65-590: The Lancashire Cotton Corporation was a company set up by the Bank of England in 1929, to rescue the Lancashire spinning industry by means of horizontal rationalisation. In merged 105 companies, ending up in 1950 with 53 operating mills . It was bought up by Courtaulds in August 1964. By the late 1920s the situation of the cotton industry in Lancashire was desperate. Many spinning mills and weaving sheds had closed down,
130-581: A " socially responsible investing service " exclusively for Catholic organisations, saying that it "encourage[s] companies to improve policies and practices through active ownership". The Brothers arrived in Martinez, California , US, on the southern edge of the Carquinez Strait , part of the greater San Francisco Bay in 1868. In 1882 they began making wine for their own use at table and as sacramental wine . They also began to distill brandy , beginning with
195-663: A biannual Financial Stability Report. The bank provides wholesale banking services to the UK Government (and to over a hundred overseas central banks). It manages the UK's Exchange Equalisation Account on behalf of HM Treasury and it maintains the government's Consolidated Fund account. It also manages the country's foreign exchange reserves and is custodian of the UK's (and others') gold reserves . The bank also offers 'liquidity support and other services to banks and other financial institutions'. Commercial banks customarily keep
260-649: A deputy headmaster, and Brothers were reported to have been among those responsible. Police launched an investigation into allegations of abuse at the school between the 1940s and 1970s after former pupils were interviewed by BBC Hereford and Worcester , and documents intended to be unavailable until 2044 were released under the Freedom of Information Act 2000 . In 2017 and 2018 two former staff members were tried for serious sexual offences, assault causing actual bodily harm , and child cruelty. They were acquitted of all charges other than three charges of child cruelty against one of
325-486: A director in mid 1932, and managing director in 1933, his scheme to merge a further 44 companies, and 5 million spindles did not get bank backing. Platt spent the thirties fighting to save the struggling company. He supported the Cotton Spinning Act 1936 which allowed the buying up and destruction of surplus looms. He used his wartime post as Cotton Controller to continue to argue for further rationalisation. In
390-480: A loss of £69,766 in 1933 but turned a profit of £30,189 in 1934. Although this looks creditable, it is likely that the accounts of the organisation would not have reflected the real commercial state of the business. In January 1935 the LCC owned 5,361,000 equivalent mule spindles and had scrapped 4,630,000 others. Of 140 mills it had acquired, 74 had been, or were being, scrapped at that time. Sir Frank Platt (1890–1955) became
455-515: A neighbourhood of the jungle city of Iquitos . He helped tribes in the Amazon rainforest to fight against oil and gas companies expanding into the rainforest; local news media described him as a "Tarzan activist", "white terrorist" and "incendiary gringo priest". In July 2010, the Peruvian government revoked his residency permit for participating in activities "such as protest marches and other acts against
520-567: A privilege for employees. Previously, the bank had maintained private and commercial accounts for all sorts of customers, including individuals, small businesses and public organisations; but a change of policy following the First World War saw the bank increasingly withdraw from this type of business to focus more clearly on its central banking role. During the Nine Years' War , the Royal Navy
585-415: A quarter of the industry's spindles. During 1928 there were difficult negotiations to persuade creditors and shareholders to exchange their shares for Income Debentures and Shares in the LCC. It established central purchasing and marketing organisations and progressively took control of mills and weaving sheds. Sometimes the mills were closed down and scrapped, but others were brought back into production per
650-852: A retreat located there. In the Northern Ireland Historical Institutional Abuse Inquiry (HIA), an inquiry into institutional sexual and physical abuse in Northern Ireland institutions that were in charge of children from 1922 to 1995, the De La Salle Brothers admitted in 2014 to the abuse of boys at two institutions: the former De La Salle Boys' Home Rubane House in Kircubbin, County Down , and St Patrick's Training School in west Belfast , and apologised to its victims. The order accepted that one of its earliest overseers engaged in sexual offences. Representing
