81-559: Happy Arcadia is a musical entertainment with a libretto by W. S. Gilbert and music originally by Frederic Clay that premiered on 28 October 1872 at the Royal Gallery of Illustration . It was one of four collaborations between Gilbert and Clay between 1869 and 1876. The music is lost. The piece is a satire on the genre of pastoral plays in which the characters, who each wish that they could be someone else, have their wish granted, with unhappy results. Gilbert and Sullivan later produced
162-660: A comic opera , Iolanthe , in which two of the characters, Strephon and Phyllis, are "Arcadian" shepherds. Phyllis, like Chloe, is torn between two suitors. The character of Lycidas also anticipates the character of Archibald Grosvenor in another Gilbert and Sullivan opera, Patience , who is cursed with perfect beauty. This work is the fifth in a series of six one-act musical plays written by Gilbert for Thomas German Reed and his wife Priscilla between 1869 and 1875. The German Reeds presented respectable, family-friendly musical entertainments at their Gallery of Illustration beginning in 1855. The German Reeds did not call their venue
243-512: 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
324-444: A curtain-raiser for the annual pantomime , had a libretto by T. W. Robertson . Like Court and Cottage , it was favourably reviewed in the press, but did not remain in the theatrical repertoire. In the mid-1860s, Clay and his close friend and fellow musician Arthur Sullivan were frequent guests at the home of John Scott Russell . By about 1865 Clay became engaged to Scott Russell's youngest daughter, Alice May, and Sullivan wooed
405-662: A legacy in 1873 enabled him to become a full-time composer. He had his first big stage success with Ages Ago (1869), a short comic opera with a libretto by W. S. Gilbert , for the small Gallery of Illustration ; it ran well and was repeatedly revived. Clay, a great friend of his fellow composer Arthur Sullivan , introduced the latter to Gilbert, leading to the Gilbert and Sullivan partnership. In addition to Gilbert, Clay's librettists during his 24-year career included B. C. Stephenson , Tom Taylor , T. W. Robertson , Robert Reece and G. R. Sims . The last of his four pieces with Gilbert
486-562: A long period of Conservative government after the party's election victory in February 1874, Clay resigned from the Treasury. A legacy from his father, who died in September 1873, left him financially independent and able to devote his energies to full-time composition. Green Old Age , a "musical improbability", with a libretto by Robert Reece (1874) to which Clay contributed some of the music,
567-553: 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
648-582: A month. A New York production fared still worse. When it was revived in London in 1881 The Times commented that the piece had not appealed to audiences in 1876, "accustomed to a more broadly humorous style of extravaganza" and hoped that by 1881 public taste had become more cultivated under the influence of Gilbert's other comic operas. Nonetheless, the revival ran for only 65 performances. Clay's cantata Lalla Rookh (containing his best-known song, "I'll sing thee songs of Araby" and also "Still this golden lull"),
729-514: A piano, harmonium and sometimes a harp. The title of Happy Arcadia is an oxymoron, as the inhabitants of this fictional Arcadia are anything but happy. Arcadia was a legendary site of rural perfection, first described by the Ancient Greeks , that was a popular setting for writers of the 19th century and artists such as Jean-Antoine Watteau . Happy Arcadia is a satire on the genre of pastoral plays, which were set in an ideal world. The piece has
810-544: A post in HM Treasury , and was for a time private secretary to Benjamin Disraeli , who presented him at a court levee in 1859. Under a later administration Clay undertook confidential missions on behalf of W. E. Gladstone . At the age of 20 Clay experienced what he called the "opening up" of his musical senses: hearing Verdi 's Il trovatore at Covent Garden and Auber 's Les diamants de la couronne at
891-486: 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
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#1733093590251972-626: A stick, a ring, a cloak, and a cap, each of which grants one wish, but that he has used up the wishes. Daphne has news: The handsome, wealthy, gifted Lycidas has determined to renounce the vanities of a worldly life and is going to become an Arcadian, and he has taken a fancy to Chloe. Strephon protests that Chloe is betrothed to him, and that, to put up a fight, he'll resign from Arcadia. Lycidas appears, saying he will live in Arcadia, and he asks to be left alone with Chloe. Strephon reluctantly withdraws, and Lycidas asks Chloe to "be mine". Strephon returns with
