Royal Bank invents first overdraft, Wm Hogg overdraws by £1,000 (£66,000 at todays money)
An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. In these situations the account is said to be “overdrawn”. In the economic system, if there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.
ireland
Samuel Molyneux, former MP for the University of Dublin collapses in the British House of Commons and dies
Samuel Molyneux FRS (16 July 1689 – 13 April 1728) was an amateur astronomer and politician who sat in the British House of Commons between 1715 and 1728 and in the Irish House of Commons from 1727 to 1728. His work with James Bradley attempting to measure stellar parallax led to the discovery of the aberration of light. The aberration was the first definite evidence that the earth moved and that Copernicus and Kepler were correct.
ireland
William Connolly is unanimously re-elected Speaker of the Irish House of Commons
William Conolly (9 April 1662 – 30 October 1729), also known as Speaker Conolly, was an Irish Whig politician, Commissioner of Revenue, lawyer and landowner. He was an influential figure in Irish politics, serving as Speaker of the Irish House of Commons between 1715 and his death.
ireland
Actress George Anne Bellamy is born in Fingal, Co. Dublin.
George Anne Bellamy (née O’Hara; 23 April 1731 – 16 February 1788) was an Irish actress. She took leading roles at Theatre Royal, Drury Lane.
ireland