Misplaced Pages

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74-604: The Board existed between 1690 and 1724, and again between 1794 and 1817. In both these periods it was constituted and functioned as a subsidiary board of HM Treasury , but at the same time it had a necessarily close working relationship with the Admiralty , being staffed by naval officers and funded through the Naval Estimate. Latterly the Board took on additional responsibilities: for the transportation of convicts , for

148-523: A "Bank of England" with a "fund for perpetual Interest" (not yet bonds or bills) that was passed by Parliament, supported by Charles Montagu, Chancellor of the Exchequer and Michael Godfrey, another leading City merchant. The public were invited to invest subscriptions totalling £1.2 million forming the initial capital stock onward loaned to the Government in return for a Royal Charter. At the same time

222-553: A Secretary and a number of administrative clerks . The captains were both promoted to Rear Admiral the following year, and therefore left the Board. Christian was replaced as chairman, in August 1795, by Captain Rupert George , who would remain in office for just under twenty-two years (he declined promotion to flag rank and continued to chair the Board until its dissolution). Two additional Commissioners were appointed towards

296-454: A Storekeeper, who between them were responsible for assessing, converting and equipping each ship seconded for service. The Board generally hired merchant vessels to fulfil its requirements (though smaller consignments of stores were sometimes sent as freight via established shipping routes). Ships were usually sourced by a broker , and contracted to serve as a transport for a set number of months. The owners were normally required to present

370-486: A definition of "value for money" and sets out the responsibilities of an Accounting Officer within central government: Ambrose Serle Ambrose Serle (1742–1812) was an English official, diarist and writer of Christian prose and hymns. Serle was born on 30 August 1742, and entered the Royal Navy . In 1764, while living in or near London, Serle became a friend of William Romaine . Other friends of his among

444-565: A long period of price stability. Money flow is based on confidence and is therefore vulnerable to panic shocks. A rescue operation, later termed the BoE's Lifeboat, in the form of syndicated guarantees by leading banks to fund for banks in crisis was established by the Governor of the Bank of England with over £17 million promised. The Bank therefore had to fully accept responsibility for the stability of

518-490: A similar policy innovation, the Office of Budget Responsibility was created to be an authority on macro-economic forecasting by and for Government departments. Central Authorities such as Treasury or Government Finance departments and The Central Banks had to assume responsibility for financial stability. The most glaring example of failure being Germany's currency collapse and Hyper-inflation 1921–23. Monetary stability alone

592-579: Is however not enough of a guiding principle. As with the French a century before, the First World War saw the link with gold broken and the issue of low denomination notes returned once again. A vain attempt was made in 1925 to return to the discipline of the gold standard and remains handled by the Bank. The gold and foreign exchange reserves passed to the Treasury in 1931. Also in 1931, UK abandoned

666-587: The Irish Sea . They sought to devolve this responsibility; the Navy Board, however, was too busy with its statutory duties to take on additional work, so instead the Admiralty (by order of the King) designated three captains to serve as commissioners to make the necessary arrangements, supported by a small administrative team. They hired flyboats and fitted them up with cabins for the higher ranks and hammocks for

740-738: The Navy Board , the Victualling Commissioners and the Board of Ordnance would all hire merchant ships to convey supplies to theatres of war as required; while the conveyance of troops remained in the hands of the Treasury commissioners until 1779 (at which point they delegated this responsibility to the Navy Board). Having different boards competing with each other for available vessels led to increased costs and reduced efficiency: problems which became particularly acute during

814-734: The Prime Minister . Until 1827, the First Lord of the Treasury, when a commoner, also held the office of Chancellor of the Exchequer , while if the First Lord was a peer, the Second Lord usually served as Chancellor. Since 1827, however, the Chancellor of the Exchequer has always been Second Lord of the Treasury. If important lessons were learnt that the National Debt (and public finances) require prudent management, when

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888-633: The War of American Independence . The pressures caused by this division of responsibilities, and abuses that followed, led the Comptroller of the Navy , Sir Charles Middleton (later Lord Barham), to lobby for consolidation of all transport provisions under the supervision of the Navy Board. On 4 July 1794 a new Transport Board (formally the Commissioners for Conducting His Majesty's Transport Service )

