The Rationale of Market Fluctuations |
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Page 46
... borrower loses heavily . The Bank of England is not ex- posed to a risk of the kind , and can therefore calmly wait when ... borrowers with the greater independence . We have carefully defined the meaning of real money , and here the ...
... borrower loses heavily . The Bank of England is not ex- posed to a risk of the kind , and can therefore calmly wait when ... borrowers with the greater independence . We have carefully defined the meaning of real money , and here the ...
Page 49
... borrowers ( I should rather say that they want bank- notes or promises to pay that gold in some cases , but the distinction is quite immaterial ) . The Bank then holds the market in its hands ; it can charge almost what it pleases for ...
... borrowers ( I should rather say that they want bank- notes or promises to pay that gold in some cases , but the distinction is quite immaterial ) . The Bank then holds the market in its hands ; it can charge almost what it pleases for ...
Page 51
... borrowers by charging two or three per cent . above Bank rate . 66 ( 2 ) The joint - stock banks of London have multiplied and become prosperous because they have managed to instil confidence as to their stability in the public mind ...
... borrowers by charging two or three per cent . above Bank rate . 66 ( 2 ) The joint - stock banks of London have multiplied and become prosperous because they have managed to instil confidence as to their stability in the public mind ...
Page 52
... borrowers can be safely trusted with loans , they are , so to speak , paid agents of the banks . The mode in which they are paid for their trouble and special knowledge is this : they give interest on the money deposited with them by ...
... borrowers can be safely trusted with loans , they are , so to speak , paid agents of the banks . The mode in which they are paid for their trouble and special knowledge is this : they give interest on the money deposited with them by ...
Page 53
... borrowers of his money , and the local bank may or may not be shaken , or may fail as a result of such causes working in the unknown distance . The important part the discount houses play in our credit system can be imagined from this ...
... borrowers of his money , and the local bank may or may not be shaken , or may fail as a result of such causes working in the unknown distance . The important part the discount houses play in our credit system can be imagined from this ...
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Common terms and phrases
acceptors Alexander Collie America Bank of England Bank of France Bank rate bankers bill brokers borrowers branch bank brought bullion buyers capital cash caused cent checked cheques cloth commercial commodities consequently Consols cotton currency dealers debts demand deposits depression dividends drain Edition effect exports fall favour firm fluctuations foreign loans Germany gold Government harvest HENRY RUTTER increased India inflation investment investors joint-stock banks lend lenders less LONDON EFFINGHAM WILSON long bills loss manufactures Maps market price market value merchant money market obtain occurred organisation p. c. Market rate panic Paris Paris Bourse payments Post 8vo produce profit purchases railway mania railway stocks rate of discount rate of interest reaction real money realise remittance reserve rise ROYAL EXCHANGE Russia securities sell seller silver sold speculation stamp duties Stock Exchange sudden supply Tables trade transactions value of money wages
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Page 65 - ... half times as valuable as they were in 1809. Since 1849 the value of gold has again fallen to the extent of at least 20 per cent.; and a careful study of the fluctuations of prices, as shown either in the Annual Eeviews of Trade of the Economist newspaper, or in the paper referred to above, shows that fluctuations of from 10 to 25 per cent. occur in every credit cycle.
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