715-465: A sizeable proportion of their cash reserves on deposit at the Bank of England. These central bank reserves are used by the banks to settle payments with one another; (for this reason the Bank of England is sometimes called 'the bankers' bank'). In exceptional circumstances, the Bank may act as the lender of last resort by extending credit when no other institution will. As a regulator and central bank,
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#1732844317954780-502: A statutory regulator . The bank's headquarters have been in London's main financial district, the City of London , since 1694, and on Threadneedle Street since 1734. It is sometimes known as "The Old Lady of Threadneedle Street", a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank Junction . The bank, among other things, is custodian to
845-413: Is empowered to act in the event of a bank failure 'to protect the UK's vital financial services and financial stability'. Between 1715 and 1998, the Bank of England managed Government Stocks (which formed the bulk of the national debt ): the bank was responsible for issuing stocks to stockholders, paying dividends and maintaining a register of transfers; however in 1998, following the decision to grant
910-734: Is missed the Governor is required to write an open letter to the Chancellor of the Exchequer explaining the situation and proposing remedies. Other than setting the base interest rate, the main tool at the bank's disposal in this regard is quantitative easing . The bank has a monopoly on the issue of banknotes in England and Wales and regulates the issuance of banknotes by commercial banks in Scotland and Northern Ireland. (Scottish and Northern Irish banks retain
975-643: Is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government 's banker and debt manager, and still one of the bankers for the Government of the United Kingdom , it is the world's eighth-oldest bank . The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by
1040-544: The Attlee ministry . In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as
1105-580: The Christian Brothers (sometimes by Lasallian organisations themselves ), French Christian Brothers , or Lasallian Brothers . The Lasallian Christian Brothers are distinct from the Congregation of Christian Brothers , often also referred to as simply the Christian Brothers, or Irish Christian Brothers. The Lasallian Brothers use the post-nominal abbreviation FSC to denote their membership of
1170-685: The Institute of the Brothers of the Christian Schools ( Latin : Fratres Scholarum Christianarum ; French : Frères des Écoles Chrétiennes ; Italian : Fratelli delle Scuole Cristiane ) abbreviated FSC , is a Catholic lay religious congregation of pontifical right for men founded in France by Jean-Baptiste de La Salle (1651–1719), and now based in Rome , Italy. The De La Salle Brothers are also known as
1235-414: The bank rate ), which is decided by the bank's Monetary Policy Committee (MPC). (The MPC has devolved responsibility for managing monetary policy ; HM Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but Parliament must endorse such orders within 28 days.) As of 2024 the inflation target is 2%; if this target
1300-556: The pot-still production method that is used in the cognac region. Their production expanded until 1920, when prohibition limited their production to wines for sacramental use. In 1932, at the end of Prohibition , they relocated the winery to the Mont La Salle property in the Napa Valley and continued making wine, in larger quantities. In 1935 Brother Timothy Diener became wine master, and he served in this position for 50 years. In
1365-416: The stock market had crashed and a general slump was affecting western economies. Political action was called for. Within the cotton industry the main problem was in the spinning sector; weaving was having a rough time, and the finishing trades were getting by, but in spinning a cutthroat competition between individual enterprises was destroying them. Things were hard for shareholders; they were no better for
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#17328443179541430-511: The 1944 Platt Report , he emphasised the labour productivity gap between the British and American mills, and argued that the United Kingdom should reorganise on their vertical model. In October 1950 the company claimed fixed assets of £4,227,120 and current assets of £11 695 946. It had £4,058,526 in shares and had £683,010 in the profit and loss account. The Colonel Hopwood offered Hopwood Hall for sale on 10 May 1922. He failed to sell. The hall
1495-632: The 1950s they acquired Greystone Cellars near St. Helena, California . Varietal wine was made at the Napa Valley facility, generic wine and brandy were produced at Reedley in the San Joaquin Valley , and barrel ageing was handled at Greystone. The Christian Brothers winery operated under the corporate name "Mont La Salle Vineyards". In 1988 the winery employed 250 people and produced 900,000 cases of wine, 1.2 million cases of brandy, and 80,000 cases of altar wine. Proceeds from sales helped to fund
