Ball-flowerBall-flower
Ball-flower, an architectural ornament resembling a ball placed in a circular flower, the three petals of which form a cup round it; usually inserted in a hollow moulding, and generally characteristic of the Decorated Gothic style of the fourteenth century.
Ballia, a town of India, in the United Provinces, on the Ganges, the administrative head-quarters of a district of the same name. Pop. 16,680.
Ballina´, a town and river-port, Ireland, County Mayo, on both banks of the Moy, about 5 miles above its mouth in Killala Bay, with a considerable local and also a little coasting and foreign trade. Pop. 4662.
Ballinasloe´(-slō), a town, Ireland, in Galway and Roscommon counties, 15 miles south-west of Athlone, on both sides of the Suck, noted for its cattle fair, from 5th till 9th Oct., the most important in Ireland. The town contains remains of a castle of Elizabethan date. Pop. 5170.
BallistaBallista as used by the Romans
Ballis´ta, a machine used in military operations by the ancients for hurling heavy missiles, thus serving in some degree the purpose of the modern cannon. The motive power appears to have been obtained by the torsion of ropes, fibres, catgut, or hair. They are said to have sometimes had an effective range of a quarter of a mile, and to have thrown stones weighing as much as 300 lb. The ballistæ differed from thecatapultæ, in that the latter were used for throwing darts.
Ballis´tic Pendulum, an apparatus for ascertaining the velocity of military projectiles, and consequently the force of fired gunpowder. A piece of ordnance is fired against bags of sand supported in a strong case or frame suspended so as to swing like a pendulum. The arc through which it vibrates is shown by an index, and the amount of vibration forms a measure of the force or velocity of the ball.
Ballistics, the science of the motion of projectiles.Interior ballisticsdeals with the motion of the shot while inside the gun, and with the results of the explosion of the charge.Exterior ballisticscomprises a study of the trajectory or path of the projectile in the air, and the causes which affect the shape of this path, such as the density of the air, shape and weight of the shot, rifling of the barrel, angle of fire and speed of the projectile. If the air-resistance be neglected, it can be shown that the trajectory is aparabola. This result, given by Galileo, is of little use in gunnery except when taken along with a knowledge of air-resistance. Robins, in 1742, first measured the muzzle-speed of the shot by firing into a ballistic pendulum and noting the swing of the pendulum. Wheatstone, in 1840, suggested measuring the speed by causing the shot to cut successive wire screens, each of which formed part of an electric circuit. The Boulangé chronograph is a modern development of this idea. Rev. F. Bashforth's experiments, carried out between 1865 and 1880, form the basis ofour knowledge of air-resistance. He found that the latter was proportional to the square of the diameter of the shot, and that, although the resistance is expressible in terms of a power of the speed, this power changes with the speed. The air-resistance is a maximum at about the speed at which sound travels, viz. 1100 feet per second. Artillerists employ ballistic tables based on the results obtained by Bashforth and others, by means of which, given the kind of projectile, its initial velocity, and angle of fire, they can calculate the range and time of flight of the projectile. SeeGunnery.—Bibliography: F. Bashforth,The Motion of Projectiles; J. M. Ingalls,Interior Ballistics; P. Charbonnier,Balistique Extérieure.
Balloon-fish(Tetraŏdon lineātus), ord. Plectognathi, a curious tropical fish that can inflate itself so as to resemble a balloon.
Balloons, the most elementary form of lighter-than-air air-craft, unprovided with any means of propulsion or steering. Deriving its power of sustentation from the gas contained in the gas-bag, the free balloon is spherical in form. It is usually filled with coal-gas, which has a lifting-force of 35 lb. per 1000 cu. feet. Varying in size from 5000 to 20,000 cu. foot capacity, the gas-bag is covered with a 'net', from which is hung the 'basket' for the accommodation of the aeronaut, or pilot, and passengers. The spherical gas-bag has at the bottom an elongation, known as the 'neck', which is open to the air in order that the gas may escape as it expands during the rise into the rarefied atmosphere of the upper air. A 'valve' is fitted at the top, which may be opened by a cord from the basket when it is desired to allow gas to escape in order to descend. Bags containing sand are carried in order that ballast may be dropped when it is desired to rise. A free balloon is completely at the mercy of the wind, and simply drifts where the wind takes it. Balloons are usually constructed of cotton fabric, though occasionally of gold-beater's skin, in which case they are commonly filled with hydrogen in place of coal-gas. A 'trail-rope' is usually carried, with which the practice of 'trailing' may be effected over open country or the sea. This consists in allowing the end of the trail-rope to drag on the ground. As the balloon rises it raises more of the rope off the ground, the additional weight bringing it down again.Per contra, as it falls the weight of the trail-rope is taken by the ground and so lightens the balloon. This tends to maintain the balloon at a uniform height. The greatest height ever attained by a balloon is 37,000 feet, reached by Glaisher and Coxwell in Sept., 1862. Both aeronauts nearly perished from the effects of the cold and rarefaction of the atmosphere. In 1895 Parseval and Siegsfield, two officers of the Prussian army, invented the 'Drachen-ballon' or 'Kite-balloon' (Fr.Saucisse). This consists of a captive balloon comprising an elongated gas-bag fitted with an automatic air-chamber, or 'ballonet', for maintaining the pressure, and automatic stabilizers to prevent yawing off the wind, rolling from side to side, and pitching horizontally. This was improved upon by Captain Caquot of the French army, who in 1916 produced an improved type, offering many advantages, which was used in large numbers by the British, French, and American armies and navies during the Great European War of 1914-8. See alsoAeronautics,Air-ships.—Bibliography:British Military Manual of Ballooning; Rev. J. M. Bacon,The Dominion of the Air; H. Coxwell,My Life and Balloon Experiences; J. Glaisher,Travels in the Air; G. Tissandier,Histoire de mes Ascensions.
Bal´lot, Voting by, signifies literally voting by means of little balls (called by the Frenchballottes), usually of different colours, which are put into a box in such a manner as to enable the voter, if he chooses, to conceal for whom or for what he gives his suffrage. The method is adopted by most clubs in the election of their members—a white ball indicating assent, a black ball dissent. Hence, when an applicant is rejected, he is said to beblackballed. The term voting by ballot is also applied in a general way to any method of secret voting, as, for instance, when a person gives his vote by means of a ticket bearing the name of the candidate whom he wishes to support. In this sense vote by ballot is the mode adopted in electing the members of legislative assemblies in most countries, as well as the members of various other bodies. In ancient Greece and Rome the ballot was in common use. In Britain it had long been advocated in the election of members of Parliament and of municipal corporations, but it was only introduced by an Act passed in 1872.
Ballyme´na, a town of Ireland, County Antrim, 22 miles from Belfast, with a considerable trade in linens and linen yarns, the manufacture of which is carried on to a great extent. Pop. 11,380.
Ballymo´ney, a town of Ireland, County Antrim, 38 milesN.W.of Belfast; linen, chemicals, tanning, and brewing. Pop. 3100.
Ballyshan´non, a small seaport of Ireland, County Donegal, on the Erne, about 1 mile from theS.E.shore of Donegal Bay. Pop. 2471.