962-727: The Whole of Government Accounts annual financial statements are produced. The origins of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror . This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was stored. The UK Treasury traces its origins to

1036-471: The 126 years between 1785 and 1911. The UK's 1844 Bank Act even had to be suspended in 1847, 1857 and in 1866 to prevent The Bank of England's own collapse. By the time of the 2007–08 Global Financial Crisis (GFC) The UK Treasury with Bank of England staff were especially innovative in providing off-budget solutions to bank bale-outs by offering The Asset protection Scheme, whereby banks could sell large percentages of their loan-books, heavily risk- discounted, to

1110-449: The 1980s) and a system for fiscal transfers between rich and poor regions (much simplified and abolished in much of its refinements), through high inflation years the 1970s and 1980s (triggered by Middle-East oil wars) led to the rise the national debt (in nominal terms) from about 64% GDP ratio down to £36 billions in 1972 or 49% GDP ratio, then to £197 billion in 1987 or 39% ratio, followed by £419bn or 41% ratio by 1998. Although figures for

1184-558: The British public, and opponents of the freedoms provided by Great Britain. The American Journal of Ambrose Serle, Secretary to Lord Howe 1776-1778 is a primary source in the history of the American Revolution. Serle was the private secretary to the British general William Howe . Serle also wrote two well-known devotional books. Horae Solitariae: Essays upon some remarkable Names and Titles of Jesus Christ occurring in

1258-506: The Central Bank in exchange for Treasury Bills, kept on deposit as part of the banks' regulatory capital. They therefore did not have to finding funding gap finance in the now very expensive short term Money Markets. When US Treasury Secretary Henry Paulsen learnt of Alistair Darling 's approach, only then did he realise he had had no need to apply to Congress for TARP or closedown Lehman Brothers ! The Bank's relationship with

1332-520: The Chancellor's and therefore The Treasury's behalf. However, a revival of interest in Chicago and Austrian Schools of Monetarism, calling for depoliticised central base-rate policy settings, and claiming much would have been better had that been available during the high inflation 1970s. The re-evaluation of monetary policy roles began in the 1980s but did not result until 1997 in granting The Central Bank sole responsibility for setting interest rates and at

1406-650: The Commissioners for the Reduction of the National Debt (CRND) were integrated with the DMO. The facility lends to local authorities for capital purposes and the CRND's principal function is to manage the investment portfolios of certain public funds. The PWLB lending facility and CRND continue to carry out their long-standing statutory functions within the DMO. A brief explanation of two terms: "Exchequer" derives from

1480-457: The Duke of Albemarle, Lord Ashley, (Sir) W. Coventry, (Sir) J. Duncomb, and (Sir) T. Clifford. From the middle of the 17th century the need for a national bank became pressing. England and, in particular, London was greatly changing due to fast expansion of The Empire's trade, not least N.America, but also entrepot trade that grew to over one third of trade and with Continental Europe, however, what

1554-743: The Exchequer , or more informally the Treasury , is a ministerial department of the Government of the United Kingdom . It is responsible for developing and executing the government's public finance policy and economic policy . The Treasury maintains the Online System for Central Accounting and Reporting, the replacement for the Combined Online Information System , which itemises departmental spending under thousands of category headings, and from which

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1628-521: The Exchequer was abolished in 1833, HM Treasury became the ministerial department under the Chancellor of the Exchequer. When the Treasury was under commission, junior Lords were each paid £1,600 a year. It is insensible to consider the Treasury's history without the Bank of England, set up in the 17th century. The argument for England's bank grew after the "Glorious Revolution" of 1688 when William of Orange and Queen Mary ascended to England's throne. London-based Scottish entrepreneur, William Paterson proposed

