History of the London Discount Market

1858 Committee accommodation accommodation bills actually advances average balances Bank Act Bank of England Bank rate Bank's Bankers became bill brokers bill market bills of exchange borrowing Branch Banks call loans capital cash cent central bank Chapman charged commercial competition country banks crisis declared demands deposits despite directors discount business DISCOUNT COMPANIES discount houses discount market discount rates dividend early Economist effect evidence Exchequer bills fact failure finance firm foreign funds gold growth Gurney Gurney's Ibid important increase issue joint stock banks later lending less liabilities Lombard Street London banks London Discount Luke Hansard Magazine market rate ment Mercantile millions Minutes money market months National Discount never operations over-trading Overend panic paper partners payment period portfolio practice principle profits railway rate of interest re-discounting refused reserve rule securities shareholders shares speculation stringency tion trade transactions