Professional Documents
Culture Documents
JS Hat
NOR' H BR
ISH
AND
MERCANTILE
INSURANCE
COMPANY.
Fire.
Life.
Burglary.
Annuities.
FUNDS EXCEED
J5 1 7,OOO,OOO
ANNUAL INCOME
ABSOLUTE SECURITY.
<S3,7OO,OOO
LIBERAL
CONDITIONS.
PROMPT SETTLEMENTS.
DEPARTMENT.
LIJFE
stantial
Travel, Revival of
Lapsed
Conditions
as
Policies, etc.
to Foreign
Claims paid
title.
FIRE
Property of nearly every description, at Home and
Losses by
Abroad, insured at the Lowest Rates.
Lightning, Damage by Explosion of Gas in Buildings
not forming part of any Gas Works, made good. Rents
of Buildings insured.
Offices]
E.C.
Northern
Northern
Assurance
Assurance
Company.
Company.
INCOME&
Head
Moorgate
1,
FIRE
St.
ABERDEEN,
Premiums,
1,
Union
Ter.
Branches
1,112,500
BIRMINGHAM.
LIFE
BRISTOL.
DUBLIN.
Premiums,
DUNDEE.
EDINBURGH.
GLASGOW.
275,800
LIVERPOOL.
Interest
M ANCHES'l'KK.
HEAD OFFICES
LORDONsc ABERDEEN
243,300
XEWCASTT.E.
NOTTINGHAM
CALCUTTA.
CAFE TOWN.
Accumulated
Funds
(51
Offices
LONDON.
FUNDS(1905)
CHICAGO.
NRW YORK.
MONTREAL.
MKI ROIIRNK.
December, 1905)
7,012,100
'
Rt.
Fire
Hon.
Viscount
Mil NER.
G.C.B..
G.C.M.G.
Rt.
Hon.
Sir
H. GAYFORU.
,._i fj.
Life Department.
'
H. FOOT, Actuary.
H. K. WILSON
at the rate of
CAPITAL
SUBSCRIBED:
II
LAW
2,000,000.
PAIL
GUARANTEE
AND
200,000.
.
FLT ND:
TRUST
SOCIETY,
LIMITED.
200,000.
Fidelity
Guarantees
Debenture Insurance
HEAD OFFICE:
Mortgage Insurance
49,
Chancery Lane,
London, W.C.
Licence insurance
Contingency Insurance
in Titk-, 1-ot.t
CITY
Documents,
TRUSTEESHIPS.
vpared
Branches
BELFAST,
DUBLIN,
BIRMINGHAM,
EDINBURGH,
GLASGOW, HUDDERSFIELD,
LEEDS,
LIVERPOOL,
LEICESTER,
MANCHESTER,
NEWCASTLE-CN-TYNE,
and
lss,i..
OFFICE:
NOTTINGHAM.
to
REDEMPTION POLICIES.
TO INVESTORS.
Debenture; of Commercial, Industrial,
and other Companies producing 4.. per
cent., p. a., fully guaranteed as to principal
and interest by the Society, are offered for
subscription.
HOW
TO READ
THE
MONEY ARTICLE
LONDON
EFFINGHAM WILSON
54
THREADNEEDLE STREET,
1906
E.C.
ETC.
its
is
title,
Its chief
aim
is
explained
in
its
opening
commonplace
technicalities
are
just
what puzzle
The
"
The Bates
Exchange
(iii)
PREFACE.
iv
whom
it
is
written
those
other
money
article.
C. D.
PARK LODGE,
NBW
make
it
as
few alterations as
since the
much need
as there
comment and
was
for
money
articles of
money
critic
style
indeed, in
now
writes
article himself.
C. D.
PARK LODGE,
NBW
CONTENTS.
PREFACE TO FIRST EDITION
CONTENTS.
VI
PAGE
CHAPTER
X.
CHAPTER
THE TENDER SYSTEM
42
XI.
CHAPTER
....
.46
XII.
CHAPTER
51
XIII.
CHAPTER
...
65
XIV.
59
CHAPTER
XV.
CHAPTER
63
XVI.
...
CHAPTER
67
XVII.
ABOUT SETTLEMENTS
72
CHAPTER
XVIII.
CHAPTER
...
77
XIX.
81
85
89
CHAPTER XX.
RAILWAY TRAFFIC RETURNS
CHAPTER XXI.
