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Banking And Currency | by Ernest Sykes



finance, currency, banking, functions, attributes, value of money, gresham's law, english coinage, gold standard, bimetallism, credit, note issues, bank of england, bank charter act, clearing houses, bankers, borrowers, money market, bank return, foreign exchange, stock exchange, financial crises, bibliography, money

TitleBanking And Currency
AuthorErnest Sykes
PublisherButterworth & Co.
Year1905
Copyright1905, Butterworth & Co.
AmazonBanking and currency

Banking And Currency

By Ernest Sykes, B.A. [Oxon.] ,

Formerly Of The London And County Bank.

Lecturer on Banking and Currency to the London Chamber of Commerce.

With an Introduction,

F. E. Steele,

Fellow Of The Institute Of Bankers.

Examiner in Banking and Currency to the London Chamber of Commerce.

London:

Butterworth & Co., 12, Bell Yard, Temple Bar, W.C.

Law publishers.

1905.

London : Printed by Butterworth & Co., Crane Court, E.C.

-Preface
This book is intended mainly as a text-book for Students, and it is hoped that it may be of some assistance to those who are reading for the Examinations held under the auspices of the Institute of Ba...
-Introduction
By F. E. Steele. There is only one school in which the practice of banking can be properly learned, and that school is - a bank. In that school, however, as in others, text-books are required, since ...
-Chapter I. The Functions And Attributes Of Money
It has long been the practice in certain quarters to point the finger of scorn at the theorist in banking matters, to taunt him with the old proverbs that an ounce of practice is worth a peck of theo...
-The Functions And Attributes Of Money. Continued
Value is usually defined as ratio of exchangeability. Transposed into common language, this means that the value of anything is what it will fetch. Unlike utility, value can be accurately measured a...
-Chapter II. The Value Of Money
Since price is the expression of value in terms of money, we can measure and record the values of all vendible commodities by means of their prices, but in the case of money we are met with the diffic...
-Chapter III. Gresham's Law
The monetary history of most civilised nations, up to quite a recent date, is a long record of failures to keep the currency in a proper condition of repair, failures marked by extreme ignorance of th...
-Chapter IV. The English Coinage
The English coinage is regulated under what is called the system of Composite Legal Tender. A particular form of money is said to be legal tender in a country when it must be received if offered in pa...
-The English Coinage. Continued
Sovereigns are legal tender so long as they are not diminished by wear below the weight of one hundred and twenty-two and a half grains, and in the case of half-sovereigns, 61. 1250 grains. Any indivi...
-Chapter V. England's Adoption Of The Gold Standard
For the past century England has been unwavering in her allegiance to the gold standard of value. Other nations have changed or hesitated, and but for England's refusal to alter her present system, it...
-Chapter VI. Bimetallism. I. The French System
The subject of bimetallism has been so recently the bone of contention between two hostile parties that it is difficult to obtain a clear and unbiassed view of its real meaning. As in most subjects wh...
-Bimetallism. I. The French System. Continued
It is still a contested point whether the rise in general prices which occurred between 1850 and 1860 was due to the gold discoveries, but it is unquestionably true that such a rise did take place. Pr...
-Chapter VII. Bimetallism. II. International Action
With the closing of the mints of the Latin Union to the free coinage of silver in 1874, we enter upon the second phase of the bimetallic question. This second phase is quite distinct from the first, w...
-Chapter VIII. Credit. The Regulation Of Note Issues
We have hitherto confined our attention to the metallic portion of the currency, and have treated the standard of value as if it were purely a gold standard. Speaking accurately, this is not quite tru...
-Credit. The Regulation Of Note Issues. Continued
But with bank notes it is far different. These are in many cases as freely accepted and passed on as are the coins of the realm. Once they acquire the sanction of custom, people do not inquire whether...
-Chapter IX. The Restriction Of Cash Payments By The Bank Of England
England has only once tasted the sweets and bitters of an inconvertible paper currency, but that short period is of exceptional interest, not only because of the national experience by which the count...
-The Restriction Of Cash Payments By The Bank Of England. Continued
The refusal to admit the depreciation was due to the failure to realize that the value of money depends, other things being equal, on the quantity in circulation. Notes were at a discount because they...
-Chapter X. The Bank Charter Act Of 1844
The report of the Bullion Committee contained a clear explanation of the proper method of regulating an inconvertible paper currency. The Bank Charter Act of 1844 governs and restricts the issue of ba...
-The Bank Charter Act Of 1844. Part 2
The Currency Theorists were thoroughly justified in urging that in issuing notes which were payable in gold on demand, bankers should keep a careful eye upon the stock of gold in the country which was...
-The Bank Charter Act Of 1844. Part 3
Here, then, are the motives attributed to the promoters of the Act by the two contending parties in the House at the time; to prevent the occurrence of commercial crises or to ensure the convertibilit...
-Chapter XI. The Development Of Banking In England
Banking in the modern sense of the term can be said to have originated in England in the foundation of the Bank of England in 1694. Previously to this the goldsmiths had exercised some of the function...
-The Development Of Banking In England. Part 2
The second line of development was by the private country bankers. The notes of the Bank of England did not circulate to any great extent out of London, for the first branches of the Bank of England w...
-The Development Of Banking In England. Part 3
It is not easy nowadays to realise the. position of the early joint stock banks. At the present time many of them overshadow the Bank of England itself in the amount of their deposits and the magnitud...
-The Development Of Banking In England. Part 4
The effect of this provision was that while the shareholders of the companies were partly protected, in that the amount they could be called upon to pay in the event of liquidation was a definite asce...
-Chapter XII. Clearing Houses
