In what year did Harold Macmillan introduce Premium Bonds?
"fine man, and so far as he is concerned, the outstanding one of the British he served with during the war""). On the evening of 22 November 1956 Butler, who had just announced British withdrawal, addressed the 1922 committee (Conservative backbenchers) with Macmillan. After Butler's downbeat remarks, ten minutes or so in length, Macmillan delivered a stirring thirty-five minute speech described by Enoch Powell as ""one of the most horrible things that I remember in politics ... (Macmillan) with all the skill of the old actor manager succeeded in false-footing Rab. The sheer devilry of it verged upon the disgusting."""
"the similar concept of Premium Bonds were introduced in the United Kingdom at the same time. Bonds were first sold in March 1957, with the first draw held in September of that year. Originally the Bank of Ireland, as the government's banker, was the operator of the scheme. When the scheme commenced, the biannual draws were in September and March where by means of six drums the winning serial number was drawn randomly; in 1972 the serial number was increased from six to seven digits for bonds issued after that time. In 1993 regulation was made for the conduct of"
"Cuthbert Ackroyd, bought the first bond from the Postmaster-General, Dr Charles Hill, for £1. Councillor William Crook, the mayor of Lytham St Anne's, bought the second. The Premium Bonds office was based in St Annes-on-Sea until it moved to Blackpool in 1978. In December 2008, NS&I dropped the interest rate (and therefore the odds of winning) due to the drop in the Bank of England base rate during the credit crunch, leading to criticism from members of Parliament, financial experts and holders of bonds; many claimed Premium Bonds were now ""worthless"", and somebody with £30,000 invested and ""average luck"" would"
"and a 100% guarantee from HM Treasury on all deposits. National Savings and Investments was founded by the Palmerston government in 1861 as the Post Office Savings Bank, the world's first postal savings system. The aim of the bank was to allow ordinary workers a facility ""to provide for themselves against adversity and ill-health"", and to provide the government with access to debt funding. As an example, savings certificates were issued in World Wars I and II to help finance the war effort. On 1 June 1957, the Premium Bonds draws were inaugurated, using E.R.N.I.E. – the Electronic Random Number"
"Milken's high-yield ""pioneer"" status has proved dubious as studies show ""original issue"" high-yield issues were common during and after the Great Depression. Milken himself points out that high-yield bonds go back hundreds of years, having been issued by the Massachusetts Bay Colony in the 17th century and by America's first Treasury Secretary Alexander Hamilton. Others such as Stanford Phelps, an early co-associate and rival at Drexel, have also contested his credit as pioneering the modern high-yield market. Despite his influence in the financial world during the 1980s (at least one source called him the most powerful American financier since J."
"1936. His brother Eric managed the Caleys factory. He was Chairman of the National Savings Committee from 1943, becoming President in 1958. In 1956, under his leadership, National Savings introduced Premium Bonds. He served as Chancellor of the University of East Anglia between 1962 and 1964. Mackintosh was knighted in the 1922 New Year Honours, when only 31, one of the youngest people to be knighted in the 20th century, for his work with Sunday schools. He was made a baronet in the 1935 New Year Honours and was raised to the peerage in the 1948 New Year Honours as"
"bonds were only available through the payroll savings program. Canada Premium Bonds were purchasable in regular and compounding interest. These bonds differ from the regular bonds in that they are only cashable on the anniversary of the issue date or during the 30 days thereafter. They come in denominations of $100, $300, $500, $1000, $5000, and $10000. They are sold with rates up to year 3 with each subsequent year offering higher interest. The interest rate fluctuates for the remaining 7 years with market conditions until its maturity. Previously, the rates were determined for 5 years and fluctuated for the"
"million accounts—one in four Britons—with £283 million (£ million today) on deposit. The British system first offered only savings accounts. In 1880, it also became a retail outlet for government bonds, and in 1916 introduced war savings certificates, which were renamed National Savings Certificates in 1920. In 1956, it launched a lottery bond, the Premium Bond, which became its most popular savings certificate. Post Office Savings Bank became National Savings Bank in 1969, later renamed National Savings and Investments (NS&I), an agency of HM Treasury. While continuing to offer National Savings services, the (then) General Post Office, created the National"
"past, it offered many of its services through post offices, and was founded in 1861 as a postal savings system. In November 2011, it was announced that most products would only be available by telephone, online, or by post. Premium Bonds would be the only remaining product sold in post offices. From 1 August 2015, NS&I stopped selling Premium Bonds through post offices, and became a purely direct business. NS&I offers a wide range of savings and investment products, specialising in tax-free and income-generating products. Some of these are off-sale and only available for roll-over by maturing investments: Premium Bonds"