Balm(bäm;Melissa officinālis), a plant, belonging to the Labiatæ;, formerly in great repute for its medicinal virtues. A native of the south of Europe, it is cultivated in English gardens. It is a herbaceous perennial, with anerect branching stem about 2 feet high. The leaves arise with the flower-stems from a thick joint at the extremity of the stalk. The flowers are whitish; they are produced in a round terminal umbel, and appear in June. The stems and leaves are slightly stimulating and tonic. They contain an essential oil of a yellowish colour and with a fragrant smell, called oil of balm.
Balm of Gilead, the exudation of a tree,Balsamodendron gileadense, nat. ord. Amyridaceæ, a native of Arabia Felix, and also obtained from the closely-allied speciesBalsamodendron Opobalsămum. The leaves of the former tree yield when bruised a strong aromatic scent; and the balm of Gilead of the shops, or balsam of Mecca or of Syria, is obtained from it by making an incision in its trunk. It has a yellowish or greenish colour, a warm, bitterish, aromatic taste, and an acidulous fragrant smell. It is valued as an odoriferous unguent and cosmetic by the Turks. It is frequently adulterated for market.—Thebalm of Gilead fir, which produces a turpentine called Canada balsam, is theAbies balsamifĕra, a North American species, whose range is from Virginia to Canada. The name is derived fromJeremiah, viii, 22.
Balmain´, a populous western suburb of Sydney,N.S.W., with extensive docks and various industrial works. Pop. 33,000.
Balmer´ino, Arthur Elphinstone, Lord, a Scottish Jacobite, born 1688, executed 1746. He took part in the Jacobite rebellion of 1715, and fought at Sheriffmuir. Having joined the young Pretender in 1745, he was taken prisoner at Culloden, tried at Westminster, found guilty, and beheaded. His title was from Balmerino in Fife.
Balmor´al Castle, a private residence of the British sovereign, beautifully situated on theS.bank of the Dee, in Aberdeenshire, 45 milesW.byS.of Aberdeen. It stands in the midst of fine and varied mountain scenery, is built of granite in the Scottish baronial style, mainly in two connected blocks, and has an imposing appearance. The estate, purchased by the Prince Consort in 1852 and bequeathed to Queen Victoria, extends to about 40,000 acres, mostly deer forest.
Balnaves´, Henry, of Halhill, a Scottish reformer, was born at Kirkcaldy, educated at St. Andrews, and became a lord of session and a member of the Scottish Parliament in 1538. He was one of the commissioners appointed in 1543 to treat of the proposed marriage between Edward VI and Mary. In 1547 he was one of the prisoners taken in the castle of St. Andrews and exiled to France. Recalled in 1554, he busily engaged in the establishment of the reformed faith, assisted in revising theBook of Discipline, and accompanied Murray to England in connection with Darnley's murder. He died in 1579.
Balrampur.SeeBulrampur.
Balsa, a kind of raft or float used on the coasts and rivers of Peru and other parts of South America for fishing, for landing goods and passengers through a heavy surf, and for other purposes where buoyancy is chiefly wanted. It is formed generally of two inflated seal-skins, connected by a sort of platform on which the fisherman, passengers, or goods are placed.
Bal´sam, the common name of succulent plants of the genus Impatiens, family Balsaminaceæ, having beautiful irregular flowers, cultivated in gardens and green-houses.Impatiens balsamīna, native of the East Indies, is a common cultivated species.I. noli-me-tangeregrows wild in Britain, but is not native. SeeImpatiens.
Balsam, an aromatic, resinous substance, flowing spontaneously or by incision from certain plants. A great variety of substances pass under this name. But in chemistry the term is confined to such vegetable juices as consist of resins mixed with volatile oils, and yield the volatile oil on distillation. The resins are produced from the oils by oxidation. A balsam is thus intermediate between a volatile oil and a resin. It is soluble in alcohol and ether, and capable of yielding benzoic acid. The balsams are either liquid or more or less solid; as, for example, the balm of Gilead, and the balsams of copaiba, Peru, and Tolu. Benzoin, dragon's-blood, and storax are not true balsams, though sometimes called so. The balsams are used in perfumery, medicine, and the arts. SeeCopaiba, &c.—Balsam of Gileadorof Mecca, balm of Gilead (q.v.).—Canada balsam. SeeCanada balsam.
Balsam Fir.SeeBalm of Gilead.
Balsa´mo, Joseph. SeeCagliostro, Count.
Balsamoden´dron, a genus of trees or bushes, ord. Amyridaceæ, species of which yield such balsamic or resinous substances as balm of Gilead, bdellium, myrrh, &c.
Balta, a town in the Ukraine, government of Podolia, on the Kodema, an affluent of the Bug, 115 milesN.N.W.of Odessa. Pop. 18,450.
Baltic, Battle of the.SeeCopenhagen;Parker, Sir Hyde.
Baltic Provinces, a term commonly given to the former Russian governments of Courland, Livonia, and Esthonia (q.v.).
Baltic Sea, an inland sea or large gulf connected with the North Sea, washing the coasts of Denmark, Germany, Russia, and Sweden; nearly 900 miles long, extending to 200 broad; superficial extent, together with the Gulfs ofBothnia and Finland, 171,743 sq. miles. Its greatest depth is 126 fathoms; mean, 44 fathoms. A chain of islands separates the southern part from the northern, or Gulf of Bothnia. The water of the Baltic is colder and clearer than that of the ocean: it contains a smaller proportion of salt, and the ice obstructs the navigation three or four months in the year. Among the rivers that enter it are the Neva, Dwina, Oder, Vistula, and Niemen. Islands: Samsoe, Moen, Bornholm, Langeland, Laaland, which belong to Denmark (besides Zealand and Funen); Gottland and Oeland, belonging to Sweden; Rügen, belonging to Prussia; Dagoe and Oesel, belonging to Russia; and the Åland Islands. The Sound, the Great and the Little Belt lead from the Kattegat into the Baltic. The Baltic and North Sea were long connected by the Eider and a canal from it to the neighbourhood of Kiel, but this has been superseded by the great ship canal, starting from the Elbe near its mouth and ending in Kiel Bay.
Bal´timore, a city and port in Maryland, United States, finely situated on theN.side of the Patapsco, 14 miles above Chesapeake Bay. Baltimore takes its name from Lord Baltimore, the founder of Maryland; it was first laid out as a town in 1729; and was erected into a city in 1797. It is well built, chiefly of brick, and is known as the 'monumental city', from the public monuments which adorn it, the principal being the Washington monument. Among its buildings are the city hall, built in Renaissance style, of white marble, with a tower and dome rising 240 feet; the Peabody Institute, containing a library, art gallery, &c.; the Maryland Institute; the custom-house; the post office; the United States court-house and jail, the Johns Hopkins hospital, the Roman Catholic cathedral, &c. The chief educational institution, now one of the most important in the States, is the Johns Hopkins University, endowed with 3,500,000 dollars by its founder (whose name it bears). There is a Roman Catholic archbishop with the rank of primate, and a Protestant episcopal bishop. Industries: shipbuilding; manufactures of iron, wool, cotton, pottery, &c.; sugar-refining, distilling, tanning, the making of agricultural implements, canning oysters and fruits, &c. As a flour market Baltimore is an important centre; and it does an immense trade in exporting tobacco and other products. The harbour is very extensive. Pop. (1920), 733,826.