1702-800: The Gold Standard for domestic currency redemption. Domestic note issue was no longer backed by gold. It may be remarked, quite fairly, that in the last half century, monetary systems management, financial planning and regulatory oversight, effectively everything but a political-economy policy direction strategy, has come to be applied comprehensively to financial services, all at a time when industrial policy and strategic oversight to all industries making tradable goods, has been discarded. Government can get involved in industrial strategy and public and some private services in response to strikes, closures, or FDI investment flows. Crises of systemic collapses after excessive confidence inevitably continued through

1776-487: The Government or by commerce – rendered itself liable to its depositors wanting all their money returned at once. The Bank therefore, needed to retain a prudent reserve of gold to ensure liabilities could be met on demand. This can be seen as the beginning of a policy of monetary stability. The 1844 bank Charter Act, After the French Wars, sterling's exchange rate was high so that the trade balance with Continental Europe

1850-1039: The Kingdoms of Great Britain and Ireland had been united by the Acts of Union 1800 , the exchequers of the two kingdoms were not consolidated until 1817 under the Consolidated Fund Act 1816 ( 56 Geo. 3 . c. 98). For the holders of the Irish office before this date, see Chancellor of the Exchequer of Ireland . As of 5 July 2024, the Treasury Ministers are as follows, with cabinet ministers in bold: National Infrastructure Strategy, National Infrastructure Commission; Infrastructure and Projects Authority (IPA, joint with Cabinet Office); Public – Private Partnerships; (PPPs) and Private Finance Initiatives (PFI/PFI2); parliamentary deputy on public spending issues. Parliamentary deputy on economy issues. Some of

1924-653: The Lords of the Treasury and were given a number based on their seniority. In 1720 the South Sea bubble burst and thousands of investors were affected; such was the outrage that the Chancellor of the Exchequer was sent to the Tower of London. Eventually the First Lord of the Treasury came, however, to be seen as the natural head of government, and from Robert Walpole on, the holder of the office became known, unofficially, as

1998-530: The National Debt was born, paper money came into existence. From the start, complementing the Treasury's policy-setting and oversight role, the Bank became the Government's banker; managing the Government's Treasury bank accounts, providing and arranging loans, maintaining cash-flow as required. It is also a commercial bank, dealing in bills and bonds (its own are called Gilts) sold to fund government borrowing, sometimes The Great Trading Franchises such as East India or Royal Africa and South Sea Companies. Involvement

2072-635: The Royal Navy. HM Treasury King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee His Majesty's Treasury ( HM Treasury ), occasionally referred to as

2146-558: The Spanish Succession . Troops were conveyed from Portsmouth to Spain and the Mediterranean, and from Harwich to Flanders and Holland. A third Commissioner was engaged in 1705, before the board was fully reconstituted by letters patent in 1710. In 1717 the board was reduced in size, before being abolished in 1724. The Board was not again reconstituted until the mid-1790s. In the meantime, during periods of conflict

2220-558: The Stuarts failed to enforce limits on inflation, war, corruption and extravagant tendencies and were forced into debt again. In 1667, King Charles II was responsible for appointing George Downing , the builder of Downing Street , to radically reform the Treasury and the collection of taxes. The Treasury was first put in commission (placed under the control of several people instead of only one) in May or June 1660. The first commissioners were

2294-528: The Treasury are sinecure positions which allow the whips to be paid ministerial salaries. This has led to the Government front bench in the Commons being known as the Treasury Bench. However, since the whips no longer have any effective ministerial roles in the Treasury, they are usually not listed as Treasury ministers. The position of Permanent Secretary to the Treasury is generally regarded as

Transport Board (Royal Navy) - Misplaced Pages Continue

2368-558: The Treasury changed several times, and continues no less intimate than that between US Treasury and The Federal Reserve. The funds which the Bank deploys, including note sat issue, specie in circulation, securities, Gold and foreign exchange reserves. Nationalisation in 1946, after WWII, made little immediate practical difference to the Bank. It remained the Treasury's partner, adviser, agent and debt manager. During War years and after it, and or they together, determined and administered exchange controls and various borrowing restrictions, often on