INDIA COUNCIL REMITTANCES
CONTENTS.
vii
CHAPTER XXIL
COMPANY MEETING REPORTS
93
CHAPTER XXIIL
COBBUPTION IN FINANCIAL JOURNALISM
....
..,
99
CHAPTER XXIV.
THE WRITER OP THE ARTICLE.
GLOSSARY
INDEX
....
103
113
,123
HOW TO
IT
1.
SHOULD BE READ.
To many thousands
much
they do not
it.
little
who
observa-
closely scan
ARTICLE.
amusement
the
money page
is
they
of intense
one afternoon.
As the
reply.
"
was the
other,"
interest,
Wrapped away
profit.
in its forbid-
way
for the
until afterwards
in
with
its
many hours
before the
few
money
page,
will
gainsay it.
It is not the fault of the newspaper reader that he does
not derive such interest and such profit from the money
article as
of
its
he might;
it
is
little
understand
wrong
book.
righted,
It is
it
because
it.
is
This
hoped,
sought to define
WHY
SHOULD BE READ.
the technical terms, to say something exthe abstruse allusions with which the
all
popularly
IT
planatory of
all
certainly
is
its writer.
Because of his
financier.
With the
in finance
4
of the
money
gentle reader
article.
Many
who attempts
ARTICLE.
page in his daily paper and thus derive the benefit for
"
" How
which he pays. " Where is the money market ?
"
"I hold some Lake Views, and a
can money be dear ?
financial paper says they must rise because of the big
bear account in them how can this be, seeing that the
'
'
"
'
"
What
"
"
How
stag
can
find
150?"
CHAPTER
GENERAL VIEW OF
FOR
II.
ITS
CONTENTS.
money
Of
all, and its importance seems to be developing.
course, before 1825, the newspapers generally published
the prices of the few stocks and shares that were dealt
in
but anything
article
undertake the trouble in consideration of the advertisement derived from the appearance of his name in connection with his contribution.
Some commercial
reports,
allowed to advertise.
The
ARTICLE.
was
called
1825.
may
the very
we
money
departments
article does.
The
scribing the
there
in
stocks
Stock
the
article
apples, cabbages,
plants,
is
going on
way
(1)
Money,
(2)
British
huddled together,
it
will
GENERAL VIEW OF
divisions of the
money
ITS
article is
CONTENTS.
almost as unchangeable
maze
interested.
If
he
is
he
will look to
before
Home Government
the sounder, the more solid, the more stable, the less
speculative the security. The first market is the Money
uninvested,
it
will yield
him no
interest,
no dividend.
The
money
article,
in
money
itself,
are
Home Government
Securities, such
ARTICLE.
it.
money
article,
capital.
Consols
District Ordinary
arrangement were
strictly in
accordance with
stability.
CHAPTER
III.
WE
like
money
is,
it
deals.
That
will
show
is
the
money
article
proper
the review
of the markets.
much more
some comment on
new company's
prospectus, a
review of the monthly trade returns of the country, the
figures of the weekly return of the Bank of England, and
so on. These will claim our attention by-and-by; at
constantly referring.
chief influence which affects the
The
Money market,
means a high
Dear money, or high rates, means
10
ARTICLE.
The
first in
condition of the
money
because trade
is
dull,
It
may
be very plentiful
it
in
employment
it
may
be
It may also
scarce, conversely, because trade is brisk.
be scarce because much gold has gone abroad. Gold is
always flowing from and to this country, and sometimes
we
Home
the
Railway market,
money
article
is
in
in
Of course
traffic
Heavy Lines
in
money
is
lines.
their traffic
will
In
in
11
who
is
is very small.
The reports made at intervals
the
mine
are eagerly scanned as they
the
at
manager
by
in
the
article.
But Mining shares more
appear
money
really paying
and operators.
influence which affects
tors, officials
An
all
in-
dividually, to
lower
will
the
in
12
ARTICLE.
money by
stock.
The more
is,
100 of the new, and for this he pays 140, although the
This right to subis worth 152 in the market.
stock
by a
CHAPTER
IV.
article
is
split
up into
it
of the
it
is
article is
always
refer-
may
money
article
thus divided
into markets
if
why
really are.