Baltimore, George Calvert, Lord, born in Yorkshire about 1580, died in London 1632. He was for some time Secretary of State to James I, but this post he resigned in 1624 in consequence of having become a Roman Catholic. Notwithstanding this he retained the confidence of the king, who in 1625 raised him to the Irish peerage, his title being from Baltimore, a fishing-village of Cork. He had previously obtained a grant of land in Newfoundland, but as this colony was much exposed to the attacks of the French he left it, and obtained another patent for Maryland. He died before the charter was completed, and it was granted to his son Cecil, who deputed the governorship to his brother Leonard (1606-47).
Baltimore Bird, an American bird, theIctĕrus Baltimorii, family Icteridæ, nearly allied to the Sturnidæ, or starlings. It is a migratory bird, and is known also by the names of 'golden robin', 'hang-bird', and 'fire-bird'. It is about 7 inches long; the head and upper parts are black, the under parts of a brilliant orange hue. It builds a pouch-like nest, very skilfully constructed of threads deftly interwoven, suspended from a forked branch and shaded by overhanging leaves. It feeds on insects, caterpillars, beetles, &c. Its song is a clear, mellow whistle.
Baluchistan(ba-lö´chi-stän), a country in Asia, the coast of which is continuous with the north-western seaboard of India, bounded on the north by Afghanistan, on the west by Persia, on the south by the Arabian Sea, and on the east by Sindh. It has an area of about 135,000 sq. miles, and a population estimated at 834,703. The general surface of the country is rugged and mountainous, with some extensive intervals of barren sandy deserts, and there is a general deficiency of water. Various kinds of grain are cultivated, and there is abundance of excellent fruits. The main body of the inhabitants are divided into two great branches, the Baluchis and Brahuis, differing in language, figure, and manners. The Baluchi language resembles the modern Persian, the Brahui presents points of agreement with the Dravidian languages of India. The Baluchis in general have tall figures, long visages, and prominent features; the Brahuis have shorter, thicker bodies, with round faces and rather flat features. Both races are Mahommedans, hospitable and brave. There are also many Afghans and others in the country. The Khan of Khelat, the nominal ruler of the whole land, in 1877 concluded a treaty with Britain, in virtue of which he became a feudatory of India. Since then Quetta, in the north-east, occupying an important position, and certain portions of territory, have been absolutely annexed, and in 1887 a separate administration was constituted, and British authority established, under the Governor-General's agent. The area of British Baluchistan, including tribal areas, is 54,228 sq. miles; pop. 414,412. The country nominally under the Khan of Khelat has an area of 72,280 sq. miles; pop. 359,086. Under British administration roads and railways have been made, with telegraphs and a postalservice. Wool, fruits, &c., are exported, cottons and other goods imported, and there is a fair transit trade.—Bibliography: Floyer,Unexplored Baluchistan; T. Thornton,Life of Sandeman.
Bal´uster, a small column or pilaster, of various forms and dimensions, often adorned with mouldings, used for balustrades.
Balustrade´, a range of balusters, together with the cornice or coping which they support, used as a parapet for bridges or the roofs of buildings, or as a mere ornament; also serving as a fence or enclosure for balconies, terraces, staircases, &c.
Baluze(ba˙-lüz), Étienne, French historian and miscellaneous writer, born 1630, died 1718. For more than thirty years he was librarian to M. de Colbert, and was appointed professor of canon law in the Royal College, but displeasing Louis XIV with hisHistoire Générale de la Maison d'Auvergne, he was thrown into prison and his property confiscated. He recovered his liberty in 1713, but did not regain his position. He left some 1500 MSS. in the national library of Paris, besides forty-five printed works, includingRegum Francorum Capitularia(2 vols.) andMiscellanea(7 vols.).
Balzac(ba˙l-za˙k), Honoré de, a celebrated French novelist, was born at Tours in 1799, died 1850. Before completing his twenty-fourth year he had published a number of novels under various assumed names, but the success attending all was very indifferent; and it was not till 1829, by the publication ofLe Dernier Chouan, a tale of La Vendée, and the first novel to which Balzac appended his name, that the attention of the public was diverted to the extraordinary genius of the author. A still greater popularity attended hisPhysiologie de Mariage, a work full of piquant and caustic observations on human nature. He wrote a large number of novels, all marked by a singular knowledge of human nature and distinct delineation of character, but apt to be marred by exaggeration. Among his best-known works are:Scènes de la Vie de Province,Scènes de la Vie Parisienne,Le Père Goriot,Eugénie Grandet, andLe Médecin de Campagne. The publication of this last, in 1835, led to a correspondence between Balzac and the Countess Eveline de Hanska, a Polish lady whom, after about fifteen years, he visited and married. A collected edition of his works, under the titleLa Comédie Humaine, was published in 45 vols., Paris, 1856-9, and another in 1869. In 1899 appeared the first volume of Balzac'sŒuvres Posthumes, and in 1906 the second.—Bibliography: F. Wedmore,Balzac; M. F. Sandars,Balzac; W. H. Helm,Aspects of Balzac; Taine,Essay on Balzac.
Balzac(ba˙l-za˙k), Jean Louis Guez de, French writer, born 1594, died 1654. His writings, which had a great reputation in their day owing to the elegance of his style, are now neglected. The most esteemed are hisFamiliar Letters,Le Prince,Le Socrate Chrétien, andAristippe.
Bamako, capital of the French colony of Upper Senegal and Niger since 1904. It is an important trade-centre and the terminus of the Niger-Senegal railway. Pop. 8000.
Bamba, a district of the Congo,W.coast of Africa, lying to the south of the River Ambriz. It is thickly populated, and is rich in gold, silver, copper, salt, &c.
Bambar´ra, a territory of Western Africa, on the Upper Niger, first visited by Mungo Park, now in the French portion of the Sudan. The country is generally very fertile, producing wheat, rice, maize, yams, &c. The inhabitants are of negro or mixed race, and some are Mohammedans. Excellent cotton cloth is made. The chief town is Segou. Pop. estimated at 2,000,000. SeeSenegal.
Bam´berg, a town of Germany, Bavaria, charmingly situated on several hills, on the navigable River Regnitz, some 3 miles from its mouth in the Main. It is the seat of a Catholic archbishop; the cathedral, founded in 1004 (the present structure dates from 1111), is one of the finest churches in Germany. The royal library contains 100,000 volumes and valuable MSS. Bamberg carries on a large trade; its industries are cotton-spinning, tobacco-manufacture, brewing, &c. Pop. 48,063.
Bambino(ba˙m-bē´nō; It., an infant), the figure of our Saviour represented as an infant in swaddling-clothes. TheSantissimo Bambinoin the church of Ara Cœli at Rome, a richly-decorated figure carved in wood, is believed to be able to perform miracles and heal the sick. According to popular belief, the painting was miraculously done by St. Luke or by an angel. Bambinos are set up for the adoration of the faithful in many places in Catholic countries.
Bambocciades(bam-boch-ādz´), pictures, generally grotesque, of common, rustic, or low life, such as those of Peter Van Laar, a Dutch painter of the seventeenth century, who on account of his deformity was calledBamboccio(cripple). Teniers is the great master of this style.
