Banking Reform; An Essay On Prominent Banking Dangers And the Remedies They Demand
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Excluding the Banks of Bombay and Bengal, which, although working almost exclusively with English capital, are both so bound up with purely native interest as to be to a large extent Indian, and therefore dependent for their stability on the stability of our Indian Empire,^ — there are seven banks in- timately connected with our Eastern trade, and with head offices or branches in London. These seven banks have a paid-up capital amounting to about ;if 6,000,000, and reserve funds aggregat- ing n...early _;^ 1,000,000 more. They are also liable, according to their balance-sheets, for about ^28,000,000 on deposit and other ac- counts, and in all have thus about ^35,000,000 of English capital at command. Now, the 170 BANK ACCEPTANCES AND most natural question to ask is, How have these banks met the enormous depreciation to which the fall in the exchanges has subjected this mass of money ? Much, if not most of it, was sent to the East when rates of ex- change were far higher than they are now ; some of it may have been remitted thither when rates were far above par, as in the flourishing days of the Indian and China trade they often were.
What to read after Banking Reform; An Essay On Prominent Banking Dangers And the Remedies They Demand?
You can find similar books in the "Read Also" column, or choose other free books by Alexander Johnstone Wilson to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Excluding the Banks of Bombay and Bengal, which, although working almost exclusively with English capital, are both so bound up with purely native interest as to be to a large extent Indian, and therefore dependent for their stability on the stability of our Indian Empire,^ — there are seven banks in- timately connected with our Eastern trade, and with head offices or branches in London. These seven banks have a paid-up capital amounting to about ;if 6,000,000, and reserve funds aggregat- ing n...early _;^ 1,000,000 more. They are also liable, according to their balance-sheets, for about ^28,000,000 on deposit and other ac- counts, and in all have thus about ^35,000,000 of English capital at command. Now, the 170 BANK ACCEPTANCES AND most natural question to ask is, How have these banks met the enormous depreciation to which the fall in the exchanges has subjected this mass of money ? Much, if not most of it, was sent to the East when rates of ex- change were far higher than they are now ; some of it may have been remitted thither when rates were far above par, as in the flourishing days of the Indian and China trade they often were.
What to read after Banking Reform; An Essay On Prominent Banking Dangers And the Remedies They Demand?
You can find similar books in the "Read Also" column, or choose other free books by Alexander Johnstone Wilson to read onlineMoreLess
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