For the
"
Home
Railways appear
idle
itself
was
only one market out of many. At the end of the seventeenth century, the Stock Exchange, or rather the com-
14
ARTICLE.
to
it
the Clothiers'
the
members)
Government
been added.
there
is
not
still,
securities;
but
Home Government
securities
were
Later
mostly
recognised
Early in that year, however,
officially
in 1811, dealings
canals, docks
began
and
in railways,
but it was not until 1845, at the time of the railway mania,
that there was anything like a Railway market.
In 1816
15
commenced
into
He
you give the order to your broker in his office.
knows that Randfontein shares are to be bought in the
South African market, or the Kaffir Circus, as it is
He goes into the Stock Exchange
colloquially called.
and walks direct to the exact spot where stand the jobbers
who deal in Randfontein and other South African shares.
Your broker can thus execute your order at once. There
no need to seek for some one
is no need for any delay
who may happen to want to sell the Randfontein shares
you want to buy. The jobber is ever ready either to buy
or sell, at the prices which he quotes. He is like the
wholesale warehouse to which the retail shopkeeper (your
broker) goes in the assurance that he can get the shares
;
We
we can
been disputes
If
there
16
were no
definite
or
sell,
market
difficulty in executing
ARTICLE.
your order.
much
In the case of
limited market
amount
But the
"
;
that
is,
some
only a
securities of which the total
is
Stock Exchange, and the money article in the newsits divisions, reficcts them.
We now see the full meaning of our text. The jobbers
in the Home Railway market have nothing to do
they
papers, by
stand
idly in their
they
the
Home
Railway market
for
some time
if
you want
CHAPTER
V.
IT
is
of the
stock markets
It
its
influence
is
over
all.
Money market is
markets are. To find
not
the
bill
broker's office
In the
is
situated.
money as in Covent
They buy or sell money,
or rather loans, which they want for a day, or for a week,
or to enable them to meet their engagements at the
Garden they deal
deal in
in apples.
might be
Money market.
(17)
If
the
is
18
ARTICLE.
is
".
The money
mean
bills in
Good
found constantly referring to these influences.
trade engenders active use of money and increases the
demand, and it may cause rates to be high over a
lengthened period.
19
more
Government
Funds every
influences of a
the market and rates are stiffened when the payments are actually made the market is flooded with
money and rates are eased. Or it may be found that
money has been borrowed in anticipation of the distribution of dividends so that when it comes it has not so much
off
effect.
The
may
amount
of
temporarily
payments
is
made
in notes,
it
20
on Indian loans
is
it
made
here, to
ARTICLE.
to considerable
Sometimes
it
calling in its
is
Council
is
for
or less ephemeral.
That
where
it
ment.
why the Continental exchange rates,
and money rates, and the weekly returns of the Bank
of France and the Bank of Germany are watched with
is
Bank
when
money
connection
21
scanned to see
the
interior
if
so
into
"
the " loans and discounts
item,
much the banks have lent the public ;
is
sums up
serve"
is
all,
noted.
this legal
reserve
".
now
Bank
proceed.
of
England
to
CHAPTER
VI.
all
Wednesday
night, passed
Bank
where a crowd may be seen early any Thursday afternoon, copying it and examining it and analysed
in the money article of the evening papers every Thursday
In order to
and of the morning papers every Friday.
understand their comments upon it let us pass the items
Here is a copy of one of
briefly and simply in review.
the
the returns:
ISSUE DEPARTMENT.
Notes issued
48,862,150
11,015,100
6,759,900
31,087,150
48,862,150
BANKING DEPARTMENT.
Proprietors' capital
Rest
Public deposits
Other deposits
bills
20,191,034
25,608,150
19,382 235
l,71i 344
66,896,763
66,896,763
Seven-days and
other
(22)
23
article centre
21,097,579.
What
is
this reserve ?
till
and
It is all
Bank has
all
issues as
many
commerce
is
it
it
assets.
tity
seldom,
known
"
as the " authorised note issue of the Bank.
The
and
bullion
proper amount
24
ARTICLE.
and other
re-
placarded on
amount
its
walls like
its
evening,
or, as
the
money
article puts
it,
only
175,003
in
circulation against
the stock
lost
is
670,997
in coin
was augmented by
We
25
in circulation
from the
amount
Bank,
19,382,235,
is
Bank return all the four items in the Issue Department and the last two items in the Banking Department.
The general meaning of the other items is easily grasped.