BambooBamboo (Bambusa arundinacĕa)
Bamboo´, the common name of the arborescent grasses belonging to the genus Bambūsa. There are many species, belonging to the warmer parts of Asia, Africa, and America, and growing from a few feet to as much as 100 feet, requiring much moisture to thrive properly. A peculiarity of the bamboo family is that they flower on reaching a certain age, generally about 130 years.The best-known species isB. arundinacĕa, common in tropical and sub-tropical regions. From the creeping underground rhizome, which is long, thick, and jointed, spring several round jointed stalks, which send out from their joints several shoots, the stalks also being armed at their joints with one or two sharp rigid spines. The oval leaves, 8 or 9 inches long, are placed on short footstalks. The flowers grow in large panicles from the joints of the stalk. Some stems grow to 8 or 10 inches in diameter, and are so hard and durable as to be used for building purposes. The smaller stalks are used for walking-sticks, flutes, &c.; and indeed the plant is used for innumerable purposes in the East Indies, China, and other Eastern countries. Cottages are almost wholly made of it; also, bridges, boxes, water-pipes, ladders, fences, bows and arrows, spears, baskets, mats, paper, masts for boats, &c. The young shoots may be either pickled or salted and eaten with rice, or candied and preserved in sugar; the seeds of some species are also eaten. The substance calledtabasheeris a siliceous deposit that gathers at the internodes of the stems. The bamboo is imported into Europe for various purposes, and is grown in British gardens.
Bambook´, a country in Western Africa between the Falémé and Senegal Rivers, about 140 miles in length, by 80 to 100 in breadth. It is on the whole hilly and somewhat rugged. The valleys and plains are remarkably fertile. The natives are Mandingoes, mostly professed Mahommedans ruled by independent chieftains, most of whom acknowledge the supremacy of France. Gold and ivory are exchanged for European goods.
Bambook-butter, shea-butter (q.v.).
Bam´borough Castle, an ancient English castle on the coast of Northumberland, formerly with connected estate the property of the Forsters, and forfeited to the Crown in 1715, both being purchased by Lord Crewe, Bishop of Durham, and bequeathed by him for charitable purposes.
Bambu´sa.SeeBamboo.
Bam´ian, a valley and pass of Afghanistan, the latter at an elevation of 8496 feet, the only known pass over the Hindu Kush for artillery and heavy transport. The valley is one of the chief centres of Buddhist worship, and contains two remarkable colossal statues and other ancient monuments.
Bamo.SeeBhamo.
Bampton Lectures, a course of lectures established in 1751 by John Bampton, Canon of Salisbury, who bequeathed certain property to the University of Oxford for the endowment of eight divinity lectures to be annually delivered. The subjects prescribed are mainly connected with the evidences of Christianity, and the lecturer must have taken the degree of M.A. at Oxford or Cambridge. The first course of lectures was delivered in 1780, and they have been delivered every year since, with the exceptions of 1834, 1835, and 1841. Among the more remarkable lectures were those by Dr. White in 1784, by Dr. Mant in 1812, by Reginald Heber in 1815, Whately in 1822, Milman in 1827, Dr. Hampden in 1832, H.L. Mansel in 1858, Canon Liddon in 1866, Canon Gore in 1891, J. R. Illingworth in 1894, and W. R. Inge in 1899. A similar course of lectures, the Hulsean, is annually delivered at Cambridge.
Ban, in political law, is equivalent to excommunication in ecclesiastical. In Teutonic history thebanwas an edict of interdiction or proscription: thus, to put a prince under the ban of the empire was to divest him of his dignities, and to interdict all intercourse and all offices of humanity with the offender. Sometimes whole cities have been put under theban, that is, deprived of their rights and privileges.
Ban, anciently, a title given to the military chiefs who guarded the eastern marches of Hungary; till 1919 the title of the Governor of Croatia and Slavonia. A province over which a ban is placed is calledbanat, and is equivalentto the German termmark. During the European War, Serbia occupied the banat to the south of Hungary, and her claims to that region were disputed both by Hungary and Roumania. The territory is bounded almost entirely by the Danube, Theiss, and Maros Rivers, except on the east, where it is shut in by the Transylvanian Carpathians. The banat was ultimately divided between Yugo-Slavia and Roumania. SeeTemesvar.
BananaBanana (Musa sapientum)
Bana´na, a plant of the genus Musa, nat. ord. Musaceæ, beingM. sapientum, while the plantain isM. paradisiăca. It is originally indigenous to the East Indies, and an herbaceous plant with an underground stem. The apparent stem, which is sometimes as high as 30 feet, is formed of the closely-compacted sheaths of the leaves. The leaves are 6 to 10 feet long and 1 or more broad, with a strong midrib, from which the veins are given off at right angles; they are used for thatch, basket-making, &c., besides yielding a useful fibre. The spikes of the flowers grow nearly 4 feet long, in bunches, covered with purple-coloured bracts. The fruit is 4 to 10 or 12 inches long, and 1 inch or more in diameter; it grows in large bunches, weighing often from 40 to 80 lb. The pulp is soft and of a luscious taste; when ripe it is eaten raw or cooked. The banana is cultivated in tropical and sub-tropical countries, and is the food of millions. It is estimated that in Jamaica alone 40,000 acres are devoted to its culture. Excellent biscuits may be made from banana meal, but it is not suitable for bread. Vast quantities are imported by Britain and the United States. Manila hemp is the product of a species of banana.
Bana´na, an African port, in Belgian Congo, at the mouth of the Congo.
Banana-bird, a pretty insessorial bird (Ictĕrus leucoptĕryx), a native of the West Indies and the warmer parts of America. It is a lively bird, easily domesticated, tawny and black in colour, with white bars upon the wings.
Banat.SeeBan.
Ban´bridge, a town of Ireland, County Down, 22 milesS.W.of Belfast, on the Bann. The manufacture of linen is carried on to a great extent in town and neighbourhood. Pop. 5101.
Banbury(ban'be-ri), a town of England, in Oxfordshire, long celebrated for its cheese, its cakes, and its ale; a parliamentary borough till 1885, and now giving name to a parliamentary division of the county. Pop. (municipal borough) (1921), 13,347.
Banca, an island belonging to the Dutch East Indies, between Sumatra and Borneo; area, 4446 sq. miles; pop. 113,658, of which a considerable proportion are Chinese. It is celebrated for its excellent tin, of which the annual yield is above 6000 tons; but it produces nothing else of any importance.
Banco, in commerce, a term employed to designate the money in which the banks of some countries keep or kept their accounts, in contradistinction to the current money of the place, which might vary in value or consist of light and foreign coins. The term was applied to the Hamburg bank accounts before the adoption (in 1873) of the new German coinage. The markbancohad a value of 1s.5½d.; but there was no corresponding coin. SeeBank.
Ban´croft, George, American historian, born near Worcester, Mass., 1800, died 1891. He was educated at Harvard and in Germany, where he made the acquaintance of many literary men of note. In 1823 he published a translation of Heeren'sPolitics of Ancient Greece, and a small volume of poems, and was also meditating and collecting materials for a history of the United States. Between 1834 and 1840 three volumes of his history were published. In 1845 he was appointed Secretary of the Navy, and effected many reforms and improvements in that department. He was American ambassador to Britain from 1846 to 1849, when the University of Oxford conferred on him the honorary degree ofD.C.L.He took the opportunity while in Europe to perfect his collections on American history. He returned to New York in 1849, and began to prepare for the press the fourth and fifth volumes of his history, which appeared in 1852. The sixth appeared in 1854, the seventh in 1858, the eighth soon after, but the ninth did not appear till 1866. From 1867 to 1874 he was Minister Plenipotentiary at the Court of Berlin. The tenth and last volume of his greatwork appeared in 1874. An additional section appeared first as a separate work in 1882:History of the Formation of the Constitution of the United States, and the whole came out in 6 vols. in 1884-5. He has also published many essays in theNorth American Reviewand other periodicals, a selection from which was published in 1855 under the title ofMiscellanies.
