The Causes and Consequences of the Pressure Upon the Money-market ...P. Richardson, 1837 - 65 halaman |
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1st October 27th December advance Adverting amount appear attention average Bank of England Bank of Ireland bank-notes banking establishments Banks of Issue Branch Banks causes Chancellor Charter circumstances commercial Committee of Treasury consequences consideration contraction coun Country Banks country circulation Court of Directors Court the following currency Deputy Governor discredit Earl Spencer East-India Company effect endeavoured engaged in banking England and Ireland England and Wales evil excess exclusive privilege exist export of bullion extension extra deposits foreign exchanges foreign securities foreign stock-market further Government Governor and Deputy Governor laid House of Commons increase issue of paper-money issuing banks January liabilities loans Lord loss of bullion menced ment metropolis millions money-market number of partners occasioned opinion ordinary paper Parliament partners engaged period portion present pressure principle private credit profit rate of interest regulations renewal Scotland secu September last shew silver sion system of banking tion transactions undue UNIVERSITY OF MICHIGAN
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Halaman 60 - That this Court do accede to the recommendation contained in the letter from the First Lord of the Treasury and the Chancellor of the Exchequer...
Halaman 63 - Ireland relinquished its exclusive privileges ; this corporation waiving the question of a prolongation of time, although the committee [of the bank] cannot agree in the opinion of the First Lord of the Treasury and the Chancellor of the Exchequer, that they are not making a considerable sacrifice, adverting especially to the Bank of Ireland remaining in possession of that privilege five years longer than the Bank of England.
Halaman 55 - The failures which have occurred in England, unaccompanied as they have been by the same occurrences in Scotland, tend to prove that there must have been an unsolid and delusive system of banking in one part of Great Britain, and a solid and substantial one in the other.
Halaman 8 - unfortunate" is used ; for perhaps, there never was a measure more uncalled for by the wants of the community. The existing system was intimately connected with the prosperity of the country, and was good in all its parts, excepting the power of issuing paper-money ad libitum.
Halaman 62 - Applications made by the First Lord of the Treasury and the Chancellor of the Exchequer to the Governor and Deputy Governor of the Bank of England, for Advances to- Government, authorised by Parliament, from the 5th January 1899 to the 5th January 1900.
Halaman 43 - The consideration of tlie'joint stock system had been, for some time prior to the year 1825, forced upon public attention by the many failures which had taken place subsequently to 1810 in private banking establishments, amounting to more than one hundred and fifty: and as about eighty private banks suspended their payments in 1825, the government thought themselves then called upon without further delay to endeavour to change the system altogether—a sound system of banking being an object of the...
Halaman 13 - It may here, perhaps, be as well to explain the nature of what are termed extra-deposits, in order to show that they are independent of the regular working of the Bank. They have consisted of money belonging either to government, or the East India company, altogether independent of their ordinary transactions. The first arose out of the contract for the West India loan, upon which a discount was allowed for prompt payment higher than the market rate of interest ; and as the prompt payments thus made...
Halaman 49 - ... those now in existence, in order to guard against a recurrence of that excess in the circulating medium, which on the late occasion neutralized the influence of the contraction of the circulation of the Bank of England, and occasioned a serious, it may be said ruinous, pressure upon the money market. Unless measures, having those objects in view, be adopted with firmness on the part of the government, a repetition of the pressure will no doubt recur with increased violence.
Halaman 37 - The demand for bullion continuing, the Bank further advanced the rate of interest in August to £5 per cent, per annum, which forced additional securities upon many of those country-banks that adhered to a lower rate. Their surplus funds in London being soon absorbed, they all eventually adopted the rate of interest established in London. There was, however, an effect created by this act on the part of the Bank far more powerful than the actual advance in the value of money. It was a moral apprehension...
Halaman 36 - In fact, the only question about which there can be any real difficulty is, whether she ought not to have taken this step somewhat earlier. To have acted, however, in anticipation of events likely to occur, would have been in direct violation of that principle upon which the bank professed to be guided, and which parliament had tacitly sanctioned, It would moreover have established a precedent and imposed future responsibilities upon the directors, which it is questionable whether they should ever...