1560-532: The Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services (such as exchanging superseded bank notes). Until 2017, Bank staff were entitled to open current accounts directly with the Bank of England and were given the unique sort code of 10-00-00. Under the terms of the Banking Act 2009 the bank is the UK's Resolution Authority for any bank or building society judged ' too big to fail '; as such it
1625-598: The Brothers of the Christian Schools, and set up a school in a poor shantytown in Lima ; after a few years he was honoured with the British award of MBE for his work. He gave the award away and said that he would otherwise have returned it in protest at British companies' activities in the rainforest. In 2000, he founded the La Salle Intercultural Student Community, a hostel for indigenous schoolchildren in Belén,
1690-558: The Brothers operates out of the Generalate in Rome, Italy and is made up of the Superior General and his councillors. A number of Lasallian institutions in several countries have been accused of, and have admitted and apologised for, long-standing and serious physical and sexual abuse against their charges. In March, 1679, Jean-Baptiste de La Salle met Adrian Nyel in a chance encounter at
1755-467: The Christian Brothers programs and schools, such as Cathedral High School in Los Angeles, and the care of ageing Brothers. In 1989 the vineyards were sold to Heublein, Inc. The sacramental wine brand was purchased by four former Christian Brothers winery executives who as of 2023 carry on production under the name "Mont La Salle Altar Wines". The Brothers retained the Mont La Salle property and have
1820-655: The Convent of the Sisters of the Infant Jesus . Nyel asked for La Salle's help in opening free schools for the poor boys in Reims. A novitiate and normal school were established in Paris in 1694. La Salle spent his life teaching poor children in parish charity schools. The school flourished and widened in scope; in 1725, six years after La Salle's death, the society was recognised by the pope, under
1885-599: The Debt Management Office and custodian of its securities . Ever since its foundation in 1694, the bank had provided a retail banking service for the Government; however in 2008 it decided to withdraw from offering these services, which are now provided by a range of other financial institutions and managed by the Government Banking Service . Until 2016, the bank provided personal banking services as
1950-603: The English government to borrow the £1.5m that it wanted to use to expand the Royal Navy. In 1691, William Paterson had proposed establishing a national bank as a means of bolstering public finances. As he later wrote in his pamphlet A Brief Account of the Intended Bank of England (1694): "...it was proposed some years ago that a publick transferrable Fund of Interest should be established by Parliament, and made convenient for
2015-738: The French government in 1808. Since then its members penetrated into nearly every country of Europe, Africa, America , Asia and Australia. As religious , members take the three usual vows of poverty, chastity, and obedience . The Institute's headquarters is in Rome, Italy. The order has five global regions: North America (Région Lasallienne de l’Amérique du Nord, RELAN), Asia/Oceania (Pacific-Asia Regional Conference, PARC), Europe/Mediterranean (Région Lasallienne Européenne-Méditerranéenne, RELEM), Africa (Région Lasallienne Africano-Malgache, RELAF), and Latin America (Region Latinoamericana Lasallista, RELAL). During
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2080-673: The International Year of Literacy/Schooling (1990), the Unesco awarded the Noma Literacy Prize to Lasallian Institutions. The order says that its key principles are faith in the presence of God, concern for the poor and social justice, inclusive community, respect for all people, and quality education. In 2017 the Institute had 3,800 brothers, 75% fewer than in 1965. The decline is due partly to many brothers reaching retirement age, and
2145-602: The Lancashire textile industry. Bank of England 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 The Bank of England
2210-497: The Peruvian state which constitute a breach of public order." He fought the expulsion in Peruvian courts and won his right to stay. On 2 April 2019, his dead body was discovered in the same hostel he founded in Iquitos; his body had been burned after his death. Peru's episcopal conference praised McAuley and called on the authorities to investigate the crime. In 1981, the Institute started Christian Brothers Investment Services (CBIS),
