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Overend, Gurney And Company
Overend, Gurney and Company was a London wholesale banking, 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 sporadically by ordinary merchants in addition to their 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 (1786–1856), Samuel Gurney joined the firm in 1807 and too ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company
A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listing (finance), 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 so 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 Kin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Company
In a limited company, the Legal liability, 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 com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir Alexander Cockburn
Sir Alexander James Edmund Cockburn, 12th Baronet (24 December 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 (Em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Chief Justice
The Lord or Lady Chief Justice of England and Wales is the head of the judiciary of England and Wales and the president of the courts of England and Wales. Until 2005 the lord chief justice was the second-most senior judge of the English and Welsh courts, surpassed by the lord chancellor, who normally sat in the highest court. The Constitutional Reform Act 2005 changed the roles of judges, creating the position of President of the Supreme Court of the United Kingdom and altering the duties of the lord chief justice and the lord chancellor. The lord chief justice ordinarily serves as president of the Criminal Division of the Court of Appeal and head of criminal justice, meaning its technical processes within the legal domain, but under the 2005 Act can appoint another judge to these positions. The lord chancellor became a purely executive office, with no judicial role. The equivalent in Scotland is the Lord President of the Court of Session, who also holds the post of Lor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prospectus (finance)
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 other financial firms 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. The issuer may not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraud
In law, fraud is intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), 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, such as obtaining a passport, travel document, or driver's licence. In cases of mortgage fraud, the perpetrator may attempt to qualify for a mortgage by way of false statements. Terminology Fraud can be defined as either a civil wrong or a criminal act. For civil fraud, a government agency or person or entity harmed by fraud may bring litigation to stop the fraud, seek monetary damages, or both. For cr ... [...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 London Wall, the ancient wall around the City of London, which was part of the fortification's Bailey (castle), bailey, hence the metonymic name. The court has been housed in a succession of buildings on the street since the sixteenth century, when it was attached to the medieval Newgate Prison. The current main building block was completed in 1902, designed by Edward William Mountford; its monumental 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 Prison which had been demolished in 1904. The Crown Court sitting in the Old Bailey hears major English criminal law, criminal cases from within Greate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Rate
Bank rate, also known as discount rate in American English, and (familiarly) the base rate in British 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 fe ... [...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 Bank run#Systemic banking crises, 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 Economic bubble, bubbles, currency crisis, 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 (for example, 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 little consensus and financial crises continue to occur from time to time. It is apparent however that a consistent feature of bo ... [...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 fail 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. 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 may acquire more cash from other banks or from the central bank, or limit the amount of cash customers may withdraw, ... [...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 Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, 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. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