1053-635: A stick, and Lycidas withdraws, agreeing to return in half an hour. Strephon says that he is no longer an Arcadian and will smash Lycidas if he presumes to address Chloe again. Astrologos has departed, leaving a package for Strephon containing the four magic items. The instructions say, "Distribute them as you think fit". Strephon decides to auction off three of the items. Each item is auctioned off for four pence. Daphne, left alone, inadvertently wishes that she were in Strephon's shoes, and she immediately changes into Strephon. Meanwhile, Colin has turned into Daphne – as
1134-516: A theatre because, at that time, the theatre in Britain had gained a poor reputation as an unsavory institution and was not attended by much of the middle class; Shakespeare was played, but most theatrical entertainments consisted of poorly translated French operettas , risque burlesques and incomprehensible broad farces. The Gallery of Illustration was a 500-seat theatre with a small stage that only allowed for four or five characters with accompaniment by
1215-678: A third cantata, Sardanapalus , commissioned for the Leeds Festival. After conducting the second performance of The Golden Ring in December 1883 he suffered a stroke that paralysed him and cut short his productive life. In 1889 at the age of 51, he was found drowned in his bath at the home of his sisters in Great Marlow . The coroner 's verdict was suicide while of unsound mind. Clay was buried in Brompton cemetery on 29 November 1889. Sullivan wrote
1296-423: A typical Gilbertian topsy-turvy plot in which magic items grant wishes, and each of the characters uses his or her wish to become someone else. The magic items cause the sort of transformation that fascinated Gilbert throughout his career and that he used in all his "lozenge plot" works, including The Sorcerer , Foggerty's Fairy and The Mountebanks . Theatre historian Kurt Gänzl noted that "the highlight of
1377-484: A woman, he would be able to get away with crimes. Chloe has changed into Colin, hoping to be "a grumpy... old bear like papa," to be out from between her two suitors. Strephon has turned into Chloe. Everyone is distressed by their transformations, and the idea occurs to them that if they exchange magic items, they will each get another wish. They do so and wish to return to their original forms, which they do, and they all happily embrace. Lycidas returns, declaring that Arcadia
1458-512: 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
1539-409: Is no place for him, and he is leaving. They auction all the items to Lycidas, and all ends happily. Frederic Clay Frederic Emes Clay (3 August 1838 – 24 November 1889) was an English composer known principally for songs and his music written for the stage. Although from a musical family, for 16 years Clay made his living as a civil servant in HM Treasury , composing in his spare time, until
1620-715: The Opéra-Comique in Paris, he was enthused by "the strength of vocal declamation in the one work and the delight of musical comedy in the other". In his free time he studied music with Moritz Hauptmann in Leipzig , and composed what his biographer Christopher Knowles calls "songs and light operas for the drawing rooms of high society". With his fellow Treasury clerk B. C. Stephenson as librettist he wrote three one-act operettas for amateurs: The Pirate's Isle (1859), Out of Sight (1860) and The Bold Recruit (1868). The Era commented on
1701-702: 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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#17330935902511782-580: The Royalty Theatre , starring Santley, and The Golden Ring starring Marion Hood (1883). The latter was written for the reopening of the Alhambra Theatre , which had been burned to the ground the year before. These shows were both successful and, in Gänzl's view, showed an artistic advance on Clay's earlier work. Clay had been in precarious health during the year, and had been obliged to abandon work on
1863-488: The West End it attracted mixed notices, both for the libretto and the score. The Times ' s later comment that the piece was "probably surpassed by no modern English work of the kind for gaiety and melodious charm" was not generally shared: a recurring theme in reviews was that Clay's music was musicianly and pleasing but not strikingly original or memorable. At its first London production Princess Toto ran for less than
1944-700: 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
2025-480: The topsy-turvey ideas the librettist was to develop in his later collaborations with Sullivan and others. The premiere was enthusiastically received – in a favourable review The Morning Post noted that almost every number was encored – but the piece ran for only 26 performances. The next three, In Possession (1871, for German Reed), Happy Arcadia (1872, with Gilbert), and Oriana (1873, with James Albery ) all had short London runs. Clay contributed some of
2106-471: 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
2187-449: 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
2268-500: 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