2275-702: The Receipts and Payments in and about the Cities of London and Westminster; and to constitute a Society of Money'd Men for the government thereof, who should be induced by their Interest to exchange for Money the Assignments upon the Fund, at every demand". While his scheme was not immediately acted upon, it did provide the basis for the bank's first Charter and the legislation which made its establishment possible. De La Salle Brothers The De La Salle Brothers , officially named
2340-407: The UK's savers, investors and borrowers against threats to the financial system as a whole. Threats are detected by the bank's surveillance and market intelligence functions, and dealt with through financial and other operations (both at home and abroad). The majority of these safeguards were put in place in after the 2007–2008 financial crisis : In 2011 the bank's Prudential Regulation Authority
2405-614: The US, with several lawsuits being settled in favour of victims. After the scandal became widely known, branches of the Order apologised, publicly or to individual victims, for several of these cases. At St William's residential school in Market Weighton , England, between 1970 and 1991 many boys were abused; 200 now-adult men have said they were abused. Abusers including the principal, James Carragher, were imprisoned in 2004 for past sexual abuse at
2470-448: The bank operational independence, responsibility for government debt management was transferred to a new Debt Management Office , which also took over Exchequer cash management and responsibility for issuing Treasury bills from the bank in 2000. Computershare took over as the registrar for UK Government bonds ( gilt-edged securities or 'gilts') from the bank at the end of 2004. The bank, however, continues to act as settlement agent for
2535-543: The banks that had, in effect, had the assets thrust into their hands as companies defaulted on their loans. It was for this reason that the Bank of England became involved. It promoted the establishment of a quasi-governmental authority, to be called the Lancashire Cotton Corporation (LCC), which was set up in 1929, headed by Sir Kenneth Dugald Stewart . Its target was to control ten million spindle and rationalise production by central planning . It would use
2600-518: The de la Salle order, Kevin Rooney QC said the brothers recognised that some of their members had caused "immense pain" to children which was "in contradiction to their vocation". Senior Counsel Christine Smith QC said, "...[T]hose homes operated as outdated survivors of a bygone age." The Inquiry's first public hearings were held from January to May 2014 with the inquiry team reporting to the Executive by
2665-626: The defendants, on which the jury was unable to reach a verdict. Other, named, abusers were reported to have died. There were other cases with many victims in countries including Scotland (St Ninian's in Gartmore, Stirlingshire; St Joseph's in Tranent; St Mary's in Bishopbriggs), Australia, and Ireland where "Some 46 alleged abusers are named in these 84 allegations of sex abuse." Serious and detailed allegations about decades-old abuse have been reported in
Lancashire Cotton Corporation - Misplaced Pages Continue
2730-417: The different and more stream-lined groups essential if the industry was to become economically viable. In the autumn of 1962, Courtaulds conceived a plan which it called its Northern Project and it entered into negotiations with five major textile groups, namely Lancashire Cotton Corporation, Combined English Mills (Spinners) , English Sewing Cotton Company , Fine Spinners & Doublers and Tootals . It
2795-421: The event, though competitively priced, 96% was left with the underwriters, The Sun Insurance Office. Lancashire had been too hurt, and become too sceptical, by the debacle of its cotton industry and there was no faith left. By 1930, several dozen mills had been taken over, the names and dates of the contracts signed with the LCC being published in the prospectus. The LCC ran a trading loss of £382,795 in 1932, then
2860-472: The five textile companies concerned together examined the Northern Project in detail, but a financial agreement was not reached. ICI and Courtaulds then pursued different policies in acquisition, and between July and August 1964 Courtaulds acquired the whole of the equity capital of Lancashire Cotton Corporation and Fine Spinners & Doublers, becoming thereby the owner of 30% of the spinning capacity of
2925-636: The home. Five victims started High Court action for compensation in 2016. Four of the cases were dismissed in December 2016 The De La Salle order repeated their apologies for and condemnation of the abuse. The De La Salle Brothers also operated the controversial BoysTown school between 1961 and 2001, which is known for having the largest case of child abuse at a single institution in Australia's history. Although only two staff, Brother Francis Brophy and Stephen Anthony Gray, were convicted of child sexual abuse by 2017,
