The Rationale of Market Fluctuations |
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Page 43
... notes are also recognised as money only because they rest on convenience , habit , or tradition , all undisturbed by fraudulent counterfeits or failure to obtain what they promise to pay ; cheques also are merely substitutes for ...
... notes are also recognised as money only because they rest on convenience , habit , or tradition , all undisturbed by fraudulent counterfeits or failure to obtain what they promise to pay ; cheques also are merely substitutes for ...
Page 44
... notes , & c . , besides gold , which form a substitute for it - the demand for such money and the supply of it . Real money being nothing but current coin of full value , as defined above , it would be absurd to speak of a market for ...
... notes , & c . , besides gold , which form a substitute for it - the demand for such money and the supply of it . Real money being nothing but current coin of full value , as defined above , it would be absurd to speak of a market for ...
Page 47
... notes or cheques from them instead of real money , that would be all they could get at once on the average . It can , then , be easily con- ceived that the Bank has occasionally a power resting on its real money reserve- £ 10,000,000 to ...
... notes or cheques from them instead of real money , that would be all they could get at once on the average . It can , then , be easily con- ceived that the Bank has occasionally a power resting on its real money reserve- £ 10,000,000 to ...
Page 48
... notes ; but against the deposits , which are the real responsibility , it has to keep a reserve of £ 10,000,000 to ... note - issue , and this is the equivalent it gives in return . As compared with surrounding banks its lending power is ...
... notes ; but against the deposits , which are the real responsibility , it has to keep a reserve of £ 10,000,000 to ... note - issue , and this is the equivalent it gives in return . As compared with surrounding banks its lending power is ...
Page 49
... 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 the loan of money , for it is the only lender in the ...
... 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 the loan of money , for it is the only lender in the ...
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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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