A great increase in the borrowing demands of english commerce

When we understand that Lombard Street is subject to severe alternations of opposite causes, we should cease to be surprised at its seeming cycles. In each crisis the set of the storm would be determined by the cause which had excited it, but there would not be anything in the nature of bill broking to attract the advance of the alarm peculiarly to them. We should still see the frequent, the common phenomenon of dull trade and cheap money existing this link side by side.

; but his liabilities would be still 1,900,000 L. But, in fact, they are assisted by a permanent Under see more Secretary, who manages all the routine business, who is the depository of the secrets of the office, who embodies its traditions, who is the hyphen between changing administrations. click here In 1696, it had been involved in the most serious here difficulties, and had been obliged to refuse to pay some of its notes. The fact is, that the website owners of savings not finding, in adequate quantities, their usual kind of investments, rush into anything that promises speciously, and when they find that these specious investments can be disposed of at a high profit, they rush into them more and more. With enormous nominal capitals they combine high–sounding titles—the Bank of Asia, the East India Bank, the Hindustan Bank, the United Bank of Commerce, and so forth.

The idea that the Bank can, during a panic, replenish its reserve in this or in any this page other manner when click here that reserve has once been allowed to see article become empty, or nearly empty, is too absurd to be click here steadily maintained, though I fear that it is not yet wholly abandoned. The fact that his calculations contain altogether a great see article number of separate guesses does not prevent his final result from being a guess too. It appears from these that, while some are withdrawn in the winter months see more during the busy season, when the demand for currency and here for hoarding (since it is then that the cultivators sell their crops and this page realise their savings in coin) is at its height, there is this page in the summer also, when it is most improbable that an extra supply is required for these purposes, a steady and, in the aggregate, see more a heavy drain.

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