Ban´croft, Richard, born in Lancashire 1544, died 1610, studied at Cambridge, entered the Church, and rose rapidly during the reign of Elizabeth till he obtained the see of London in 1597. James I made him Archbishop of Canterbury on the death of Whitgift. He suppressed the Puritans mercilessly, and they in return never ceased to abuse him.
Ban´croft, Sir Squire, English actor, born in London in 1841. After playing in Dublin and elsewhere he made his first appearance in London, at the Prince of Wales's Theatre, in 1865. He married Miss Marie Effie Wilton in 1867, and was knighted in 1897. In collaboration with his wife he has writtenThe Bancrofts: Recollections of Sixty Years(1909).
Banda, a town and district of India, in the United Provinces. The town stands on a plain on the right bank of the Ken River, 95 milesS.W.from Allahabad, and is a considerable cotton mart. Pop. 22,000.—Area of district 2965 sq. miles. Pop. 660,000.
Banda Islands, a group belonging to Holland, Indian Archipelago, south of Ceram, Great Banda, the largest, being 12 miles long by 2 broad. They are beautiful islands, of volcanic origin, yielding quantities of nutmeg. Goenong Api, or Fire Mountain, is a cone-shaped volcano which rises 2320 feet above the sea. Pop. 10,000.
Bandajan´, a pass over a range of the Himálaya, Kashmir State, 14,854 feet above sea-level.
Bandan´na, a variety of silk handkerchief having a uniformly-dyed ground, usually of bright red or blue, ornamented with white or yellow circular, lozenge-shaped, or other simple figures produced by discharging the groundcolour.
Banda Oriental.SeeUruguay.
Bandel´lo, Matteo, an Italian writer ofnovelleor tales, born about 1480, died about 1562. He was, in his youth, a Dominican monk, and having been banished from Italy as a partisan of the French, Henry II of France gave him in 1550 the bishopric of Agen. He left the administration of his diocese to the Bishop of Grasse, and employed himself, at the advanced age of seventy, in the completion of hisnovelle. He also wrote poetry, but his fame rests on hisnovelle, which are in the style of Boccaccio'sDecameronand the Queen of Navarre'sHeptameron, and have been made use of by Shakespeare, Massinger, and Beaumont and Fletcher.
Bande Noire.SeeFrench Revolution.
Band-fish, the popular name of fishes of the genus Cepŏla, from their long, flat, thin bodies.C. rubescens, a very fragile creature, is sometimes cast up on British shores. Also calledSnake-fish,Ribbon-fish.
BandicootPig-footed Bandicoot (Chæropus castanotis)
Ban´dicoot(Perameles), a genus of small Australian marsupials. The most common species (P. nasuta), the long-nosed bandicoot, measures about 1½ feet from the tip of the snout to the root of the tail. It is not unlike an overgrown rat, and is most destructive to farm-produce.
Ban´dicoot Rat, theMus gigantēus, the largest known species of rat, attaining the weight of 2 or 3 lb., and the length, including the tail, of 24 to 30 inches. It is a native of India, and is very abundant in Ceylon. Its flesh is said to be delicate and to resemble young pork, and is a favourite article of diet with the coolies. It is destructive upon rice-fields and gardens.
Bandinelli, Baccio, Italian sculptor, born at Florence 1493, died there 1560. He was jealous of and strove to rival Michael Angelo. Among his works are aHercules and Cacus,The Dead Body of Christ held up by an Angel,Adam and Eve, &c.
Ban´dit, It.bandito, originally anexile, banished man, or outlaw, and hence, as persons outlawed frequently adopted the profession of brigand or highwayman, the word came to be synonymous with brigand, and is now applied to members of the organized gangs which infest some districts of Italy, Sicily, Spain, Greece, and Turkey.
Band of Hope.SeeTemperance.
Ban´dolier, a large leathern belt or baldrick, to which were attached a bag for balls and a number of pipes or cases of wood or metal covered with leather, each containing a charge of gunpowder. It was worn by ancient musketeers, and hung from the left shoulder under the right arm with the ball bag at the lower extremity, and the pipes suspended on either side. The name is now given to a similar belt, worn by mounted troops, for carrying cartridges. Another form of the word isbandoleer.
Ban´doline, a gummy perfumed substance used to impart gloss and stiffness to the hair.
Ban´don, a town, Ireland, County Cork, on both sides of the Bandon. Pop. 3122.
Bands, a small article of clerical dress, made of linen, going round the neck and hanging down in front for a short distance in two pieces with square ends, supposed to be a relic of the amice.
Baneberry, orHerb Christopher(Actæa spicāta), a European plant, ord. Ranunculaceæ, local in England, with a spike of white flowers and black, poisonous berries. Two American species are considered remedies for rattlesnake bite.
Banér(ba˙-nār´), Johan Gustafsson, a Swedish general in the Thirty Years' War, born 1596, died 1641. He made his first campaigns in Poland and Russia, and accompanied Gustavus Adolphus, who held him in high esteem, to Germany. After the death of Gustavus in 1632 he had the chief command of the Swedish army, and in 1634 invaded Bohemia, defeated the Saxons at Wittstock, 24th Sept., 1636, and took Torgau. He ravaged Saxony again in 1639, gained another victory at Chemnitz, and in 1640 defeated Piccolomini. In Jan., 1641, he very nearly took Ratisbon by surprise.
Banff(bamf), county town of Banffshire, Scotland, a seaport on the Moray Firth at the mouth of the Deveron. It is well built, carries on some boat-building, and has ropeworks, a brewery, &c., fishing and shipping. Near the town are the county lunatic asylum, and Duff House, a seat of the Duke of Fife, now public property; on the east side of the Deveron is the town of Macduff, where an extensive fishing trade is carried on. Banff is one of the Elgin burghs, which together return a member to Parliament. Pop. 3517.—The county has an area of 403,053 acres. In the south it is mountainous; but the northern part is comparatively low and fertile; principal rivers, the Spey and Deveron; principal mountains, Cairngorm (4095 feet) and Ben Macdhui (4296 feet), on its southern boundary. Little wheat is raised, the principal crops being barley, oats, turnips, and potatoes. Fishing is an important industry; as is also the distilling of whisky. Serpentine abounds in several places, especially at Portsoy, where it is known as 'Portsoy marble', and Scotch topazes or cairngorm stones are found on the mountains in the south. Banffshire returns one member to Parliament. Pop. (1921), 57,293.
Banff, a town of N. W. Canada, at the foot of the Rocky Mountains, on the Canadian Pacific Railway, with National Park, hot springs, coal-mines, &c.
Bang.SeeBhang.