2349-515: 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
2430-631: 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
2511-453: 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
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2592-709: 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
2673-521: 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
2754-793: 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
2835-481: 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
2916-1009: 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
2997-634: 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
3078-681: The Mountainside", "The Sands of Dee", and "'Tis Better Not to Know". 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
3159-530: 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
3240-550: 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
3321-516: 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
Happy Arcadia - Misplaced Pages Continue
3402-558: 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
3483-777: 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
3564-475: 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
3645-566: 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,
3726-418: The article about his friend in the early editions of Grove's Dictionary of Music and Musicians . He said of Clay's music: In the article in the 2001 edition of Grove , Christopher Knowles sums up Clay's music: His melodies are always fresh and graceful; his harmonic treatment, though sometimes strikingly original, owes much to Rossini and Auber . Successful though he was, he never really broke away from
3807-568: 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
3888-509: 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
3969-469: The drawing-room ballad and, lacking Sullivan’s sense of fun and powers of invention, remained largely in his shadow. Although even his most successful stage works were soon eclipsed by those of Gilbert and Sullivan , and his music was widely regarded as musicianly and pleasing but not particularly original or memorable, in Gänzl's view he was "the first significant composer of the modern era of British musical theatre". Numerous, including "She Wandered Down
4050-608: 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
4131-488: 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
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#17330935902514212-561: 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
4293-442: 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
4374-474: 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
4455-402: 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
4536-449: The middle daughter, Rachel. The Scott Russells welcomed the engagement of Alice and Clay, but it was broken off, for unknown reasons. Alice married another suitor in 1869; Clay remained single all his life. In 1866 Clay's first cantata, The Knights of the Cross was performed in London, conducted by Sullivan. It was politely received, but the composer's "talent and good taste" did not, in
4617-484: The modern era of British musical theatre", but even his most successful stage works were soon eclipsed by those of Gilbert and Sullivan. During his lifetime he was best known for his parlour songs , which were familiar throughout Britain. Clay's music was widely regarded as not particularly original or memorable, but musicianly and pleasing. Clay was born in Paris, the fourth of six children of James Clay (1804–1873) and his wife, Eliza Camilla, née Woolrych. James Clay
4698-555: The music for other London shows in these years, including the extravaganzas Ali Baba à la Mode (1872) and Don Giovanni in Venice (1873), the "grand opéra-bouffe féerie" The Black Crook (1872) and the "fantastic music drama" Babil and Bijou, or The Lost Regalia (1872). The last of these, given at Covent Garden was a spectacular production that ran for some eight months and attracted highly favourable notices for Clay and his fellow composer, Jules Rivière. Foreseeing, and not relishing,
4779-420: 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
4860-534: 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
4941-446: 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
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#17330935902515022-464: The opinion of one reviewer, result in "much originality of character". In 1869 came Clay's first substantial theatrical success, the "operatic entertainment" Ages Ago , written for the German Reeds at the Royal Gallery of Illustration , with a libretto by W. S. Gilbert . The piece, described by the historian Kurt Gänzl as "an enormous success", ran for 350 performances during its first run, and
5103-511: 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
5184-513: 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
5265-598: 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