The proprietors' capital of 14,553,000 is of course the
amount of the Bank of England stock held by the forthe
This item
is
three millions sterling. That three millions may be regarded as the reserve of the Bank as regards its stockholders
we hear
so much,
is
Bank
We next
of
the Government.
of
the
26
ARTICLE.
Public Deposits
the
article
is
;
much
strin-
is
generally
able to tell its readers when borrowing has taken place at
the Bank, when the loans are repayable, and whether
they have been repaid or not, quite irrespective of the
Bank
We
return.
27
It
may
be
here
pointed out
that such an
who dogmatises on
the
financial
who
article
analysis
writer of
the return,
The
lines.
an increase
in
the Other
disbursements,
is
The
factors
Bank
return are multifarious and complicated, and the figures of the various items therefore
convey information of only a general character. But we
affecting the
see
the
how
is
there
in
is
is
Bank
Bank
rate;
if
directors are
the reserve
is
is
months'
bills; it is
expressed
in
one figure
it is
the
official
Money market
standard
it
is
28
raising
it
Bank
the
advanced rate
ARTICLE.
make
Bank
all
if
rates
round was
round
all
plentiful.
To
borrow
in the market, thus denuding it of its supplies, and the
money article makes due note of the process. It is an
the
it is,
or in the case of
its
having
The
been changed whether the change was justified.
article
conducted
can
often
forecast
the
money
shrewdly
decision of the directors but not always the writer is
In the case of one of
never admitted to the secret.
our leading journals which never errs, or hardly ever, the
financial editor had once such good information that he
;
was
Bank
rate would
The movement
certainly be advanced the next day.
seemed so improbable that in looking through the proofs
his assistant had little hesitation in inserting an obviously
"
the reader was informed that the Bank
omitted " not
;
But it was
rate would certainly not be advanced.
the financial editor never forgot the awful incident
and
CHAPTER
VII.
The
considering.
names
of the
New
and
these exchange rates are published mainly for the information of those who have to send money to, or receive
it
from,
foreign
much wider
field.
The
named
mean
is
4 82
-
American
may be worth
dollars.
30
ARTICLE.
it ?
We
know
that sovereigns and francs are always of the same standard value, and that when no matter of remitting money
it
money that
fluctuations in the
sum
of
strikes them.
An idea naturally
sum he owes to P.
31
bill
who
to P.,
with
it
collects the
money
in
Paris,
in
people
25-18; that
bill
with his
is
He
francs.
in gold.
If
there
is
to P.
It will
be understood that
all
this
is
mere
illustration
in
illustrated.
Sometimes
it
is
happens that
demand
change becomes
bills
affect
moving against us
wheat.
as
moves the
ARTICLE.
and when
"
goes beyond a certain point called the specie point"
it is cheaper for the debtors to send gold, even paying
the carriage. And then gold goes.
it
Thus these
little
tables in the
money
article of rates of
of the
going, or to attract
here
and
if
money
it
is
will
companies
will
means that
it
securities
fall,
amongst those
book.
draw
A merchant sometimes
buy a
on Berlin and with it obtain in Berlin a bill on Paris.
Then again we have taken into account only short or
finds that the cheapest
bill
way
to remit to Paris is to
bills;
in
questions of credit
the case
of,
33
is
made
to
For instance, one may know that " Paris 25'20 " means
that 25-20 French francs go to an English sovereign,
"
but what is the meaning of " St. Petersburg 93-60 ?
There are certainly not 93 Russian roubles to the
" Course of
sovereign. Well, the figures given in the
Exchange," that is, the table of rates negotiated here on
foreign centres, represent in the majority of the principal
cases the numbers of standard coins of the country in
on 'Change and
in the table of
exchanges
CHAPTER
VIII.
is
made
in
money
and stocks
article to those
We
of bull accounts
bulls, of
bulls, of
clear as to the
glibly
action in his
will refer
life,
invest,
Nay, further, he
Exchange.
who
he
is
wofully wrong.
To put
it
speculator
(34)
35
he
on settlement
twice a month,
difference
To put the
we
will
lower price.
investor
.never will.
He may
36
ARTICLE
two
prices
at a loss.