Bangalore´, a town of Hindustan, capital of Mysore, and giving its name to a considerable district in the east of Mysore State. The town stands on a healthy plateau 3000 feet above sea-level, has a total area of nearly 14 sq. miles, and is one of the pleasantest British stations in India. In the old town stands the fort, reconstructed by Hyder Ali in 1761, and taken by Lord Cornwallis in 1791. Under English administration the town has greatly prospered in recent times. There are manufactures of silks, cotton cloth, carpets, gold and silver lace, &c. Pop. 189,485.—The Bangalore district has an area of 3070 sq. miles, of which more than half represent cultivable land. Pop. about 760,000.
Bangkok´, orBankok, the capital of the kingdom of Siam, extending for several miles on both sides of the Menam, which falls into the Gulf of Siam about 15 miles below. The inner city occupies an island surrounded with walls and bastions, and contains the palace of the king and other important buildings. The dwellings of the common people are of wood or bamboo, often raised on piles; a large portion of the population, however, dwell in boats or wooden houses erected on bamboo rafts moored in the river, and forming a floating town. Temples are numerous and lavishly decorated. Houses in the European style have been erected in modern times, and the telegraph, telephone, gas, fire-engines, and omnibuses introduced. A university with eight faculties has recently been established. The trade, both inland and foreign, is very extensive, the exports consisting chiefly of rice, sugar, silk, cotton, tobacco, pepper, sesame, ivory, aromatic wood, cabinet woods, tin, hides, &c.; and the imports consisting chiefly of British cotton, woollen, and other goods. Pop. 628,675, of whom about a half are Chinese. SeeSiam.
Ban´gor, a city of North Wales, in Carnarvonshire, picturesquely situated near the northern entrance of the Menai Strait. It appears to have possessed a cathedral in the sixth century, which was destroyed by the Normans in 1071. The present cathedral—the third—only dates from the reign of Henry VII. It has a college of the University of Wales (founded in 1903), and a Normal College. Bangor has risen into importance as a popular resort; its principal trade is in the export of slates from the neighbouring quarries. Pop. (1921), 11,032.
Ban´gor, a seaport town, Ireland, County Down, on the south side of Belfast Lough. Principal trade: cotton, linen, and embroideries. Pop. 7776.
Ban´gor, a port of the United States, in Maine, on theW.side of Penobscot River, a flourishing and pleasantly-situated town, and one of the largest lumber depots in the world. The river is navigable to the town for vessels of the largest size. Pop. (1920), 25,948.
Bango´rian Controversy, a controversy stirred up by a sermon preached before George I in 1717 by Dr. Hoadly, Bishop of Bangor, from the text "My kingdom is not of this world" (John, xviii, 36), in which the bishop contended in the most pronounced manner for the spiritual nature of Christ's kingdom. The controversy was carried on with great heat for many years, and resulted in an enormous collection of pamphlets.
Bangs´ring.SeeBanxring.
Bangweo´lo, orBangweulu, Lake, in South Africa, the southernmost of the great lake reservoirs of the Congo, heard of in 1798, was reached by Livingstone in 1868, an oval-shaped shallow sheet of water, said to be 150 miles in length along its greater axis, from east to west, and about 75 miles in width, but its exact limits are uncertain. It was first circumnavigated by Poulett Weatherley in 1896. SeeCongo.
Ban´ian, orBan´yan, an Indian trader or merchant, one engaged in commerce generally, but more particularly one of the great traders of Western India, as in the seaports of Bombay, Kurrachee, &c., who carry on a large trade by means of caravans with the interior of Asia, and with Africa by vessels. They form a class of the Vaisya caste, wear a peculiar dress, and are strict in the observance of fasts and in abstaining from the use of flesh. Hence,Banian days, days in which sailors in the navy had no flesh meat served out to them. Banian days are now abolished, but the term is still applied to days of poor fare.
Banian Tree.SeeBanyan.
Ba´nim, John, an Irish novelist, dramatist, and poet, born in 1798, died 1842. His chief early work was a poem,The Celt's Paradise(1821). Having settled in London, he made various contributions to magazines and to the stage; but his fame rests on his novels, particularly theO'Hara Tales, in which Irish life is admirably portrayed. In these, as in some of his other publications, his brother, Michael Banim (born 1796, died 1874), had an important share, if not an equal claim to praise. The two brothers have been justly called 'the first national novelists of Ireland'.
Banishment.SeeExile.
Ban´jarmassin, a district and town in the south-east of Borneo, under the government of the Dutch. The town is situated on an arm of the Banjar, about 14 miles above its mouth, in a marshy locality, the houses being built on piles, and many of them on rafts. Exports: pepper, benzoin, bezoar, ratans, dragon's-blood, birds'-nests, &c.; imports: rice, salt, sugar, opium, &c. Pop. 52,000, mostly Dyaks.
Ban´jo(a negro corruption ofbandore; It.pandora, from Lat.pandura, a three-stringed instrument), the favourite musical instrument of the negroes of the Southern States of America. It is six-stringed, has a body like a tambourine and a neck like a guitar, and is played by stopping the strings with the fingers of the left hand and twitching or striking them with the fingers of the right. The upper or octave string, however, is never stopped. The banjo was introduced into England in 1846.
Banjoemas(ba˙n´yö-ma˙s), a town in Java, near the centre of the island, well built and of commercial importance; it is 22 miles from the coast, and is the residence of a Dutch governor. Pop. 6500.
Banking and Banks.Banks are establishments for the deposit, custody, and repayment on demand of money, and obtain the bulk of their profits from the investment of sums thus derived and not in immediate demand. The term is a derivative of thebancoor bench of the early Italian money-dealers, being analogous in its origin to the termstrapezītai(trapeza, a bench or table) applied to the ancient Greek money-changers, andmensarii(mensa, a table) applied to the public bankers of Rome.
In respect of constitution there is a broad division of banks into public and private; public banks including such establishments as are under any special state or municipal control or patronage, or whose capital is in the form of stock or shares which are bought and sold in the open market; private banks embracing those which are carried on by one or more individuals without special authority or charter and under the laws regulating ordinary trading companies. In respect of function three kinds of banks may be discriminated: (1) banks of deposit merely, receiving and returning money at the convenience of depositors; (2) banks of discount or loan, borrowing money on deposit and lending it in the discount of promissory notes, bills of exchange, and negotiable securities; (3) banks of circulation or issue, which give currency to promissory notes of their own, payable to bearer and serving as a medium of exchange within the sphere of their banking operations. The more highly-organized banks discharge all three functions, but all modern banks unite the two first. For the successful working of a banking establishment certain resources other than the deposits are of course necessary, and the capital paid up by shareholders on their shares and forming the substantial portion of their claim to public credit is held upon a different footing from the sums received from depositors. It is usually considered that for sound banking this capital should not be traded with for the purpose of making gain in the same way as the moneys deposited in the bank; and it is for the most part invested in Government or other securitiessubject to little fluctuation in value and readily convertible into money. But in any case prudence demands that areservebe kept sufficient to meet all probable requirements of customers in event of commercial crises or minor panics. The reserve of the banking department of the Bank of England is always in coin, or in notes against which an equivalent value of coin and bullion is lying in the issue department. In other English banks the reserve is usually kept partly in gold and partly in Government stocks and Bank of England notes; but it sometimes lies as a deposit in the Bank of England. The working capital proper of a bank is constituted by moneys on deposit, for which the bank may or may not pay interest; the advantages of security, of ease in the transmission of payments, &c., being regarded in the cases of banks little affected by competition as a sufficient return to the depositor. Thus the Bank of England pays no interest on deposits, while the contrary practice has prevailed in Scotland since 1729, where interest is paid on deposits although not on current accounts.
