided in public companies (public limited company, public limited companies) and private companies (private limited company, private limited companies). Who may become a member of a private limited company is restricted by law and by the company's rules. In contrast, anyone may buy shares in a public limited company. Limited companies can be found in most countries, although the detailed rules governing them vary widely. It is also common for a distinct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir Alexander Cockburn
Sir Alexander James Edmund Cockburn, 12th Baronet (24 September 1802 – 20 November 1880) was a British jurist and politician who served as the Lord Chief Justice for 21 years. He heard some of the leading '' causes célèbres'' of the nineteenth century. In 1847 he decided to stand for parliament, and was elected unopposed as Liberal Member of Parliament for Southampton. His speech in the House of Commons on behalf of the government in the Don Pacifico dispute with Greece commended him to Lord John Russell, who appointed him Solicitor-General in 1850 and Attorney General in 1851, a post which he held till the resignation of the ministry in February 1852. Early life and career Cockburn was born in Altona, in what is now Germany and was then part of Brandenburg,1851 Census for England – Barrister, aged 47, of Wakehurst Place, Ardingly, Sussex, with the mother (Louisa Hannah Godfrey née Dalley) and sister (Caroline Louisa Matilda Godfrey) of his partner Amelia (Emi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Chief Justice
Lord is an appellation for a person or deity who has authority, control, or power over others, acting as a master, chief, or ruler. The appellation can also denote certain persons who hold a title of the peerage in the United Kingdom, or are entitled to courtesy titles. The collective "Lords" can refer to a group or body of peers. Etymology According to the Oxford Dictionary of English, the etymology of the word can be traced back to the Old English word ''hlāford'' which originated from ''hlāfweard'' meaning "loaf-ward" or "bread-keeper", reflecting the Germanic tribal custom of a chieftain providing food for his followers. The appellation "lord" is primarily applied to men, while for women the appellation "lady" is used. This is no longer universal: the Lord of Mann, a title previously held by the Queen of the United Kingdom, and female Lords Mayor are examples of women who are styled as "Lord". Historical usage Feudalism Under the feudal system, "lord" had a wid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prospectus (finance)
{{unreferenced, date=October 2015 A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements, biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information. In the context of an individual securities offering, such as an initial public offering, a prospectus is distributed by underwriters or brokerages to potential investors. Today, prospectuses are most widely distributed through websites such as EDGAR and its equivalents in other countries. United States In a securities offering in the United States, a prospectus is required to be filed with the Securities and Exchange Commission (SEC) as part of a registration statement. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraud
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. Internal fraud, also known as "insider fraud", is fraud committed or attempted by someone within an organisation such as an employee. A hoax is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a vi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Old Bailey
The Central Criminal Court of England and Wales, commonly referred to as the Old Bailey after the street on which it stands, is a criminal court building in central London, one of several that house the Crown Court of England and Wales. The street outside follows the route of the ancient wall around the City of London, which was part of the fortification's '' bailey'', hence the metonymic name. The Old Bailey has been housed in a succession of court buildings on the street since the sixteenth century, when it was attached to the medieval Newgate gaol. The current main building block was completed in 1902, designed by Edward William Mountford; its architecture is recognised and protected as a Grade II* listed building. An extension South Block was constructed in 1972, over the former site of Newgate gaol which was demolished in 1904. The Crown Court sitting in the Old Bailey hears major criminal cases from within Greater London. In exceptional cases, trials may be referred t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Rate
Bank rate, also known as discount rate in American English, is the rate of interest which a central bank charges on its loans and advances to a commercial bank. The bank rate is known by a number of different terms depending on the country, and has changed over time in some countries as the mechanisms used to manage the rate have changed. Whenever a bank has a shortage of funds, they can typically borrow from the central bank based on the monetary policy of the country. The borrowing is commonly done via repos: the repo rate is the rate at which the central bank lends short-term money to the banks against securities. It is more applicable when there is a liquidity crunch in the market. In contrast, the reverse repo rate is the rate at which banks can park surplus funds with the reserve bank, which is mostly done when there is surplus liquidity. Determining the rate The interest rate that is charged by a country's central or federal bank on loans and advances controls the money ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leslie Hannah
Leslie Hannah, (born 15 June 1947) is a British economic historian and academic, specialising in business history. During his academic career, he was most closely associated with the London School of Economics. His work focuses on the development of corporations, pensions and banking. Hannah first became a research fellow at St John's College, Oxford in 1969. After posts at Essex and Cambridge, he moved to the London School of Economics where he remained throughout his career. He also had visiting professorships at Harvard Business School, in Tokyo and Paris. In July 2019, he was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences. Publications ;Books *''The rise of the corporate economy: the British experience'' (Baltimore: Johns Hopkins University Press, 1976) * ''The rise of the corporate economy'' (Methuen, 1983 and Routledge, 2010) * ''Management strategy and business development: an historical and com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Run On The Bank
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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