Hoare’s Bank In The Eighteenth Century

Chapter Summary

This chapter describes the actions of a successful London bank, providing information as well on the operation of the London financial market in the eighteenth century. It builds on the foundations laid by fundamental contributions of Jan de Vries. Hoare's Bank developed in the context of English adaptations of Dutch banking practices. The chapter chronicles the first century of the bank's life and tries to explain its almost unique success. It explores that Hoare's Bank succeeded where most fledgling banks of the early eighteenth century failed for several reasons. Hoare's Bank held deposits and extended loans, as banks do. Hoare's Bank entered its own investment in bonds and shares in the loan ledgers in the same way as loan transactions with clients, booking investments in securities on the debit side and the proceeds from sales on the credit side.

Keywords: eighteenth century; Hoare's bank; investment services