See "Bank of England Statement."
An idea of the weekly statement of the Bank of England (for further information upon this subject see " Bank of England ") is given from the following, which is the actual statement as issued Nov. 9, 1905:
1. Notes Issued
2. Government Debt
Any bank authorized by law to issue money of its own in the form of " bank notes; " to issue paper money to circulate as currency. National banks are such, and so formerly were State banks, which issued " State Bank Notes," until 1865, when Congress passed an act taxing such notes 10%, which resulted in their speedy retirement.
Besides the ordinary meanings for this word, which are unnecessary here, it is used in London to indicate transaction between two members of the stock exchange. (See "London Stock Exchange Transactions.")
When securities are for sale cheap they are "on the bargain counter."
London quotations of "bar gold " are frequently seen, as 77s. 9 3/8 d., meaning the open market price of gold in the form of bars of the British standard, which is 11-12 fine. The Bank of England is compelled by law to pay 77s. 9d. per ounce for all gold offered, the mint value being 77s. 10 1/2 d., which equals our own mint price per ounce of "fine gold" of $20,672.
When in London the market price of "bar gold " falls below 77s. 10 1/2 d. per ounce, gold imports are favoured to the extent of the difference. The more the price of gold advances in London, the greater must be the fall of "sterling exchange" in America to make gold imports permissible.
Certain standard and active stocks the prices of which are averaged daily (except on Sundays and stock exchange holidays); the rise or fall of the average price being a good indication of the trend of the market, and a comparison with previous averages helpful to those interested.
See " Pine Tree Money." •