Thus we
he
will, in
is
not so
As prices rise,
is awaiting an opportunity to buy.
the bulls come in and sell, and thus depress them as
who
fall,
the bears
in
which he has
sold,
pays a rate on shares borrowed which is called "backThese two terms, which appear in the
wardation",
37
we
meaning.
true that a " bull campaign," in which
the most favourable views are circulated as to the posi-
Of course
it
is
may succeed
it
that
is
price.
is
unfavourable
is
disseminated,
may
all
depress their
" bull
campaign
"
sell,
even at a
is,
loss, especially
"
it
cover," that is, to buy
necessary to
the
have
shares they
sold.
back,
Sometimes when the shares are scarce, and the market
much
them
for
in need,
themselves.
CHAPTER
IX.
should be most distinctly understood by everybody, although there is ample evidence that it is not so understood, that such a colourless notice of a prospectus is not
a recommendation to subscribe for the shares which are
offered.
of
all
news-
tells
ground that
all
knowledge
is
useful
(38)
it
may
benefit
him as
well.
if
39
that
it
not a recommendation,
is
Sometimes there
is
more
useful
still.
But
opinion of the paper for the benefit of the reader.
as a general rule the money articles of the great morning
papers contain the colourless prospectus notice alone.
There are one or two exceptions, but in nearly every case
they avoid prospectus criticism entirely. When a prospectus is advertised in their columns there is the colourless notice
always
prospectus criticism
is
found
in their
With most
of the
evening papers it is the same. There are one or two exceptions, but in most cases they do not subject new
money
company prospectuses
here
to outspoken criticism.
Which
is
viding
it is
in its
criticism can
do
little
positive harm.
Nevertheless,
it
40
ARTICLE.
Moreover, the great paper, in its silence, occasiona rather absurd figure when from the columns
tus.
ally cuts
of
money page
except for
its
less notice.
Where
it
is
To
mitted to blackmail.
when he
will
comment,
silent great
and the
41
prospectus.
in general,
of
company promoters
pessimism on the part
but it is preferable not to
little
;
Mere general statements that the prospectus seems to show over-capitalisation that the purchase price seems high, and so on, should not be given
too much weight. To be effective, the criticism must
be misled by
it.
statements by demonstration. To prove overcapitalisation, it must show that the profits do not yield
back up
fair
its
doing so
must point
amount
to the
if
for
CHAPTER
X.
article the
money
letters of allotment
of the prospectus;
proceed to business
it
allotted to him.
To
shares
in
article
money
most
It
itself.
will
He
gives him a
probably have
will,
of course,
carefully keep
shares.
It represents the share certificate, that is the
shares themselves as far as they can be represented by
paper.
it.
The letter
(42)
43
Thus
it
the directors have had to issue other notifications expressing their regret to some applicants that they havt
been unable to allot them the full number of shares for
which application has been made, or that they have been
unable to allot them any. This implies, of course, that the
invitation of the prospectus has been so acceptable that
the number of shares offered has been over-subscribed,
that there are not enough to go round all those who have
eagerly applied for them.
It is, unfortunately, necessary to point out that to read
such a paragraph in the money page of the newspaper
aright a little circumspection and discrimination are
may
which
letters
44
ARTICLE.
and
is
false in
what
it
it
implies,
The
may
not necessarily be
directors
may
salve their
the
It
some that
in
45
issuing
when the
cants who
must
whose
is
likely to
be of use to
it,
must receive
liberal allotments.
Above
at a profit.
sells at the
premium quoted
in
the
keeps up their price to the credit of the company
sells
his
shares
he
the
receives
allotstag
immediately
ment letter, or before, and thus depresses the market.
;
stags
to
directors to
as to
CHAPTER
XI.
Now
This
every one
it,
it
sufficiently to take
when
it is
paper.
" Tenders are invited
by the Norham Corporation for
Three
of
issue
an
300,000
per Cent, stock at a minimum
may be
handed
obtained, and
in.
Now
if
this
all
47
price or not ; if he
his application for
allotment.
97
it
less,
but
97
of
it
not take
will
offers
it
likes to give.
at a
it
will
minimum
much
take as
Thus, instead of
97
he tenders at
If
10s.,
he
may
find that so
many
all
many
The ordinary
its
limited liability
shares, or even
system
but
it
its
is still
issues
it is
company seldom
obvious.
The
policy
raised as to whether
straightforward
it
and
way understanded
of the
people,
and
48
ARTICLE.
be announced
loan has been
in
the
allotted, the
So
it
conies to
money
amount being
the
stated, or that
made
of over-subscription,
it
may
made up
privately, probably
issue.
of the
sees an
be offered.