2442-819: The Treasury of the Kingdom of England , founded by 1126, in the reign of King Henry I . The Treasury emerged from the Royal Household . It was where the king kept his treasures, such as in The King's Chamber. The head of the Treasury was called the Lord Treasurer . Starting in Tudor times, the Lord Treasurer became one of the chief officers of state, and competed with the Lord Chancellor for

2516-478: The USA's Marshall Plan and other plans and focus on growing and trading out of debt while also de-colonising and honouring intra-Empire debt such as owed to India. The 1950s and early 1960s saw an increase in authority delegated to departments to spend within predetermined totals. with awareness of the net costs after tax generated and recovered (a practise stopped after 1979) and national industrial planning (abolished in

2590-618: The Victualling Board, which took over the medical commissioner as well as setting up its own Transport Service. When the Navy and Victualling Boards were abolished in 1832 transport duties were assigned to the Victualling Department. Then in 1861 a select committee of the House of Commons that contained both Navy and Army officers, recommended unanimously the formation of a separate and distinct Transport Office under

2664-575: The amount of money involved. The stick was cut in two and one half given to the Sheriff as receipt for the money. They were in use until 1834 when a fire destroyed the Palace of Westminster. By 1584, the deficit had been turned into a surplus equivalent to one year's revenue. Monarchs tended to bypass the Exchequer because of its ineffectiveness until it was reformed by Lord Treasurer Winchester and his successor, Lord Burghley, under Elizabeth I. In contrast,

2738-559: The arrival and departure of transports at their station, for ensuring that the ships were duly prepared and provisioned, for supervising the embarkation and disembarkation of troops and horses, and for following the directions of the Board in any other regard. The Resident Agents were naval officers: Captains were posted at Deptford and Portsmouth; Lieutenants at most of the other stations (which in 1815 included Cork, Cowes, Deal, Dublin, Gravesend, Leith, Liverpool, Plymouth and Sheerness). The board also employed 'Agents afloat' who travelled with

2812-568: The banking system as a whole. This is now generally accepted duty by all central banks, each of whom issue annual Solvency and Financial Condition Reports of their national banking sectors. The threat of World War One pushed Government finance and the banking system into a short and medium term, then a longer run ongoing embarrassment of unprecedented high national debt (measured as a ratio to national income) overseen by both The Treasury and The Bank together. This crisis arguably pre-dates major world wars, and began by when half of world trade by value

2886-670: The care and custody of prisoners of war and for the care of sick and wounded seamen. The Board originated in the need to transport the British Army to Ireland to meet the Jacobite invasion of Ireland. Responsibility for the transportation of troops rested with the Lords Commissioners of the Treasury , who in 1689 were required promptly to ship over 23,000 men and 4,000 horses (to be mustered in Liverpool ) across

2960-642: The case of a large convoys, one vessel would carry a "Principal Agent" (Commander or Captain RN) with a "Blue Broad Pendant" at the main-top-mast head. In the absence of a naval escort, the Principal Agent was in charge of the convoy. At Deptford , where the Board had its main Transport Yard , there were stationed (in addition to the Resident Agent) an Inspecting Agent, a Shipwright Officer and

3034-516: The chequered abacus table used from about 1110 for summing income and expenditure. Exchequers were held twice yearly when the Chief Justice, Lord Chancellor, Treasurer and others sat round the chequer board, to audit and agree accounts of each local sheriff who collected taxes and duties and spent money on behalf of the crown. The word "budget" derives from the term "bougette"- a wallet in which either documents or money could be kept. Although

Transport Board (Royal Navy) - Misplaced Pages Continue

3108-594: The conveyance of Troops and Baggage, Victualling, Ordnance, Barrack, Commissariat, Naval and Military Stores of all kinds, Convicts and Stores to New South Wales and a variety of miscellaneous services such as the provision of Stores and a great variety of Articles for the Military Department in Canada and many Articles of Stores for the Cape of Good Hope and other Stations”. The Board, which directly co-ordinated