5346-824: 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
5427-459: The second of these: "The composer is an amateur, but he has shown a dramatic power and a skill in instrumentation that would justify him in entering the lists with professional musicians". Clay had a modest operatic success with a one-act operetta, Court and Cottage , to a libretto by Tom Taylor , produced at Covent Garden in 1862 as an after-piece to Meyerbeer's Dinorah . A second one-act piece for Covent Garden followed in 1865: Constance ,
5508-403: The show was a scene in which, various jealousies having arisen, everyone is simultaneously wishing he were one of the others – and consequently everyone is! [demonstrating Gilbert's] favourite theme of change of identity or personality." As the original score is long lost, others have created their own, and Jonathan Strong's adaptation of Sullivan's non- Gilbert and Sullivan music may be heard on
5589-711: The video of the work by the Boston Massachusetts-based group, Royal Victorian Opera Company. Gilbert (who directed and designed his own shows) was busy in the days leading up to the opening of Happy Arcadia : Four days before Happy Arcadia opened, Gilbert's one-act farce, A Medical Man , opened at St. George's Hall , although it had been published in 1870. The original production of Happy Arcadia played from 28 October 1872 to 2 May 1873. A revival, produced by and starring Rutland Barrington , played at St George's Hall from 15 July 1895 to 10 August and again from 4 November until 30 November 1895. Although Happy Arcadia
5670-484: Was Princess Toto (1875), which had short runs in the West End and in New York. Clay's other compositions include cantatas and numerous individual songs. His last two works were both successful operas composed in 1883, The Merry Duchess and The Golden Ring . He then suffered a stroke that paralysed him at the age of 44 and ended his career. The historian Kurt Gänzl has called Clay "the first significant composer of
5751-420: Was a Radical Member of Parliament and was also well known as a player of and authority on whist . Both parents were musical: Clay's mother was the daughter of a leading opera singer, and his father was an amateur composer. Clay was educated at home in London by private tutors, and studied piano and violin, and later composition under Bernhard Molique . Through the influence of Lord Palmerston , Clay secured
5832-426: Was a criminal who evaded punishment by fleeing to Arcadia and is now tired of living a life of innocence. He would happily return to a life of iniquity if he could do so without being sentenced to penal servitude. Meanwhile, Strephon's lodger, Astrologos, owes him three months' rent, but as an Arcadian, Strephon can't ask him to pay it, since Arcadians don't care about money. Astrologos notes that he has four magic items,
5913-615: 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
5994-586: 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
6075-540: Was followed by a commission from Kate Santley for an opéra-bouffe , Cattarina, or Friends at Court , with a libretto by Reece. This successfully toured the provinces, with the composer conducting and Santley starring as Pincione; it was given at the Charing Cross Theatre , London, during the winter season of 1874–75. The final collaboration between Clay and Gilbert was a three-act comic opera, Princess Toto , (1876), another vehicle for Santley. On tour and in
6156-460: Was given successfully at the Brighton Festival in 1877, and was later performed elsewhere in Britain and the US. Clay found a lack of opportunity in Britain and moved to the US in 1877. He met with only mixed success there and returned to London in 1881. His last stage works were two collaborations with the librettist G. R. Sims : a "sporting comic opera", The Merry Duchess , (1883) given at
6237-883: 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
6318-464: 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
6399-522: Was one of the later pieces by Gilbert for the German Reeds, it was a step backwards in terms of dramatic development. Chloe and Strephon are "completely and intensely miserable. Bored beyond expression." They hate their lambs and flageolets . Chloe: "I always pinch my lamb when nobody's looking." Strephon: "And I always play out of tune when nobody's listening". They irritably agree to break off their engagement. Chloe's parents are also miserable. Her father
6480-472: Was revived several times. The first production was in a double bill with Sullivan's Cox and Box . Clay dedicated the published score of Ages Ago to Sullivan; at a rehearsal of the piece, probably in 1870, Gilbert met Sullivan for the first time, introduced by Clay. Over the next four years Clay composed four further operatic pieces. The first, The Gentleman in Black (1870, with Gilbert), contained many of
6561-542: 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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