They are on practically
tender
offered
immediately. They usually
by
every loan
send in tenders at several different prices as low as they
ought
really to
dare, but
being
left
still
out
even
if
Their
49
syndicates
moment,
Money market
besides, there
is
an
the issue of
ders at
and above
17s. lid."
meaning
is
simple.
in
tenders
such
100,
and so on.
left
to go round.
it is
50
\iONEY ARTICLE.
presented
in
figures thus
Amount
Tendered.
CHAPTER
XII.
merely
scrip
or
it
"
after a
The prospectus
sideration.
If
"
registered
52
ARTICLE.
You may
with the matter; yet there stands your name, and you
If you want to dispose of inscribed stock,
You must
it
to
some one
else,
some formality
is
necessary.
it
name appearing
inscribed stock
minimum amount
inscription of
company
of which
When
registered in the
53
back upon
or
buy
odd
interest
payment.
is
When
due.
10s.,
the
half
the
yearly payment,
holder of the bond will detach the coupon and present it
at the address which the bond always indicates, for
is
payment.
Or he
will
pay
will collect
it
the
into his
money
bank
like a
for him.
cheque,
Reminders
it
54
ARTICLE.
hand, just
of some
like
bonds to bearer.
shares, principally
And
nises
there
CHAPTER
XIII.
to
become
quite simple
and interesting on a
little
explana-
tion.
On
num-
prices.
little
same
able
is redeemable, while the other is irredeemor that one of them is redeemable in two or three
footing,
many
years hence.
is
This makes
all
price.
We
it is
56
ARTICLE.
in
this
redeemable category
the
Government now
approach
Foreign Government, or whatever body is the borrower,
besides paying the interest on the stock, is regularly
setting aside a certain sum of money to enable it to
it
to buy it back, to pay it off, to redeem it.
How much it is necessary to set aside in order to redeem
amortise
is of course a mere matter of calwhich such sums are put until such
time as they are used to amortise or redeem the stock is
the loan
culation.
in
a given time
The fund
to
use the sinking fund in purchasing back the stock whenever the state of the market is advantageous, whenever
But the way of which we most
the price is low.
frequently read in the
money
article is
by means of
redemption drawings.
These redemption drawings are common enough,
When the
especially in the case of Foreign bonds.
bonds are issued it is announced that so many of them
will be drawn for redemption at a certain price at certain
The borrowing corporation determines to apply
periods.
much
so
there
is
or he may
of bonds in
58
ARTICLE.
market quotation. Even in the case of a stock redeemable at one operation several years hence, the fact of the
gradual approach of the redemption affects the quotation,
into
"
his
considering
yield ".
6s.
0d.
if
when
stocks.
CHAPTER
XIV.
PRICES.
in
broker
is
obtaining prices for publication, is unfortunately someBut, whatever the cause, the disappoint-
ment
of the reader
is
is
sometimes bitter, and it may be worth while to say something which may shed a little light on the long lists of
prices which appear in connection with the money article.
One of the sources from which prices are collected for
the money page is the Stock Exchange official list.
This is issued twice a day under the authority of the
Stock Exchange Committee, which is alone responsible
for its publication.
It is a most
forbidding-looking,
closely-printed publication
eagerly sought by
all
companies.
60
ARTICLE.
and such a
been
slack.
many
The money
in particular is
article of
in
self-defence.
much weight
to the official
be,
we must
money
to inferences in a
slack
because so few
list.
The money
has to publish
its
article of
prices within
It
It
Exchange and
is
It
61
broker has
attempts
it,
criticism.
to their
through special
Elaborate codes are used to express the many prices
in few figures, especially in connection with the cabling
62
ARTICLE.
of
market
cans
is
closing, and a great deal of business in Ameritransacted after Stock Exchange hours. This
is
" street
brings us to the mention of the term
prices,"
which merely means prices collected in the street
their
these
at a
purpose.
has served
CHAPTER XV
DOUBLE PRICES AND WIDE QUOTATIONS.
A RATHER
"
plied the
new
article ?
editor-in-chief,
who
it
money
For instance,
means.
The
conceivable that
?'
some
double prices.
a shop window, only one price is mentioned ?
when the price of a Stock Exchange security, be it Consols
article are
marked up
or be
it
in
a mining share,
is marked up
Midland 89j
in
the
money
article,
editor-in-chief.
is very simple.