"Bank was introduced in 1861, when there were few banks outside major towns. By 1863, 2,500 post offices were offering a savings service. Gradually more financial services were offered by post offices, including government stocks and bonds in 1880, insurance and annuities in 1888, and war savings certificates in 1916. In 1909 old age pensions were introduced, payable at post offices. In 1956 a lottery bond called the Premium Bond was introduced. In the mid-1960s the GPO was asked by the government to expand into banking services which resulted in the creation of the National Giro. In 1969, the Post"
"randomness. ERNIE, anthropomorphised in early advertising, receives Valentine cards, Christmas cards and letters from the public. It is the subject of the song ""E.R.N.I.E."" by Madness, from the 1980 album ""Absolutely"". It is also referenced by Jethro Tull in their album Thick as a Brick. Premium Bonds under various names exist or have existed in various countries. Common variations compared to UK Premium Bonds include: Notes on specific countries: Two financial economists, Lobe and Hoelzl, have analysed the main driving factors for the immense marketing success of Premium Bonds. One in three Britons invest in Premium Bonds. The thrill of"
"compelling style"". However, he argues that Macmillan is remembered as having been ""a rather seedy conjuror"", famous for Premium Bonds, Beeching's cuts to the railways and the Profumo Scandal. He is also remembered for ""stop-go"" economics: first expansion despite the opposition of Thorneycroft and his team, then Selwyn Lloyd's Pay Pause, and then finally the Maudling boom, with Britain's relative economic decline, especially compared to the EEC, becoming clear despite perceptions of consumer ""affluence"" in the late 1950s. In the 1980s the aged Macmillan was seen as ""a revered but slightly pathetic figure"". Dominic Sandbrook writes that Macmillan's final weeks"
"$25. At first, the main purpose was to help finance World War II; these were referred to as Defensive Bonds. On April 30, 1941, Roosevelt purchased the first bond from Treasury Secretary Henry Morgenthau, Jr.. The next day, they were made available to the public. After the attack on Pearl Harbor, Defensive Bonds were informally known as War Savings Bonds. US Savings Stamps in denominations of 10¢, 25¢, 50¢, $1 and $5 featuring a Minuteman statue design were also sold to be accumulated over time in collection booklets which when filled could be exchanged to purchase interest bearing Series E"
"Jr. in 1896, resulting in the creation of an American company, Macmillan Publishing, also called the Macmillan Company. Even with the split of the American company from its parent company in England, George Brett, Jr. and Harold Macmillan remained close personal friends. Macmillan Publishers re-entered the American market in 1954 under the name St. Martin's Press. After retiring from politics in 1964, former Prime Minister of the United Kingdom Harold Macmillan became chairman of the company, serving until his death in December 1986. He had been with the family firm as a junior partner from 1920 to 1940 (when he"
"the Lehman Brothers U.S. Treasury: U.S. TIPS index. Inflation-indexed bond Daily inflation-indexed bonds (also known as inflation-linked bonds or colloquially as linkers) are bonds where the principal is indexed to inflation or deflation on a daily basis in terms of the official Daily CPI or monetized daily indexed unit of account like the Unidad de Fomento in Chile and the Real Value unit of Colombia. They are thus designed to hedge the inflation risk of a bond. The first known inflation-indexed bond was issued by the Massachusetts Bay Company in 1780. The market has grown dramatically since the British government"
"the Order of Merit. In 1984 he received the Freedom medal from the Roosevelt Study Center. Macmillan's archives are located at Oxford University's Bodleian Library. Macmillan was awarded a number of honorary degrees, including: Change ""Note:"" In a radical reshuffle dubbed ""The Night of the Long Knives"", Macmillan sacked a third of his Cabinet and instituted many other changes. Harold Macmillan Maurice Harold Macmillan, 1st Earl of Stockton, (10 February 1894 – 29 December 1986) was a British statesman and Conservative Party politician who served as Prime Minister of the United Kingdom from 1957 to 1963. Nicknamed ""Supermac"", he was"
"about the railroad and canal industries. Following the 1907 financial crisis, demand rose for such independent market information, in particular for independent analyses of bond creditworthiness. In 1909, financial analyst John Moody issued a publication focused solely on railroad bonds. His ratings became the first to be published widely in an accessible format, and his company was the first to charge subscription fees to investors. In 1913, the ratings publication by Moody's underwent two significant changes: it expanded its focus to include industrial firms and utilities, and it began to use a letter-rating system. For the first time, public securities"
"a wholly separate institution. From November 2011, only Premium Bonds could be bought in Post Offices, but the 156-year relationship ended in August 2015 when Premium Bonds became the final NS&I product to be withdrawn from sale at Post Office counters. Post Office Money now offers its own range of savings products, which are sometimes in competition with those offered by NS&I. The most recently introduced, in September 2008, is a Post Office ISA. Also on offer is an instant access account (Instant Saver), while issues of two fixed term investments (Five Year Saver and Growth Bond) are periodically available."
