The role of goldsmith regarding the development of modern bank was very
important. Due to their business nature and character they were well-reputed
person at that time. People kept their valuable goods to them because-
1. They were socially treated as honest, truthful and ethical.
3. They took necessary steps to store precious metals or goods.
The functions of goldsmith were very important for the developments of
banking system are as follows-
1. Safely deposited money and valuable
goods of general people.
2. Introduced “deposit slip” at the time of deposit money or goods.
3. Provided loan to poor people.
4. Some interest was provided to the depositor.
5. Introduced “withdraw slip” at the time of drawing the deposited
matters.
In the establishment of “Bank of England” in 1694, the role of goldsmith
was significant.