2990-603: The institutional representatives. In the 1960s the deputy headmaster of St Gilbert's approved school (for young minor offenders) run by Brothers from the De La Salle order in Hartlebury , Worcestershire , England, was convicted of six counts of sexually abusing boys at the school. He was subsequently reinstated as a teacher at another school. In 2014, former pupils of the school described "a 30-year campaign of sadistic and degrading abuse" including rapes and beatings. A headmaster,
3055-485: The matter to police. On 11 March 2022 statements of apology were made in the Northern Ireland Assembly by ministers from the five main political parties in Northern Ireland and by representatives of six institutions where abuse had taken place, including Br Francis Manning representing the De La Salle Brothers. Several abuse survivors and their family members were critical of the apologies that were made by
3120-418: The most efficient plants to lower production costs, and would scrap uneconomic mills. The state enterprise had access to unlimited capital on which it paid no interest. The small mill owners couldn't compete. The aim was to win back export markets, and thus save some of the Lancashire industry; but this failed, its customers were in the main domestic. The LCC succeeded in buying out 96 companies, which represented
3185-408: The official gold reserves of the United Kingdom (and those of around 30 other countries). As of April 2016 , the bank held around 5,134 tonnes (5,659 tons) of gold, worth £141 billion. These estimates suggest that the vault could hold as much as 3% of the 171,300 tonnes of gold mined throughout human history. According to its strapline , the bank's core purpose is 'promoting the good of
3250-709: The official title of "Brothers of the Christian Schools". La Salle was canonised as a saint on 15 May 1900. In 1950 Pope Pius XII declared him to be the "Special Patron of All Teachers of Youth in the Catholic Church". The order, approved by Pope Benedict XIII in 1725, rapidly spread over France. It was dissolved by a decree of the National Assembly set up after the French Revolution in February 1790, but recalled by Napoleon I in 1804 and formally recognised by
3315-461: The order welcomed the inquiry. Before the abuse issue had become public a Brother wrote in a letter to an alleged abuser "It is best forgotten and I have told some brothers that no reference is to be made to it among themselves or the boys. The whole affair is best dropped with the prayer that all will learn that lesson that our holy rule is very wise in its prescriptions". The order conducted dozens of internal interviews in this case, but did not report
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#17328443179543380-732: The order, and the honorific title Brother, abbreviated "Br." The Lasallian order stated that as of December 2023 the Institute had 2,883 Brothers, who helped in running 1,154 education centers in 78 countries with 1,160,328 students, together with 107,827 teachers and lay associates. There are La Salle educational institutions in countries ranging from impoverished nations such as Nigeria to post-secondary institutions such as Bethlehem University ( Bethlehem , Palestine ), Manhattan University ( New York City ), US, College Mont La Salle ( Ain Saadeh , Lebanon), and La Salle University ( Philadelphia, Pennsylvania , US). The central administration of
3445-412: The people of the United Kingdom by maintaining monetary and financial stability'. This is achieved in a variety of ways: Stable prices and secure forms of payment are the two main criteria for monetary stability. Stable prices are maintained by seeking to ensure that price increases meet the Government's inflation target. The bank aims to meet this target by adjusting the base interest rate (known as
3510-459: The plan. Small share holders held worthless shares while the banks benefited by being to keep the assets on their balance sheets until the time was opportune to manage a liquidation, thus preventing a banking crisis. LCC attempted a capital raising exercise in 1931, the prospectus being published in The Times on 26 March. It was for £2 million six-year 6.5% First Mortgage Debenture Stock and in
3575-507: The right to issue their own banknotes, but they must be backed one-for-one with deposits at the bank, excepting a few million pounds representing the value of notes they had in circulation in 1845.) In addition the bank supervises other payment systems , acting as a settlement agent and operating Real-time gross settlement systems including CHAPS . In 2024 the bank was settling around £500 billion worth of payments between banks each day. Maintaining financial stability involves protecting