"stock and bond prices on the New York Stock Exchange. In 1899, the ""Journal"" Review & Outlook column, which still runs today, appeared for the first time, initially written by Charles Dow. Journalist Clarence Barron purchased control of the company for US$130,000 in 1902; circulation was then around 7,000 but climbed to 50,000 by the end of the 1920s. Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting—a novelty in the early days of business journalism. In 1921, Barron's, the United States's premier financial weekly, was founded. Barron died in 1928, a year before"
"Harold Macmillan Maurice Harold Macmillan, 1st Earl of Stockton, (10 February 1894 – 29 December 1986) was a British statesman and Conservative Party politician who served as Prime Minister of the United Kingdom from 1957 to 1963. Nicknamed ""Supermac"", he was known for his pragmatism, wit and unflappability. Macmillan served in the Grenadier Guards during the First World War. He was wounded three times, most severely in September 1916 during the Battle of the Somme. He spent the rest of the war in a military hospital unable to walk, and suffered pain and partial immobility for the rest of his"
"credit card company by the name of First Deposit, based in San Francisco. In 1984, First Deposit was sold to the Kentucky insurance company Capital Holding, later renamed Providian. When Providian's insurance operations were acquired by Aegon, Providian's credit card business was spun off as a separate company. Providian was a company that sold credit in the ""subprime"" market. Providian provided credit cards primarily to the lowest income groups in the U.S. at high interest rates. The annual percentage rates (APR) charged by Providian were as high as 29.9 percent. In a March 1999 memorandum published by the ""San Francisco"
"Inflation-indexed bond Daily inflation-indexed bonds (also known as inflation-linked bonds or colloquially as linkers) are bonds where the principal is indexed to inflation or deflation on a daily basis in terms of the official Daily CPI or monetized daily indexed unit of account like the Unidad de Fomento in Chile and the Real Value unit of Colombia. They are thus designed to hedge the inflation risk of a bond. The first known inflation-indexed bond was issued by the Massachusetts Bay Company in 1780. The market has grown dramatically since the British government began issuing inflation-linked Gilts in 1981. As of"
"paid double what others paid for ordinary life insurance, and due to high lapse rates, as few as 1 in 12 policies reached maturity. Prominent lawyer and future U.S. Supreme Court Justice Louis Brandeis helped pass a 1907 Massachusetts law to protect workers by allowing savings banks to sell life insurance at lower rates. Prudential has evolved from a mutual insurance company (owned by its policyholders) to a joint stock company (as it was prior to 1915). It is now traded on the New York Stock Exchange under the symbol PRU. The Prudential Stock was issued and started trading on"
"Moines Register"" described as “one of the most spectacular white-collar crimes in state history.” In 1982 Humboldt native Gary Vance Lewellyn, then a Des Moines stockbroker, attempted to pump up the value of the stock of a high-tech company by singlehandedly creating phony market demand for it. To carry out the scheme, he illegally obtained access to bonds of the First National Bank of Humboldt valued at $16.7 million, and secretly pledged the Bank’s bonds as security for his personal orders of the company’s stock through Wall Street investment firms. When Lewellyn missed margin calls on his stock purchases, the"
"leading to the passage of new, mandatory disclosure laws for issuers, and the creation of the Securities and Exchange Commission (SEC). In 1936, regulation was introduced to prohibit banks from investing in bonds determined by ""recognized rating manuals"" (the forerunners of credit rating agencies) to be ""speculative investment securities"" (""junk bonds"", in modern terminology). US banks were permitted to hold only ""investment grade"" bonds, and it was the ratings of Fitch, Moody's, Poor's, and Standard that legally determined which bonds were which. State insurance regulators approved similar requirements in the following decades. From 1930 to 1980, the bonds and ratings"
"to the original recording. Bowie Bonds, an early example of celebrity bonds, were asset-backed securities of current and future revenues of the 25 albums (287 songs) that Bowie recorded before 1990. Bowie Bonds were pioneered by rock and roll investment banker David Pullman. Issued in 1997, the bonds were bought for US$55 million by the Prudential Insurance Company of America. The bonds paid an interest rate of 7.9% and had an average life of ten years, a higher rate of return than a 10-year Treasury note (at the time, 6.37%). Royalties from the 25 albums generated the cash flow that"
