, and reaching occasionally as much as 3/16d

Those who give much to their customers have of course less left for their shareholders.

But very few persons are aware how much greater the ready balance–the floating loan-fund which can be lent to anyone or for any purpose–is in England than it is anywhere else in the world. 4d.

The borrowed money which they have is in large sums, borrowed for terms more or less long. This is the way in which the value of money in Lombard Street is settled. 15 to £1 ratio, an indirect effect of which was to make it possible for Government, so far as Acts are concerned, to redeem notes in gold coin and refuse silver.

The Discount office is open for the discount of good bills, and makes immense advances accordingly.

, say at 1s. Sometimes they do this, but very often it is worth their while, for reasons to be explained in detail later on, to accept the tender of sovereigns in London. Thus an important indirect effect of the present practice is to allow bullion dealers in the summer months to get their gold at the Government’s cost slightly cheaper than they otherwise could.

Laisser un commentaire

Votre adresse e-mail ne sera pas publiée. Les champs obligatoires sont indiqués avec *