The Banks of Issue in Italy
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The discount operations of the banks, which amounted in 1894 ^o 310, 000, 000 lire (in which were still included, for large sums, operations not easily realizable, which were later accounted separately), are increased to 550, 000, 000 lire, and, as has been shown by the accurate audits 184 The Banks of Issue in Italy carried out, represent commercial paper surely payable on maturity; whereas, in the meantime, there has disap- peared from the bank statements with the liquidation of the old opera...tions every trace of. The heavy inheritance from a melancholy past, a result that is really gratifying. The circulation of the Italian banks of issue now answers in its entirety to the most severe standards of banking technique, since in addition to commercial paper and State securities and securities guaranteed by the State, it is protected by a very large metallic reserve and represents, for a noteworthy part, true and proper certificates of coin. For this reason, and also as a result of the withdrawal from abroad of an enormous body of Italian securities, the disturbing element of the money market has been removed and exchange remains nearly at par and is subjected only at intervals to the fluctuations, in the vicissitudes of inter- national trade, to which is subject even the exchange of countries possessing the firmest monetary basis.
What to read after The Banks of Issue in Italy?
You can find similar books in the "Read Also" column, or choose other free books by Tito Canovai to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The discount operations of the banks, which amounted in 1894 ^o 310, 000, 000 lire (in which were still included, for large sums, operations not easily realizable, which were later accounted separately), are increased to 550, 000, 000 lire, and, as has been shown by the accurate audits 184 The Banks of Issue in Italy carried out, represent commercial paper surely payable on maturity; whereas, in the meantime, there has disap- peared from the bank statements with the liquidation of the old opera...tions every trace of. The heavy inheritance from a melancholy past, a result that is really gratifying. The circulation of the Italian banks of issue now answers in its entirety to the most severe standards of banking technique, since in addition to commercial paper and State securities and securities guaranteed by the State, it is protected by a very large metallic reserve and represents, for a noteworthy part, true and proper certificates of coin. For this reason, and also as a result of the withdrawal from abroad of an enormous body of Italian securities, the disturbing element of the money market has been removed and exchange remains nearly at par and is subjected only at intervals to the fluctuations, in the vicissitudes of inter- national trade, to which is subject even the exchange of countries possessing the firmest monetary basis.
What to read after The Banks of Issue in Italy?
You can find similar books in the "Read Also" column, or choose other free books by Tito Canovai to read onlineMoreLess
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