Lombard Street: A Description of the Money MarketBagehot, Walter
History
Lombard Street: A Description of the Money Market
Bagehot, Walter
Banks and banking -- England -- London; Banks and banking -- Great Britain; Finance -- England -- London; Finance -- Great Britain
DATE Deposits Cash Money Government TOTAL.
in Hand at Call Securities
L L L L L
31 December 1845 3,590,014 563,072 628,500 1,039,745 2,231,317
31 December 1846 3,280,864 634,575 423,060 938,717 1,996,352
31 December 1847 2,733,753 7,231,325 350,108 791,899 1,863,332
30 June 1848 3,170,118 588,871 159,724 1,295,047 2,043,642
31 December 1848 3,089,659 645,468 176,824 1,189,213 2,011,505
30 June 1849 3,392,857 552,642 246,494 964,800 1,763,936
31 December 1849 3,680,623 686,761 264,577 973,691 1,224,029
30 June 1850 3,821,022 654,649 258,177 972,055 1,884,881
31 December 1850 3,969,648 566,039 334,982 1,089,794 1,990,815
30 June 1851 4,414,179 691,719 424,195 1,054,018 2,169,932
31 December 1851 4,677,298 653,946 378,337 1,054,018 2,080,301
30 June 1852 5,245,135 861,778 136,687 1,054,018 2,122,483
31 December 1852 5,581,706 855,057 397,087 1,119,477 2,371,621
30 June 1853 6,219,817 904,252 499,467 1,218,852 2,622,571
31 December 1853 6,259,540 791,699 677,392 1,468,902 2,937,993
30 June 1854 6,892,470 827,397 917,557 1,457,415 3,202,369
31 December 1854 7,177,244 694,309 486,400 1,451,074 2,631,783
30 June 1855 8,166,553 722,243 483,890 1,754,074 2,960,207
31 December 1855 8,744,095 847,856 451,575 1,949,074 3,248,505
30 June 1856 11,170,010 906,876 601,800 1,980,489 3,489,165
31 December 1856 11,438,461 1,119,591 432,000 2,922,625 4,474,216
30 June 1857 13,913,058 967,078 687,730 3,353,179 5,007,987
31 December 1857 113,889,021 2,226,441 1,115,883 3,582,797 6,923,121
1191. Do you employ your money in the discounting of bills for other
persons than your own customers?--Discount brokers.
1192. Only to discount brokers? Yes.
1193. Not to strangers who are in the habit of bringing you in
bills; commercial houses?--I should say generally not. We have one or
two houses for whom we discount who have not accounts with us as
bankers, but generally we do not discount except for our customers
or for bill-brokers.
1194. Do you consider that any advantage can arise to the public by
the Bank of England advancing to a greater extent than can be
considered strictly prudent on the soundest principle of banking,
under the idea of their affording aid to the commercial world?--As I
said before, as long as there are good bills in circulation, that
is, bills about which there would be no doubt of their being paid at
maturity, there should be some means by which those bills could be
discounted.
Public-domain text, read in full here on John Shaqi.
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