3182-631: The end of 1795, as the Board took on oversight of prisoners of war from the Sick and Hurt Commissioners . In 1802, peace having been declared, the number of commissioners was again reduced to three; but one more was added (a physician , John Harness M.D.) in 1806 when the Sick and Hurt Board was abolished and the Transport Board took over its remaining responsibilities (which included the administration of Royal Naval Hospitals and hospital ships, and

3256-675: The evangelicals were John Thornton , John Newton , Augustus Toplady , and Legh Richmond . When William Legge, 2nd Earl of Dartmouth became Secretary of State for the Colonies in 1772, Serle was appointed one of his under-secretaries, and in January 1776 he was made clerk of reports. He went to the Thirteen Colonies in 1774, and accompanied the British Army from 1776 to 1778. In 1776 William Tryon gave him control of

3330-414: The examination of naval surgeons). Those who served as Commissioners included future admirals John Schank (1795-1802), James Bowen (1803-1817), William Albany Otway (1795-1803), George Henry Towry (1806-1808) and Courtenay Boyle (1809-1817). The Board maintained Resident Agents at certain British ports and at those foreign ports that transports frequented. They were responsible for keeping track of

3404-615: The existence of an international network of mutually-trusting Governments' Departments of Finance, Treasuries and or Central Banks that in turn accredit and guarantee commercial banks. During the 18th and early 19th centuries great demands were placed on Treasury and the Bank for funding-gap finance; the National Debt grew from £12 million in 1700 to £850 million by 1815, the year of Napoleon's defeat at Waterloo. However, in creating credit-issuing notes not fully backed by cash (gold) in hand, but were partly supported by credit given to

3478-442: The first move towards nationalisation, the 1844 Bank Charter Act was also the key move towards the monopoly of banknote issue. The crucial clause of the Act was a monetary one; it provided that, beyond the Bank's capital of £14 million, its notes were to be backed by gold or bullion. This, together with a fixed price for standard gold, laid the foundation for the gold standard, which during the 19th century, spread world-wide and created

3552-411: The government whips are also associated in name with the Treasury: the Chief Whip is nominally Parliamentary Secretary to the Treasury and traditionally had an office in 12 Downing Street . Some of the other whips are nominally Lords Commissioners of the Treasury , though they are all members of the House of Commons . Being a whip is a party, rather than a government, position; the appointments to

3626-442: The majority of the medieval period the office of the Treasury was within the Exchequer (responsible for managing the royal revenue in addition to collecting and issuing money). As is often the case, wars are expensive and in 1433 war with France led to a deficit of £30,000 – the equivalent of over £100 billion today. Money that the Treasury received was recorded by using tallies. These were sticks with notches marked on them according to

3700-474: The management of the post-war economy. The long slump of the 1930s Great Recession necessitated the restructuring of the economy, first by Command Economy necessitated by World War, then following World War II when the National Debt stood at £21 billions by 1945, or 219% ratio to GDP, emphasis on peacetime planning to avoid the slump after WWI when agricultural market prices collapsed. With better international financial relations following 1944 Bretton Woods and

3774-402: The meteoric rise of the banking and financial markets, with the emerging stock market revolving around government funds. The ability to raise money by means of creating debt through the issue of bills and bonds heralded the beginning of the National Debt. Improved controls over public spending ensured that creditors were more willing to lend money to the government. By the 1730s an early version of

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3848-420: The national debt are rising after inflation they fell as GDP % ratios from a peak of about 250% of GDP at the end of World War II to 1/6 that by century end. The decision in 1997 to transfer monetary policy setting responsibility to the Bank of England, alongside maintaining responsibility for financial system stability while relegating-out operational banking risk management, oversight and rule-enforcement, to

3922-455: The new Financial Services Authority while the Treasury retained control of fiscal policy led to the creation of the United Kingdom Debt Management Office (DMO) as an executive agency of the Treasury. Since April 1998, gilts have been issued by the DMO. Other than gilts (and Treasury bills, see below) the National Debt also includes the liabilities of National Savings & Investments and other public sector debt and foreign currency. In 2010, in