3640-532: The small number of new recruits. In the same period the number of students in Lasallian schools increased from about 700,000 to over a million. The following have served as Superior General of the De La Salle Brothers: La Salle initiated a number of innovations in teaching. He recommended dividing up of the children into distinct classes according to their attainments. He also taught pupils to read
3705-425: The start of 2016 . Module 3: De La Salle Boys Home at Rubane House, Kircubbin , started on 29 September 2014 and was completed on 17 December, when the chairman paid tribute to the victims who testified. By October 2014 about 200 former residents of Rubane House made allegations of abuse, and 55 alleged that they themselves were physically or sexually abused. Billy McConville, orphaned when his mother Jean McConville
3770-492: The textile industry, who had been discussing merger and then attempted take-overs. These failed. Courtaulds returned to its plans for reorganising the textile industry. The company has said that by the early 1960s it was becoming increasingly apparent to it that the provisions of the Cotton Industry Act 1959 were insufficient to ensure the future and strength of all sectors of the textile industry; new capital and management were needed to achieve re-equipment and re-organisation into
3835-458: The trustees for the De La Salle Brothers had paid almost $ 27 million in compensation for 219 credible claims of abuse, representing the highest figure against a single church-run institution in Australia. Investigations and trials continued into 2022 involving a number of other schools and the De La Salle order has only apologised where they have been legally found guilty and not where the allegations haven't been prosecuted. This had brought about
3900-558: The vernacular language. In accordance with their mission statement "to provide a human and Christian education ... especially [to] the poor" the Brothers' principal activity is education, especially of the poor. The Lasallian order stated that as of December 2023 the Institute had 2,883 Brothers, who helped in running 1,154 education centers in 78 countries with 1,160,328 students, together with 107,827 teachers and lay associates. English Lasallian lay brother and missionary Paul McAuley went to Peru in 1995 as part of his ministry in
3965-404: Was abducted and shot by the IRA in 1972, waived anonymity and described repeated sexual and physical abuse, and starvation, at Rubane House. During the inquiry counsel for the De La Salle order said compensation had been paid, and accepted that some members had abused young boys at the home, but that the order believed that some claims "did not take place". Brother Francis Manning FSC said that
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#17328443179544030-442: Was at first envisaged that Courtaulds would acquire the five companies but this was later modified to a scheme whereby the five would exchange their existing shares for shares in a new joint company and Courtaulds would buy shares in the new company by providing relatively large amounts of cash to finance re-equipment. The Board of Trade were informed of the intended re-grouping. Between December 1962 and April 1963 Courtaulds, ICI and
4095-430: Was defeated by the French Navy in the 1690 Battle of Beachy Head , causing consternation in the government of William III of England . The English government decided to rebuild the Royal Navy into a force that was capable of challenging the French on equal terms; however, their ability to do so was hampered both by a lack of available public funds and the government's low credit. This lack of credit made it impossible for
4160-536: Was established to regulate and supervise all major banks, building societies, credit unions, insurers and investment firms in the UK (' microprudential regulation '). The bank also has a statutory supervisory role in relation to financial market infrastructures. At the same time, the bank's Financial Policy Committee (FPC) was set up to identify and monitor risks in the financial system , and to take appropriate action where necessary (' macroprudential regulation '). The FPC publishes its findings (and actions taken) in
4225-474: Was in a poor state when it was taken over by the Lancashire Cotton Corporation during World War II. The corporation used Hopwood Hall, in conjunction with Blackfriars House to run the firm during the wartime years. After the war the Lancashire Cotton Corporation sold the hall to a trust in 1946, under which it became a training college for Catholic teachers under the De La Salle Brothers . Imperial Chemical Industries (ICI) and Courtaulds were major players in
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