Loading ...CONTENTS
CHAPTER I
THE MORATORIUM
Suddenness of the crisis — Its severity increased by the strength of London’s position — Credit and civilization — Moratorium defined
CHAPTER II
THE INTERNAL PROBLEM
Effect of war on public mind — Hoarding — Jump in Bank rate — Action of joint stock banks — Their uncomfortable position — Closing of the Stock Exchange — Breakdown of exchange — Position of bill brokers — New notes issued — Was banking moratorium required ?
CHAPTER III
THE EXTERNAL PROBLEM
Fear of gold exports — Why improbable — Foreign debts’ and foreign exchange — England’s huge receipts of gold — Inability of foreign debtors to pay — Relief consequently given to acceptors of bills — Its stages — And effects
CHAPTER IV
FINANCE BILLS AND TRADE
Exaggerated outcry against finance bills — Their abuse — Their effect
on freedom of Exchange market — Effect of their reduction on our export trade
CHAPTER V
AFTERTHOUGHTS
Striking evidence of London’s strength given by the crisis — Her rivals — New York’s chance — The internal lessons — Government note issue — Its dangers — Bank Act and Bank rate — Banks and Stock Exchange — Banks and cash reserves — Relief to Stock Exchange and traders — The taxpayer’s liabilities — Government and finance — Bank of England’s varied activities
APPENDIX I
THE GENERAL MORATORIUM
(A) Postponement of Payments Act — (B) Proclamation of August 6 — (C) Proclamation of August 12 — (D) Proclamation of September 3 — (E) Proclamation of September 30
APPENDIX II
MEASURES FOR DEALING WITH BILLS OF EXCHANGE
(A) Proclamation of August 2— (B) Notice published August 13— (C) Treasury Statement published September 5
APPENDIX III
MEASURES FOR PROVIDING PAPER CURRENCY
(A) Currency and Bank Notes Act— (B) Treasury Memorandum
APPENDIX IV
COURTS EMERGENCY POWERS ACT
APPENDIX V
BANK OF ENGLAND’S GOLD STOCK
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