Threadneedle Street

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Threadneedle Street
Threadneedle street.jpg
Looking northeast up Threadneedle Street
Length0.3 mi (0.5 km)
Location London, England
Postal code EC2
Nearest train station Underground no-text.svg DLR no-text roundel.svg Bank
Northeast end Bishopsgate
Southwest end Bank junction
Other
Known for Bank of England

Threadneedle Street is a street in the City of London, England between Bishopsgate at its northeast end and Bank junction in the southwest. It is one of nine streets that converge at Bank. It lies in the ward of Cornhill.

City of London City and county in United Kingdom

The City of London is a city and county that contains the historic centre and the primary central business district (CBD) of London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the agglomeration has since grown far beyond the City's borders. The City is now only a tiny part of the metropolis of London, though it remains a notable part of central London. Administratively, it forms one of the 33 local authority districts of Greater London; however, the City of London is not a London borough, a status reserved for the other 32 districts. It is also a separate county of England, being an enclave surrounded by Greater London. It is the smallest county in the United Kingdom.

Bishopsgate ward of the City of London, England

Bishopsgate is one of the 25 wards of the City of London and also the name of a major road between Gracechurch Street and Norton Folgate in the northeast corner of London's main financial district. Bishopsgate is named after one of the original eight gates in the London Wall. The site of this former gate is marked by a stone bishop's mitre, fixed high upon a building located at Bishopsgate's junction with Wormwood Street, by the gardens there and facing the Heron Tower.

Bank junction

Bank junction is a major road junction in the City of London, the historic and financial centre of London, at which nine streets converge on an area where traffic is controlled by traffic lights and give-way lines. It is named after the nearby Bank of England.

Contents

History

The street is famous as the site of the Bank of England; the bank itself is sometimes known as 'the Old Lady of Threadneedle Street' and has been based at its current location since 1734. The London Stock Exchange was also situated on Threadneedle Street until 2004, when it relocated to nearby Paternoster Square. The Baltic Exchange was founded in the Virginia and Baltick Coffee House on Threadneedle Street in 1744; it is now located on St Mary Axe.

Bank of England Central bank of the United Kingdom

The Bank of England 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 still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946.

London Stock Exchange stock exchange in the City of London

London Stock Exchange is a stock exchange located in the City of London, England. As of April 2018, London Stock Exchange had a market capitalisation of US$4.59 trillion. It was founded in 1571, making it one of the oldest exchanges in the world. Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. It is part of London Stock Exchange Group (LSEG).

Paternoster Square square in the City of London, England

Paternoster Square is an urban development, owned by the Mitsubishi Estate Co., next to St Paul's Cathedral in the City of London. The area, which takes its name from Paternoster Row, once centre of the London publishing trade, was devastated by aerial bombardment in The Blitz during the Second World War. It is now the location of the London Stock Exchange which relocated there from Threadneedle Street in 2004. It is also the location of investment banks such as Goldman Sachs, Merrill Lynch and Nomura Securities Co., and of fund manager Fidelity Investments. The square itself, i.e. the plaza, is privately owned public space.

Etymology

Some[ who? ] believe that the name originated as Three Needle Street (first attested in 1598), perhaps from a signboard portraying three needles, or from the three needles on the arms of needle-makers who had premises on the street. The threads and needles used by the members of the Worshipful Company of Merchant Taylors is another possibility, since the livery company's hall has been located on Threadneedle Street since 1347. Before 1598 the road was part of Broad Street (now Old Broad Street). [1]

Worshipful Company of Merchant Taylors livery company of the City of London

The Worshipful Company of Merchant Taylors is one of the 110 livery companies of the City of London.

Merchant Taylors Hall, London building on Threadneedle Street in the City of London, England

The Merchant Taylors' Hall, London is the seat of the Worshipful Company of Merchant Taylors, one of the Twelve Great Livery Companies of the City of London surviving from Mediaeval times.

Points of interest

In addition to the Bank of England, there are a number of shops, banks, restaurants and offices located on Threadneedle Street.

The Merchant Taylors' Hall, home of the Worshipful Company of Merchant Taylors, has occupied a site off Threadneedle Street since 1347. It is said that it is here that the British national anthem was sung, in private, in 1607 for the first time, conducted by John Bull.

God Save the Queen national anthem of the United Kingdom and royal anthem of many Commonwealth realms

"God Save the Queen" is the national or royal anthem in a number of Commonwealth realms, their territories, and the British Crown dependencies. The author of the tune is unknown, and it may originate in plainchant; but an attribution to the composer John Bull is sometimes made.

John Bull (composer) English composer, musician and organ builder

John Bull was an English composer, musician and organ builder. He was a renowned keyboard performer of the virginalist school and most of his compositions were written for this medium.

The headquarters of the South Sea Company was located on the street from 1711 to the 1850s. [2]

South Sea Company British joint-stock company founded in 1711

The South Sea Company was a British joint-stock company founded in 1711, created as a public-private partnership to consolidate and reduce the cost of national debt. The company was also granted a monopoly to trade with South America and nearby islands, hence its name. When the company was created, Britain was involved in the War of the Spanish Succession and Spain controlled South America. There was no realistic prospect that trade would take place, and the company never realised any significant profit from its monopoly. Company stock rose greatly in value as it expanded its operations dealing in government debt, peaking in 1720 before collapsing to little above its original flotation price; the economic bubble became known as the South Sea Bubble.

The London office of the world's oldest merchant bank, Berenberg Bank, is located at No. 60.