Of the methods of making profit upon the money of depositors, one of the most common is to advance it in the discounting of bills of exchange not having long periods (seldom more than three months with the Bank of England) to run; the banker receiving the amounts of the bills from the acceptors when the bills arrive at maturity. Loans or advances are also often made by bankers upon exchequer bills or other Government securities, on railway debentures or the stock of public companies of various kinds, as well as upon goods lying in public warehouses, the dock-warrant or certificate of ownership being transferred to the banker in security. In the case of a well-established credit they may be advanced upon notes of hand without other security. Money is less commonly advanced by bankers upon mortgages on land, in which the money loaned is almost invariably locked up for a number of years. To banks of issue a further source of profit is open in their note circulation, inasmuch as the bank is enabled to lend these notes, or promises to pay, as if they were so much money and to receive interest on the loan accordingly, as well as to make a profitable use of the money or property that may be received in exchange for its notes, so long as the latter remain in circulation. It is obvious, however, that this interest on its loaned notes may not run over a very extended period, in that the person to whom they are issued may at once return them to the bank to lie there as a deposit and so may actually draw interest on them from the bank of issue; or he may present them to be exchanged for coin, or by putting them at once into circulation may ensure a certain number speedily finding their way back through other hands or other banks to the establishment from which he received them. A considerable number of the notes issued will, however, be retained in circulation at the convenience of the public as a medium of exchange; and on this circulating portion a clear profit accrues. This rapid return of notes through other banks, &c., in exchange for portions of the reserve of the issuing bank, is one of the restraints upon an issue of notes in excess of the ability of the bank to meet them. In the United Kingdom a more obvious restraint upon an unlimited note issue, originating partly in a desire for greater security, partly in the belief that the note augmentation of the currency might lead to harmful economic results in its influence upon prices, is to be found in the Bank Acts of 1844 and 1845, which impose upon banks of issue the necessity of keeping an equivalent in gold for all notes issued beyond a certain fixed amount. The wisdom of these legal restrictions, which are not uniform throughout the kingdom, and the desirability of the acquisition and control by the State of the whole business of issue, are still matters of debate.
In specific relation to his customer the banker occupies the position of debtor to creditor, holding money which the customer may demand at any time in whole or in part by means of a cheque payable at sight on presentation during banking hours. For the refusal to cash a cheque from the erroneous supposition that he has no funds of his customer's in his hands, or for misleading statements respecting the position in which the bank stands, the banker is legally responsible. Moreover, the law regards him as bound to know his customer's signature, and the loss falls upon him in event of his cashing a forged cheque. In their relations to the community, the chief services rendered by banks are the following: By receiving deposits of money they are the means by which the surplus capital of one part of a country is transferred to another where it may be advantageously employed in stimulating industry; they enable vast and numerous money transactions to be carried on without the intervention of coin or notes at all, thus obviating trouble, risk, and expense. The mechanism by which the last of these benefits is secured is to be found in perfection in the London Clearing House.
The modern tendency of banks is towards amalgamation. The large English banking institutions have absorbed many of the smaller banks. They have also made working arrangements with Scotch and Irish banks and with similar institutions abroad.
The result of these amalgamations is to give control of immense financial resources to a smaller number of banks. In 1918 theGovernment appointed a Committee to inquire into the effect of such amalgamations and absorptions. The terms of reference were: "To consider and report to what extent, if at all, amalgamations between banks may affect prejudicially the interests of the industrial and mercantile community, and whether it is desirable that legislation should be introduced to prohibit such amalgamations or to provide safeguards under which they might continue to be permitted"; and the Committee reported: "That legislation be passed requiring that the prior approval of the Government must be obtained before any amalgamations are announced or carried into effect".
In order, however, that such legislation may not have the effect of producing secret amalgamations, the Committee decided that "all proposals for agreements which would alter the status of a bank as regards its separate entity and control, or for purchase by one bank of the shares of another bank, be also submitted for the prior approval of the Government before they are carried out".
Another development is the registration of the British Overseas Bank, Limited, with a nominal capital of £5,000,000. The principal object of this institution is to carry on general banking business in all parts of the world. Four banks—two English, one Scotch, and one having connections with South America—are financially interested in the Overseas Bank.
Banking operations on a considerable scale appear to have been conducted by the ancients, and recent excavations have proved that in the seventh centuryB.C.banking was practised at Bagdad by a firm of Egibi & Sons. Modern banking, however, must be regarded as having had an independent origin in the reviving civilization of the Middle Ages. In the twelfth century almost the whole trade of Europe was in the hands of the Italian cities, and it was in these that the need of bankers was first felt. The earliest public bank, that of Venice, established in 1171 and existing down to the dissolution of the Republic in 1797, was for some time a bank of deposit only, the Government being responsible for the deposits, and the whole capital being in effect a public loan. In the early periods of the operations of this bank deposits could not be withdrawn, but the depositor had a credit at the bank to the amount deposited, this credit being transferable to another person in place of money payment. Subsequently deposits were allowed to be withdrawn, the original system proving inconvenient outside the Venetian boundaries. It is, however, less from the Bank of Venice than from the Florentine bankers of the thirteenth and fourteenth centuries that modern banking specially dates, the magnitude of their operations being indicated by the fact that between 1430 and 1433, 76 bankers of Florence issued on loan nearly 5,000,000 gold florins. The Bank of St. George at Genoa also furnished a striking chapter in financial history. The important Bank of Amsterdam, taken by Adam Smith as a type of the older banks, was established in 1509, and owed its origin to the fluctuation and uncertainty induced by the clipped and worn currency. The object of the institution (established under guarantee of the city) was to give a certain and unquestionable value to a bill on Amsterdam; and for this purpose the various coins were received in deposit at the bank at their real value in standard coin, less a small charge for recoinage and expense of management. For the amount deposited a credit was opened on the books of the bank, by the transfer of which payments could be made, this so-calledbank moneybeing of uniform value as representing money at the mint standard. It bore, therefore, anagioor premium above the worn-coin currency, and it was legally compulsory to make all payments of 600 guilders and upwards in bank money. The deposits were supposed to remain in the coffers of the bank, but they were secretly traded with in the eighteenth century till the collapse of the bank in 1790. Banks of a similar character were established at Nuremberg and other towns, the most important being the Bank of Hamburg, founded in 1619. In England there was no corresponding institution, the London merchants being in the habit of lodging their money at the Mint in the Tower, until Charles I appropriated the whole of it (£200,000) in 1640. Thenceforth they lodged it with the goldsmiths, who began to do banking business in a small way, encouraging deposits by allowing interest for their use, lending money for short periods, discounting bills, &c. The bank-note was first invented and issued in 1690 by the Bank of Stockholm, founded by Palmstruck in 1688, and one of the most successful of banking establishments. About the same time the banks of England and Scotland began to take shape, opening up a new era in the financing of commerce and industry.