When a price is
a
the
is
sale only
offered
for
but
quoted
shop
thing
when a price is quoted in the Stock Exchange, he
The explanation
in
who quotes
it
is
prepared either to
(63)
sell
the security or
64
ARTICLE.
but
if,
all.
at 3,"
As we have seen
This is the meaning of the double quotation, as that editorin-chief, and everybody else, ought to know.
In
practice,
|,
of the
and orders
money
article
his broker to
he
will
is
due to the
way
into the
65
money page
lists
in
is free.
In
66
ARTICLE.
and
He
in
prefers to buy
panic
in
profit in
is
jobber
ordinary times he
buying
it
at 86f
is
and
selling
that.
or 87
If
margin he
the market.
is
able to form
some
CHAPTER
XVI.
of
them are
be marked
in
or, for
The
brevity's sake, ex div., or even x. d. or even x alone.
hieroglyphic x. d. so often appears in the table of quotations that
it
as to what
It
may
it
means.
might be well
if all
who
hold stock
when a
dividend
declared upon
declaration
is
it
and
yet,
many days
if
they
sell
line.
People
may continue
The
dividing line
is
the declara-
is
ex dividend.
amount
it is
distributed
(67)
quoted ex dividend
he buys after it
if
68
is
quoted ex dividend, he
will
ARTICLE.
although
it is
announces that
15th
transfer stock in
hold
if
its
books
you may
you
you as the holder
like,
will
sell
continue to regard
company
will
another.
nouncement
is
it is
confirmed by the
first
is
quoted ex dividend.
The dividend
is
69
company when
its transfer books were closed the direcyou the dividend, whether you subsequently sell
the stock or not but if you sell the stock before it is
tors send
you.
It follows,
dividend
it
of course, that
when a
price
is
quoted ex
shows a sudden
fall
dividend payable. If
company is at the rate of 4 per cent, then the sum of 2
If on 22nd February,
is payable for the half year.
160
the
stock
is
"cum dividend"
therefore,
quoted
2 dividend by selling
is
often found
stating that
no change
article
is
quoted
its
70
tendency
tribution
will
be to
rise,
ARTICLE.
The money
per cent, of
article
sometimes
"
speaks of the accrued dividend," and that is the meanWithout other influences the stock will of
ing of it.
course stand at
it
is
quoted ex
being ex dividend.
Here is a practical hint.
Having made
it
clear in
in
the
market price
71
sell
"
article " renunciation of rights
indeed elsewhere.
it
would be so
called
CHAPTER
XVII.
ABOUT SETTLEMENTS.
TWICE a month the money
articles in
our newspapers
there
money articles state, every day, when the next settlement will occur. In the money article the settlement is
the
is
between one
fortnight
Sometimes there
members
of the Stock
is
a nineteen-
Exchange and
There are three operations connected with the settlement, and a day is devcted to each, so that the settlement
consists of three days.
The
first is
(72)
called continuation
ABOUT SETTLEMENTS.
73
who have
It is
is
sufficiently expressed
in its title
it is
ment day.
As a matter
in the case of
now
There are
in
once a month.
In the
money
article
it
will
be found
that there are always two prices for Consols " Consols
"
for money
being usually quoted a trifle lower than
74
When
ARTICLE.
".
to pay for
them
at once
ment
day.
In connection with the settlement the
money
article
is
fixed
by an
official
of
case of others
up prices
it is
is
who
are
He who
it
"
send his broker a cheque for the " difference
if the
making-up price is lower than that at which he bought,
or receive a cheque from his broker if it is higher. Conversely he who has sold stock and does not wish to deliver
it has to send his broker a cheque for the difference if
sold,
His
"
"
arrange to find takers in who will lend the
"
money to pay for the stock in the first case, or givers
"
on who will lend the stock for delivery in the second
broker
will
case.
That
rates
come
is
in.
nor arrange to thus carry it over at the settleof the Stock Exchange buys it in formally
and openly for the lowest price at which it is offered, and
he who has sold has of course to bear the expense.
deliver
it
ment, an
official
We
ABOUT SETTLEMENTS.
occasionally read in the
following a settlement.
money
75
"
article of " buying-in
We
and has
is
of
Of course
directly
one account
is
ended by the
fort-
account
".