Berenberg Bank company

Joh. Berenberg, Gossler & Co. KG, commonly known as Berenberg Bank and also branded as simply Berenberg, is a Hamburg-based multinational full-service investment bank. It was founded by the Flemish-origined Berenberg family in 1590 and is the world's oldest merchant bank and also the world's oldest or second oldest bank, depending on the definition. Its owners, the Berenberg/Gossler family, belonged to the ruling elite of Hanseatic merchants of the city-republic of Hamburg and several family members served in the city-state's government from 1735. Like many other merchant bankers, the Berenbergs were originally cloth merchants. The bank's name refers to Johann Berenberg and his son-in-law Johann Hinrich Gossler, and has remained unchanged since 1791. The bank has operated continuously since 1590 and is still part-owned by members of the Berenberg-Gossler family.

The nearest London Underground station is Bank. London's first bus service ran between Threadneedle Street and Paddington from 1829. Today, the street is served by bus routes 8, 11, 23, 26, 133, 242, and 388.

Over 5000 tonnes of gold bars are held by the Bank of England (both official reserves of the UK Treasury, and others) in a system of 8 vaults over two floors under Threadneedle Street. [3]

Related Research Articles

Livery company ancient trade association in the City of London

The livery companies of the City of London, currently 110 in number, comprise London's ancient and modern trade associations and guilds, almost all of which are styled the 'Worshipful Company of...' their respective craft, trade or profession. London's livery companies play a significant part in City life, not least by providing charitable-giving and networking opportunities. Liverymen retain voting rights for the senior civic offices, such as the Lord Mayor, Sheriffs and City of London Corporation, its ancient municipal authority with extensive local government powers.

Worshipful Company of Grocers

The Worshipful Company of Grocers is one of the 110 Livery Companies of the City of London and ranks second in order of precedence.

The Worshipful Company of Mercers is the premier Livery Company of the City of London and ranks first in the order of precedence of the Companies. It is the first of the Great Twelve City Livery Companies. Although of even older origin, the Company was incorporated under a Royal Charter in 1394, the Company's earliest extant Charter. The Company's aim was to act as a trade association for general merchants, and especially for exporters of wool and importers of velvet, silk and other luxurious fabrics (mercers). By the 16th century many members of the Company had lost any connection with the original trade. Today, the Company exists primarily as a charitable institution, supporting a variety of causes. The Company's motto is Honor Deo, Latin for "Honour to God".

Worshipful Company of Ironmongers

The Worshipful Company of Ironmongers is one of the livery companies of the City of London, incorporated under a Royal Charter in 1463.

Royal Exchange, London building in the City of London, England

The Royal Exchange in London was founded in the 16th century by the merchant Sir Thomas Gresham on the suggestion of his factor Richard Clough to act as a centre of commerce for the City of London. The site was provided by the City of London Corporation and the Worshipful Company of Mercers, who still jointly own the freehold. It is trapezoidal in shape and is flanked by Cornhill and Threadneedle Street, which converge at Bank junction in the heart of the City. It lies in the ward of Cornhill. The building's original design was inspired by a bourse Gresham had seen in Antwerp and was Britain's first specialist commercial building.

Stock Exchange Tower

125 Old Broad Street, formerly known as the Stock Exchange Tower and still often referred to as such, is a high-rise office building in London, located on Old Broad Street in the City of London financial district.

John Houblon First Governor of the Bank of England, 1694 to 1697

Sir John Houblon was the first Governor of the Bank of England from 1694 to 1697.

Baltic Exchange

The Baltic Exchange is a membership organisation for the maritime industry, and freight market information provider for the trading and settlement of physical and derivative contracts. It was located at 24–28 St Mary Axe, London, until the building was destroyed by a bomb in 1992, and is now located at 38 St Mary Axe. It has further offices in Europe and across Asia.

The livery companies of the City of London are listed below in alphabetical order, rather than by their order of precedence. Most companies' mottos are double entendres or puns about their relevant trade, and many are in Latin. Where applicable, the location of the Company's livery hall is also shown:

St Martin Outwich Church

St Martin Outwich was a parish church in the City of London, on the corner of Threadneedle Street and Bishopsgate. Of medieval origin, it was rebuilt at the end of the 18th century and demolished in 1874.

St Benet Fink Church in London

St Benet Fink was a church and parish in the City of London located on what is now Threadneedle Street. Recorded since the 13th century, the church was destroyed in the Great Fire of London of 1666, then rebuilt to the designs of Sir Christopher Wren. The Wren church was demolished between 1841 and 1846.

St Christopher le Stocks Church in London

St Christopher le Stocks was a parish church on the south side of Threadneedle Street in the Broad Street Ward of the City of London. Of Medieval origin, it was rebuilt following the Great Fire of London in 1666, but demolished in 1781 to make way for an extension of the neighbouring Bank of England.

Broad Street (ward) ward in the City of London, UK

Broad Street is one of the 25 ancient wards of the City of London.

Threadneedles Hotel

Threadneedles Hotel is a 5-star London hotel with 74 rooms and suites. The hotel is located opposite the Bank of England on Threadneedle Street.

Whittington Stone Islington, Greater London, N19

The Whittington Stone is an 1821 monumental stone and statue of a cat at the foot of Highgate Hill, a street, in Archway.

Bartholomew Lane street in the City of London

Bartholomew Lane, in the City of London, runs between the junction of Lothbury and Throgmorton Street in the north to Threadneedle Street in the south. The lane is bordered on its western side by the Bank of England.

References

  1. Brewer, E. C. (1989) Brewer's Dictionary of Phrase and Fable; 14th ed. London: Cassell; p. 1097
  2. British-history.ac.uk
  3. How much gold is there in London - and where is it? 17-May-2016 https://www.bbc.com/news/magazine-36311989
General

Coordinates: 51°30′51″N0°05′12″W / 51.5141°N 0.0868°W / 51.5141; -0.0868