"interim bonus (1809) among its members. It also used regular valuations to balance competing interests. The Society sought to treat its members equitably and the Directors tried to ensure that policyholders received a fair return on their investments. Premiums were regulated according to age, and anybody could be admitted regardless of their state of health and other circumstances. The sale of life insurance in the U.S. began in the 1760s. The Presbyterian Synods in Philadelphia and New York City created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a"
"At first intended to be a rival to the ""Evening Standard"", Maxwell had made a rash decision for it to be the first 24-hour paper as well. By 1988, Maxwell's various companies owned, in addition to the Mirror titles and Pergamon Press, Nimbus Records, Macmillan Publishers (of which Collier was a part), Maxwell Directories, Prentice Hall Information Services and the Berlitz language schools. He also owned a half-share of MTV in Europe and other European television interests, Maxwell Cable TV and Maxwell Entertainment. Maxwell purchased Macmillan, the American publishing firm, during 1988 for $2.6 billion. In the same year, he"
"typically charged high fees, which defeated the purpose of index funds. In December 1986, Vanguard launched its second mutual fund, a bond index fund called the Total Bond Fund, which was the first bond index fund ever offered to individual investors. One earlier criticism of the First Index fund was that it was only an index of the S&P 500. In December 1987, Vanguard launched its third fund, the Vanguard Extended Market Index Fund, an index fund of the entire stock market, excluding the S&P 500. Over the next five years, other funds were launched, including a small cap index"
"also protected against loss of their investment: ""The principal is fully guaranteed. It is not subject to losses created by market fluctuations."" Customers soon found there were drawbacks to the policies. The interest rates paid after the first year dropped dramatically. However, annuitants were discouraged from withdrawing their money by high cancellation penalties ($1,000 for a $10,000 investment). Between 1984 and 1991, the company grew from less than $100 million to almost $1 billion in assets and had about 57,000 policyholders in 42 states. In December 1986, Transmark raised $50 million through a private placement of 13% senior notes arranged"
"London Stock Exchange and is a constituent of the FTSE 100 Index. Prudential has secondary listings on the Hong Kong Stock Exchange, New York Stock Exchange and Singapore Exchange. The company was founded in Hatton Garden in London in May 1848 as The Prudential, Investment, Loan, and Assurance Association and in September 1848 changed its name to The Prudential Mutual Assurance, Investment, and Loan Association, to provide loans to professional and working people. In 1854, the company began selling the relatively new concept of industrial branch insurance policies to the working class population for premiums as low as one penny"
"premium. Allen studied the problem and in 1835 joined with several other mill owners to establish the Providence Manufacturers Mutual Fire Insurance Company, introducing a system of basing premiums on the effectiveness of safety equipment based on the nature of the business, adequacy of the apparatus and the safe methods of factory construction. In 1848, Allen formed another mutual insurance company, Rhode Island Mutual Fire Insurance Company to supplement Manufacturers' Mutual. Two years later, the Boston Manufacturers Mutual Insurance Company was founded by James Read and others, after consultation with Allen. The system of factory mutual insurance would be duplicated"
"London and Tokyo stock exchanges. 1986 also was the year when Goldman became the first United States bank to rank in the top 10 of mergers and acquisitions in the United Kingdom. During the 1980s the firm became the first bank to distribute its investment research electronically and created the first public offering of original issue deep-discount bond. Robert Rubin and Stephen Friedman assumed the Co-Senior Partnership in 1990 and pledged to focus on globalization of the firm and strengthening the Merger & Acquisition and Trading business lines. During their reign, the firm introduced paperless trading to the New York"