3996-401: The nineteenth, twentieth and into the twenty-first centuries, some 2 years apart, sometimes ten. Apart from cycle downturns or recessions that linked the US and UK economies especially up until WWI because large amounts of capital flowed annually from USA to London after each Autumn Harvest and flowed back again in time for Spring planting. There were recessions, often called panics, in 60 out of

4070-404: The political section of the New-York Gazette , which he held from September 1776 to July 1777. On returning from America in 1780, Serle settled at Heckfield , Hampshire . In 1795 he was a commissioner of the transport service and the care of prisoners of war , and was reappointed in 1803 and 1809. Serle died on 1 August 1812, and was buried in the churchyard at Broadwater, West Sussex . He

4144-406: The principal place. Thomas Cromwell transformed the financial administration of the country, restoring authority to the Exchequer and making the King's Chamber, of central importance under Henry VII, back into a small spending department overseeing the Royal Household. The fact that Cromwell had a key post in the old Chamber system as well as being Chancellor of the Exchequer shows how he did this. For

4218-412: The protection either of a naval escort or of one or more 'armed transports' (which were naval vessels that had been loaned to the Board for the purpose of convoy protection; they operated with a reduced naval crew under the command of an Agent of the Transport Board). In 1817, the Transport Board was abolished and its duties being divided between the Navy Board, which set up its own Transport Branch , and

4292-453: The public spending survey and the annual Budget had been established. In its evolution the Treasury had to learn some valuable lessons. In 1711, the Treasury established a scheme whereby it secured government debt by the authorisation of its subscription into the capital of the South Sea Company, with government creditors in return holding stock in the company. After 1714, the Treasury was always in commission. The commissioners were referred to as

4366-403: The rest; the owners of the vessels provided the crew. The following year, the arrangement was formalised by an Order in Council (dated 6 February) which created a Commission for Transportation made up of eight commissioners. In 1702 the board was formally dissolved; nevertheless, two of its commissioners were retained in order to address the needs for transportation during the ongoing War of

4440-486: The same time no longer be responsible for Government debt management, or, as it turned out, the National Gold Reserve. In 1997 the Government transferred for monetary policy claiming this meant The Bank of England was now a truly fully independent central bank. The Debt Management Office United Kingdom was created in April 1998 as an executive agency of HM Treasury to take over responsibility for debt management. In April 2000, responsibilities for Exchequer cash management

4514-699: The second most influential in the British Civil Service ; two recent incumbents have gone on to be Cabinet Secretary , the only post outranking it. From October 2022, the Permanent Secretary to the Treasury is James Bowler and there are two Second Permanent Secretaries: Cat Little and Beth Russell . The previous Permanent Secretary, Sir Tom Scholar , was sacked by Chancellor Kwasi Kwarteng and Prime Minister Liz Truss shortly after they took office. The Treasury publishes cross-government guidance including Managing Public Money and The Green Book: Central Government Guidance on appraisal and evaluation , current version dated 2020. Managing Public Money includes

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4588-508: The ships were inspected, valued and generally made ready for service. A vessel might be required to serve as a troop-ship, a horse-ship, a cartel or convict-ship, a victualler, ordnance store-ship, naval store-ship or miscellaneous 'carrier'; for each category there were different requirements and stipulations. Transports were required to be armed with a dozen guns minimum (six carriage guns, 'not less than three-pounders', and six swivels ). The transports would normally travel in convoy , under

4662-443: The sole control of the Lords Commissioners of the Admiralty "To carry out transport of every kind required by our government to any part of our coast and to all our colonies and possessions, including India". In 1862 the responsibility for the provision of transportation was divided and a separate Director of Transports appointed who headed a new Transport Department . Note: Below is a timeline of responsibility for transportation for

4736-460: The transports. For longer sea voyages there would often be one Agent for every ten transports; for shorter journeys (e.g. to the Mediterranean) the ratio might be one for every twenty. These transport agents represented the first quasi-professional specialization among commissioned officers. The transport agents were uniformed Navy officers under the employ of the Transport Board, but not being sea officers, were not subject to naval discipline. Their job

