ASGILL, John.

Inquire · Offered by Peter Harrington

Remarks on the Proceedings of the Commissioners For putting in Execution The Act past last Sessions, For Establishing of a Land-Bank. First edition. In 1695 John Asgill (1659-1738) and Nicholas Barbon founded the first land bank, soon followed by another bank founded by John Briscoe. "Despite opposition, particularly from the Bank of England, the two banks were incorporated by act of parliament as the Governor and Company of the National Land Bank of England to lend the government over £2.5 million at 7 per cent interest. Subscription books were opened at the end of May 1696 but very little was subscribed, and on 11 June one contemporary observed that the 'land bank makes but little progress' (Luttrell, 4.71). The failure of this scheme has been attributed not only to the shortage of coin in this year, and the financial climate more generally, but also to 'public opinion' which appeared 'to have been against the venture' (Horsefield, 207)" (ODNB). The failure can also be attributed to the land bank offering 7% interest, whereas the Bank of England offered 8%. In this pamphlet, Asgill analyses the reasons that the incorporated land bank failed, placing most of the blame on the opposition of the Bank of England.

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