Bank of England.—The Bank of England, the most important banking establishment in the world, was projected by William Paterson, who was afterwards the promoter of the disastrous Darien scheme. It was the first public bank in the United Kingdom, and was chartered in 1694 by an Act which, among other things, secured certain recompenses to such persons as should advance the sum of £1,500,000 towards carrying on the war against France. Subscribers to the loan became, under the Act, stockholders, to the amount of their respective subscriptions,in the capital stock of a corporation, denominated theGovernor and Company of the Bank of England. The company thus formed advanced to the Government £1,200,000 at an interest of 8 per cent—the Government making an additional bonus or allowance to the bank of £4000 annually for the management of this loan (which, in fact, constituted the capital of the bank), and for settling the interest and making transfers, &c., among the various stockholders. This bank, like that of Venice, was thus originally an engine of the Government, and not a mere commercial establishment. Its capital has been added to from time to time, the original capital of £1,200,000 having increased to £14,553,000 in 1816, since which no further augmentation has taken place. There exists besides, however, a variable 'rest' of over £3,000,000. The charter of the bank was originally granted for eleven years certain, or till a year's notice after 1st Aug., 1705. It was subsequently renewed for various periods in 1697, 1708, 1713, 1742, 1764, 1781, 1800, 1833, and 1844, certain conditions which the bank had to fulfil being specified at each renewal. On this last occasion it was continued till twelve months' notice from 1855. At the same time the issue department of the bank was established as distinct from the general banking department, the sole business entrusted to the former being the issue of notes. By this arrangement the bank was authorized to issue notes to the value of £14,000,000 upon securities specially set apart, the most important of the securities being the sum of £11,015,100 due to the bank by the Government, together with so much of the coin and bullion then held by the bank as was not required by the banking department. The bank has since been permitted to increase its issue on securities to £18,450,000, but for every note that the issue department may issue beyond the total sum of £18,450,000 an equivalent amount of coin or bullion must be paid into the coffers of the bank. For its special privileges the bank has to pay to the Government an annual sum of £180,000, and the profit derived from the issue of notes beyond £14,000,000. The Bank of England notes are practically equivalent to gold. They are (like all English bank-notes) of the value of £5 and upwards, and are legal tender throughout England. Notes once issued by the bank and returned to it are not reissued but are destroyed—a system adopted in order to facilitate the keeping of an account of the numbers of the notes in circulation, and so prevent forgery. On 7th Aug., 1914, Government notes for £1, and ten shillings, were issued convertible into gold at the Bank of England.
In compliance also with the Bank Charter Act of 1844 the bank is compelled to publish a weekly account, of which the following is a specimen:—
The total of the notes given out by the issue department is called the 'issue circulation', the portion of it in the hands of the public being the 'active circulation', and that still in the banking department being the 'note reserve'. This 'note reserve' represents really the amount of bullion in the issue department available for the use of the banking department. Of the other items in the account it may be noted that the proprietors' 'rest' is a varying surplus increased always by accumulated profits up to 5th April and 10th Oct., when the bank dividends are paid to the shareholders; and that the public deposits, which include sums lodged on account of the customs, inland revenue, &c., increase through revenue receipts until the dividend terms in January, April, July, and October. The other or private deposits comprise those of bankers, merchants, and other persons. An increase in these private deposits indicates an increase of monetary ease, while a decrease informs us that bankers, merchants, and traders have calls upon them for money. A better indication of the demand for money is furnished, however, by the advances on commercial securities, and it is by this and the condition of the reserve that the bank rate of discount is regulated. When the reserve is high and the advances moderate the discount rate is low, and it is raised according as the reserve falls and advances are more in request, especially during an adverse foreign exchange and drain of gold. Gold is thus restrained from going abroad, and its influx intothe country is encouraged. In addition to the profit which the bank may make by ordinary banking business, by the Bank Act of 1892 and the Revenue Act of 1906, it receives an allowance for the management of the national debt, at the rate of £325 per million on 500 millions, and £100 per million on all debt above that sum. The annual sum is not to be less than £160,000. It also derives a profit from foreign gold coin and bullion brought to it, for which it pays £3, 17s.9d., or 1½d.per ounce less than the real value.
The management of the bank is in the hands of a governor, deputy-governor, and twenty-four directors, elected by stock-holders who have held £500 of stock for six months previous to the election. A director is required to hold £2000, a deputy-governor £3000, and a governor £4000 of the stock. The court or board of directors meets every Thursday, when the weekly account is presented. The Bank of England has branches in Liverpool, Manchester, Newcastle, Birmingham, Leeds, Hull, Bristol, Plymouth, and Portsmouth.
The other English banks consist of numerous joint-stock and private banks in London and the provinces, many of the provincial establishments of both kinds having the right to issue notes. Private banks in London with not more than six partners have never been prevented from issuing notes, but they could not profitably compete with the Bank of England. The maximum issues of the provincial banks are limited to a certain amount, against which they are not compelled to hold gold in reserve, and they have no power to issue against specie in excess of the fixed circulation. Their actual issues are considerably below this amount. No union can take place between a joint-stock bank and a private bank, or between two joint-stock banks of issue, without one of them losing its issue. Their total authorized circulation is about £2,958,900, but the actual circulation of these banks is now only about £1,200,000, being distributed among about eighteen private and about twenty joint-stock banks. The notes of these banks are payable in Bank of England paper. The greater number of joint-stock banks are of limited liability, though their liability in respect of their notes is unlimited. Some of them have a large number of branches. All the joint-stock banks allow interest on money deposited with them. The total paid-up capital and reserves of the English joint-stock banks is about £100,000,000.
Scotland.—In Scotland there are no private banks, the only banks in that portion of the United Kingdom being eight joint-stock banks of issue, and their branches (the Mercantile and Savings not being banks of issue). By the Act of 1845 new banks of issue were prohibited, a monopoly being given to such establishments (nineteen in number) as existed in the year previous to 1st May, 1845. At the same time the issue of each was limited to the amount of its average circulation during that year, together with the specie held at the head office. Any bank issuing notes in excess of this limit is supposed to hold an equivalent amount of gold. The aggregate authorized circulation is now £2,676,350; the average actual circulation is fully £7,000,000. The Bank of Scotland, established by Act of Parliament in 1695, had for its original capital only £100,000, increased to £200,000 in 1744; but it now has a capital of £1,325,000 paid up. It remained the only bank in Scotland till the Royal Bank of Scotland was established in 1727, with an original capital of £151,000, which has grown to £2,000,000 paid up. The British Linen Company was incorporated in 1746, for the purpose of promoting the linen manufacture, but soon became a general banking company; capital, £1,250,000 paid up. These three banks claim to be by their charters banks of limited liability. All the other Scottish banks have been established within the nineteenth century. They are all incorporated by royal charter or Act of Parliament, which enables them to sue and be sued as a corporation, and latterly they have all become banks of limited liability, except that their liability is not to be limited in respect to their note issue. The total paid-up capital of the Scotch banks is £9,300,000. A large number of one-pound notes circulate in Scotland, thus tending to keep the requirements for gold low. From allowing a moderate rate of interest on deposit accounts (although not on current accounts) it is not uncommon for depositors in Scottish banks to lodge their money permanently as an investment; and the habit of keeping an account with a banker is much more general in Scotland than in England, branch offices of the banks being very numerous. Several of the Scotch banks have branch offices in London, but of course they cannot issue their own notes from these offices. The Scotch banks have enjoyed a high reputation for stability, and though public confidence was somewhat shaken by the failure of the Western Bank in 1857, and even more rudely by that of the City of Glasgow Bank in 1878, their shares are generally looked upon as a safe and remunerative investment. Their total deposits amount to fully £107,000,000.