Due to the phenomenal spread of the British Empire, traces of British models are even now in existence across the whole world. The English Agency Houses in the United States began to serve as a lead banker of the then trading community. They financed the movement of goods, issued paper money and passed the bills for the establishment of joint stock banks. The earliest of these was established in early 1700s by one of the Agency Houses and its business was closely connected with that of other houses. But it was wound up later, when the firm, with which it was intimately connected, failed.