4810-400: The vessel at Deptford in the first instance, on or by a specific date, in good repair, equipped for duty and with a set complement of men and boys (the number being dependant on the tonnage of the ship: usually five men and one boy for each 100 tons). The ship's Master would thenceforward be answerable to the Board and its representatives for the duration of the contract. At Deptford

4884-421: The work of the Transport service, initially consisted of three Commissioners: two naval captains ( Hugh Cloberry Christian and Philip Patton ) and one civilian ( Ambrose Serle ). They established a headquarters in Dover Square, Westminster (just off Canon Row ), where the Board met daily (except on Sundays) to receive reports and accounts, issue instructions and plan operations. The Commissioners were supported by

4958-516: Was a long series of deficits, for which in addition to the offsets of the Empire's entrepot trade, Gold was needed, such as from Canada, Australia, USA, and South Africa, culminating too in the Boer War . Prudence and discretion alone almost always proved insufficient. The Treasury and The Bank faced many crises regarding gold reserve needed for domestic, British Empire, and foreign trade and policy purposes, not all good, practical or merely pragmatic, some undoubtedly nefarious? Considered by some as

5032-423: Was established, to centralise and unify the functions of military transportation overseas; it was also given responsibility for the shipping of convicts to Australia. In spite of Middleton's lobbying, the reconstituted Board was not made answerable to the Navy Board, but was once again under the Treasury. The board was given a broad range of duties, namely: “the hiring and appropriating of Ships and Vessels for

5106-586: Was financed by British banks and when as a consequence the circulation of international payments became less liquid i.e. dried up. In response to this crisis, John Maynard Keynes (renowned economist), persuaded Chancellor Lloyd George to use the Bank of England's gold reserves to support banks. This ended the immediate crisis. Keynes stayed on as adviser to the Treasury until 1919. The war of 1914–18 saw National Debt rise from £650 million to £7,500 million by 1919. The Treasury developed new expertise in foreign exchange, currency, credit and price control skills in

5180-883: Was indirect as well as direct, personal as well as institutional, in slavery and other heinous trades. The Bank's main roles were, however, more equivalent to that of overdraft finance or factoring, with responsibilities for external account or trade finance. Like all banks, assets and liabilities must always balance. The Bank and took the Government's Treasury deposits, including specie and precious metals, and issued notes. With paper money and debt securities and credit notes, it became widely better understood, especially internationally, that money had taken on many new forms or denominations, possess no intrinsic market value like Gold and yet still retain qualities of creditworthiness or trust to fulfil money payment obligations. But money in its various forms also meant money that can only be used in certain contexts or place and or types of business, requiring

5254-402: Was married, and a daughter Jane (1780–1792) was Mrs. Romaine's goddaughter. Serle was the author of Americans Against Liberty (1775), a pamphlet published anonymously that defended the British Empire as a rightful and just government, arguing against the rebellious American colonists of the American Revolution on religious grounds. It also criticizes the American colonists as enemies of

5328-464: Was needed was a "fund of money," or a term familiar today, but by which is really meant either precious metals or 'hard' currency such as US dollars mainly that grew in importance after WW1 to pay external trade bills i.e. questions of financial liquidity or circulation needed to maintain and grow the nation's national income and trade, but above all to honour the nation's foreign obligations. Failures to do so can lead to casus belli . The early 1700s saw

5402-462: Was to control and organize merchant ships that the government had chartered. To assist them in their duties, agents had a staff consisting of a purser, boatswain, gunner, and carpenter, all appointed by warrant and on Navy pay. Hired vessels with a transport agent (always a Royal Navy Lieutenant but termed a Commander) aboard flew a blue ensign and a "plain blue common pendant" and could exercise authority over smaller transports that carried no Agent. In

5476-556: Was transferred to the DMO and represented the conclusion of the Government's restructuring of the management of monetary and debt policy launched by the Exchequer in May 1997. The DMO assumed responsibility for issuing Treasury bills (very short–dated securities) from this date. In July 2002 the operations of the Public Works Loan Board – now referred to as the PWLB lending facility and operated on behalf of HM Treasury; and

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