Transcriber’s Notes: Underscores “_” before and after a word or phrase indicate _italics_ in the original text. Small capitals have been converted to SOLID capitals. Illustrations have been moved so they do not break up paragraphs. Typographical errors have been silently corrected. The advertisements at the beginning of the book have been moved to the end. THE MONEY MARKET BY F. STRAKER FELLOW OF AND LECTURER TO THE BANKERS’ INSTITUTE AND LECTURER TO THE EDUCATIONAL DEPARTMENT OF THE LONDON CHAMBER OF COMMERCE THIRD EDITION METHUEN & CO. LTD. 36 ESSEX STREET W.C. LONDON _First Published_ _June 1904_ _Second Edition_ _January 1911_ _Third Edition_ _1920_ CONTENTS PAGE CHAPTER I THE BEGINNING OF BANKING IN ENGLAND 1 CHAPTER II THE FOUNDATION AND GROWTH OF THE BANK OF ENGLAND 7 CHAPTER III THE EARLY PRIVATE BANKERS 19 CHAPTER IV THE BANK CHARTER ACT OF 1844, AND ITS SUSPENSIONS 28 CHAPTER V THE DEVELOPMENT OF LONDON AS THE FINANCIAL CENTRE OF THE WORLD 41 CHAPTER VI FACTORS OF THE MONEY MARKET 47 CHAPTER VII THE BANK RETURN 56 CHAPTER VIII THE GROWTH OF JOINT-STOCK BANKS 76 CHAPTER IX JOINT-STOCK BANK BALANCE SHEETS 87 CHAPTER X THE BILL-BROKERS 105 CHAPTER XI THE CLEARING HOUSE 115 CHAPTER XII FOREIGN EXCHANGES 122 CHAPTER XIII THE MONEY ARTICLE OF THE PRESS 144 CHAPTER XIV CONCLUSION 161 APPENDIX THE GOLD RESERVE 169 INDEX 179 THE MONEY MARKET CHAPTER I THE BEGINNING OF BANKING IN ENGLAND