When we consider what an overwhelming proportion of the monetary payments in this country are made by means of cheques and bills, it becomes evident that the presentation and payment of these document...
-Chapter XIII. The Functions Of A Banker
The old definition of a banker as a man who took care of other people's money and let them have some of it when required, is a very incomplete one. A banker's function is not to take care of other peo...
-The Functions Of A Banker. Continued
But even an unusually large demand for gold or notes, a demand slightly greater than the season of the year and the existing financial conditions warrant, is sufficient to cause bankers considerable a...
-Chapter XIV. The Relations Of A Banker To His Customer
We have seen that the general relation between the banker and his customer is that of debtor and creditor, but the minor duties usually undertaken by the former are manifold and manysided, and the leg...
-The Relations Of A Banker To His Customer. Part 2
Suppose a banker opens an account with a man who is practically a stranger to him, and collects for him a cheque on which the customer has forged the endorsement. The customer withdraws his balance an...
-The Relations Of A Banker To His Customer. Part 3
Another point to be noticed with regard to the general lien of a banker is, that it is defeated by the existence of a special lien. If securities to the value of 5,000 are lodged with a banker under ...
-Chapter XV. Bankers And Borrowers. I
It is very difficult and somewhat dangerous to attempt to lay down on paper the rules which should guide a banker in lending money. This is above all the function which a practical business man can al...
-Bankers And Borrowers. I. Continued
In dealing with trading firms, it is well to remember that the act of one partner binds the firm. When possible, it is better, in making a loan, to obtain the consent or authority of all the partners,...
-Chapter XVI. Bankers And Borrowers. II
As we have seen, a banker in some cases is willing to lend money to a good customer for a short period without security, but in most cases a banker requires the deposit of some form of security as cov...
-Bankers And Borrowers. II. Continued
(5) All house property should be insured against fire, and the customer should produce for the banker's inspection the receipt for each annual premium as it falls due. (6) Second mortgages of all kin...
-Chapter XVII. The Money Market
The Money Market is a general name for the sphere of operations of certain classes of men who wish to borrow or lend money, and is grouped around the Bank of England and those streets in the immediate...
-The Money Market. Continued
Let us see for a moment what are the various rates of interest prevailing in London. First, there is the Bank Rate - that is, the advertised minimum rate at which the Bank of England will discount bi...
-Chapter XVIII. The Bank Return
The weekly return of assets and liabilities issued by the Bank of England which appears in each Friday morning's paper has a significance far above that of the balance sheets of any other bank. The Ba...
-The Bank Return. Continued
Speaking generally, the Public Deposits and the Other Deposits vary inversely. When the Public Deposits are abnormally high, Other Deposits are usually low, and vice versa. The reason is that when lar...
-Chapter XIX. The Foreign Exchanges. I
The subject of the Foreign Exchanges is to the average man a complex one, and it is one which cannot be adequately treated within the limits at the author's disposal, but this chapter will help the st...
-The Foreign Exchanges. I. Part 2
It must not be thought that all bills are drawn on London, but London draws comparatively few bills on other countries. If an Englishman owes money to a foreigner he can either ask the foreigner to dr...
-The Foreign Exchanges. I. Part 3
The terms favourable or unfavourable apply to the debtor, that is, the buyer of the bill. When the exchanges with any particular centre are said to be favourable to this country, the rate is tending t...
-Chapter XX. The Foreign Exchanges. II
Fluctuations in the Bates of Exchanges are the result of two sets of causes: (1) Those dependent upon the demand and supply of bills; (2) those dependent upon the condition of the currency of the coun...
-The Foreign Exchanges. II. Continued
Besides the power of influencing gold movements which foreign bills possess, they afford a good investment to the banker, especially if the rate of interest rules higher in the centre upon which they ...
-Chapter XXI. The Stock Exchange
It is of course impossible to give a detailed account of Stock Exchange operations within the limit of a single chapter, but a short explanation of the terms in general use may be of interest to the s...
-The Stock Exchange. Part 2
The holders of debenture bonds have a priority both as regards capital and interest, not only over the shareholders, but also over the other creditors. Very often debentures are issued in several ser...
-The Stock Exchange. Part 3
On carrying-over day it has to be decided whether the bargain is to be completed; if this is not convenient, the settlement of the bargain is postponed till the next account by the following process: ...
-Chapter XXII. Financial Crises
The peculiar regularity with which financial crises occurred during the nineteenth century, at intervals of as near as possible ten years, has given rise to extraordinary theories to account for these...
-Financial Crises. Continued
If credit did not exist and everything had to be paid for in gold or silver, the limitations of speculation would be very narrow. The quantity of gold in circulation cannot be greatly increased at a m...
-Chapter XXIII. Bibliography
This chapter does not pretend to be an exhaustive record of banking and financial authorities. It is only intended to guide the student in the selection of those works which will be useful to him, if ...
-Test Questions
The following questions are intended to assist the student in testing the extent of his knowledge of the subjects treated in the preceding chapters. They are taken, by kind permission, from papers set...
-Test Questions. Part 2
Chapter XII 1. Describe the manner of clearing country bank cheques through the London Bankers' Clearing House. [L.C.C. 2. Describe the Clearing House and its economic services. What inferences may ...
-Test Questions. Part 3
Chapter XXII 1. Explain the nature and causes of commercial crises. [I.B.S. 2. Is an over-issue of Convertible Bank Notes possible? Consider what is meant by over-issue. [I.B.S. 3. State the im...
-Books
Yearly Legal Practices Prepaid Subscript: s d For the complerte series,1,2,3 and 4 (A) 2 12 6 nos, 1,2 2 4 (B) 1 18 6...









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