History of the London Discount Market.

Abstract

Part 1 The rise of the bill brokers: growth of intermediaries brokers as agents for country banks bill broking in 1810 rates and the usury laws the origin of Overend, Gurney & Co. Samuel Gurney comes to London rapid spread of the bill broker system, 1810-25 widespread use of the domestic bill. Part 2 The 1825 crisis and its results: the beginnings of joint stock banking provincial joint stock bank re-discounts early joint stock bank call loans the bank of England branches effects upon country bank re-discounting discrimination against joint stock issuer's paper the end of London bank re-discounting. Part 3 Growth of central banking functions: early efforts at credit control the policy of a fixed and uniform bank rate the first open operations re-discount facilities for the bill market abuse of bill credit in the '30s advantages of the re-discounting system. Part 4 Consequences of the act of 1844 - the bank's policy: theory of the act of 1844 competitive discounting by the bank the principle of the minimum rate steady growth of the bill market the supremacy of Overend, Gurney long usances and their abuse bill market borrowing at the bank. Part 5 Consequences of the act of 1844 - the crisis of 1847: the railway bank's competition stimulates credit abuses reckless lending - and its sequel first suspension of the bank act was the bank to blame? bank's special power to influence rates bank act controversy obscures the real issues bank rate technique after 1847 an unconscious advance towards modern practice. Part 6 The bank and the market - withdrawal of re-discount facilities: rapid growth of trade and of banking expansion of the call loan system one-name re-discounts market call loans and reserve policy reliance upon the bank - an over-trading were the houses mis-judged? the crisis of 1857 the bank closes market discount accounts the practice of keeping strong houses versus the bank intimidation by Gurney's. Part 7 The rise of the companies: companies in the leather crisis boom in financial flotations the national's new capital the triumph of limited liability collapse of the corner house why did Gurney's fail? liquidation of Overend, Gurney & Co, Ltd. supremacy of the national companies from 1885 to 1913. Part 8 Growth of the international money market: the mania for foreign loans internationalization of commerce decline of the domestic bill the birth of the treasury bill foreign balances and sensitivity. Part 9 The moral supremacy of the bank of England: abandonment of the rule of following the market deposit allowances and excessive competition the private and personal rate of the bank of England bank's struggle for mastery - ineffectiveness of bank rate in the '80s the vigour of William Lidderdale the Baring crisis and after control regained - the effectiv