The City of London and the Bank of England, August, 1914

J. M. Keynes

The Quarterly Journal of Economics, 1914, vol. 29, issue 1, 48-71

Abstract: I. Peculiar position of Great Britain, a creditor country, as regards external payments, 48. — II. Depositories opened by the Bank of England outside Great Britain, 50. — III. Obligations by foreigners not paid, 52. — IV. Embarrassments of accepting houses, discount houses, joint stock banks, 55. — V. Stock exchange closed, 58; Bank of England guaranteed by Government against loss on bills taken over, 60; the bank rate kept moderate, 60. — VI. Possibility of internal drain, 64 ; Bank act suspended, 65; Currency Notes issued by Government, 66; extent of additional issues, 68. — VII. Conclusion, 70.

Date: 1914
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