History of the London Discount MarketFirst Published in 1972. The London Discount Market is unique, and its existence has contributed more than any other single factor to the elaboration of what may legitimately be called the Anglo-Saxon tradition in Central Banking technique. The bill of exchange has existed for centuries in its classical late Victorian form by many decades. This book assesses how in no other country in the world did the same relationships evolve between the Central institution and the Money Market. |
Contents
Rapid Spread of the Bill Broker System 181025 | |
The 1825 Crisis and Its Results | |
Growth of Central Banking Functions | |
Consequences of the Act of 18442 the Crisis of 1847 | |
Withdrawal of ReDiscount Facilities | |
The Rise of the Discount Companies | |
Growth of the International Money Market | |
The Moral Supremacy of the Bank of England | |
Appendices | |
Bibliography | |
Consequences of the Act of 18441 The Banks New Discounting Policy | |
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Common terms and phrases
1832 Committee accommodation accommodation bill actually advances amount average Bank Act Bank of England Bank rate Bank's became bill brokers bill market bills of exchange borrowing Branch Banks Bullion call loans capital cash cent central bank Chapman charged circulation commercial bank competition country banks crisis currency declared demands deposits despite directors discount business Discount Company discount houses discount market discount rates dividend Economist effect endorsement evidence Exchequer bills facilities fact finance firm funds gold Gurney Gurney's Ibid important increase joint stock banks later lending less liabilities Lombard Street London bankers London Discount London market Lords Luke Hansard Magazine market rate Mercantile merchant millions Minutes money market months never operations Overend paper partners payment period portfolio practice principle private banks private discounters profits provincial railway rate of interest re-discounting refused reserve Richardson rule securities shareholders shares speculation stringency trade transactions