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redeemed, but which paid a stable rate of return. Henry Clews writes, 

in  The Wall Street View, Silver Burdett Co. 1900, p. 255, "The 

Consolidated Act of 1757 consolidated the debts of the nation of 

England at 3%, which were kept in an account at the Bank of England 

and is the great bulwark of its deposits." By ostentatiously "dumping" 

"Consols" on the London Exchange after the Battle of Waterloo, in a 

pretended panic, Nathan Meyer Rothschild then secretly bought up 

the Consols sold in the panic by other holders at a low rate, and 

became the largest holder of Consols, and thus won control of the 

Bank of England in 1815.

12% Dividends

Although a Labor government nationalized the Bank of England in 

1946,  The Great Soviet Encyclopaedia points out (vol. I, p. 490c) that 

the Bank of England continues to pay 12% dividends per annum, just as 

it had done prior to the nationalization. The "Governor" is appointed by 

the government, in a situation similar to that in the United States, where 

the Governors of the Federal Reserve System are appointed by the 

President. However, as is pointed out in the Encyclopaedia Americana 

v. 13, p. 272, "In practice, the governors of the Bank of England have 

not hesitated to criticize and bring pressure on the government in 

public."

Bank Rate

The interest rate set by the Bank of England is known as "the Bank rate", 

and it is a controlling factor in interest rates throughout the world,

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