On the third
have to
talk, alas
of Stock
Exchange
manded the
silence of the
House by
hammer on
76
ARTICLE.
CHAPTER
XVIII.
or a paragraph like
it
really
means,
and how
is
and
(77)
ARTICLE.
only person
in
all
facilities
of the
79
members
of the
and those
Clearing House all of them would like to be ;
that are not take for their agents those that are, and
thus get their cheques and bills passed through in that
way. The system facilitates business so much that there
have been established
houses in
is over
20,000,000 sterling every day, even if we include Sundays. Sovereigns to the amount of 20,000,000
would weigh 157 tons, a weight that would require eighty
This
horses to draw
Of course,
it.
is
in
the
money
article
lies in
its
indication of
all.
every Friday
But
whether trade
is
its
great
active or
whether
inactive,
Board
of Trade.
the
ARTICLE.
hand
The fourth of
people specially watch certain days.
is
the
which
month
trade
bills
are usually
day upon
every
made to fall due, so the figures for that day are watched
;
CHAPTER
XIX.
WHERE
money
explanation
yet there
need be said
in
is
making.
What,
much
money
article
usually calls,
with
glibness,
ourselves
The
(81)
82
ARTICLE.
goods which we buy from foreign suppliers, always including Colonial suppliers, for our own consumption
say tea and raw cotton. The returns are collated from
the return which the individual import and export merchant and shipper has to make to the Government official
regarding each transaction.
In virtually all cases both the quantity and the value
of the various kinds of goods imported, exported, or rethe three classes of foreign trade are given
In analysing them for the public the
This
article frequently refers to the value only.
exported
in
the returns.
money
may
serve
all
is
well.
we
But
As a matter
did in 1898.
We
83
commerce
in
it
is
in
tured
articles.
With the
84
ARTICLE.
it
it
it
good to export, to
explanation.
sell,
CHAPTER
XX.
in
pro-
in
the
money
of the
railway companies.
86
ARTICLE.
is
duly
filled in
by a secretarial
official
of the company.
venient form
money page
and the
traffic
Wednesday, and
How shall we
tion that
all
is
if
the
in
87
weekly figures
is
that they
tell
home
monthly revenue statements, showing not only the receipts, but also the expenditure, and consequently the
net revenue or profit. There was also a time when one
of the companies published daily as well as weekly stateBut those times are past.
ments of traffic receipts.
article.
It must always be considered
a study of the weekly traffic returns.
It has been said that these returns distinguish between
in the
in
money
It is
made
show why.
Passenger
empty and the same expense
incurred.
Passengers, unlike goods, move themselves at
terminals or stations. An increase of goods means more
An increase
labour, more wear and tear, more expense.
moment's consideration
will
88
ARTICLE.
But of
of passengers may mean very little of either.
course, an increase of goods is welcome, and the goods
receipts are the better indication of the condition of the
trade of the country.
Of course the returns of each railway are affected by
the characteristics of the district which it serves. What
CHAPTER
XXI.
MANY a one who casts his eye over the money article,
even many an investor, must regard the paragraphs as
to the remittances on India, with all their rigmarole
about lakhs, and telegraphic transfers, and rupees, and
special
allotments,
as
is
nor uninteresting.
something which occurs on Wednesday, appear in the
money page of the evening papers of that day, and of
the morning papers on Thursday. What is it that occurs ?
Let us take the verbiage of a paragraph from the money
article of a Thursday's paper, bit by bit, and see what it
means.
" Remittances on India for 40 lakhs were offered for
tender to-day by the India Council," so the paragraph
The word to-day, by the way, means Wednesbegins.
day, although
morning's paper.
90
ARTICLE.
day.
India
Council and
its
offer of
much
less.
A
collected in sovereigns.
it
as
is
a
silver
but
2s.,
coin,
is
its
actual value
of India
is
its
in
rupees
India
at
all
from
them.
In the
it
offered forty
rupees, a
"
applicaContinuing, the paragraph informs us that
tions amounting to Rs. 61, 05, 000 were received at prices
1
varying from Is. 4d. to Is. 4 T ir d ". Thus the merchants
applied for remittances to the amount of half as much
91
convenience.
were
allotted in
bills,
and part
it
will
be observed,
in telegraphic transfers.
"Tenders
tion.
for bills at
telegraphic transfers
Thus
at
Is.
Is.
little
4d.,"
4 T1s d.
it
will
It
paragraph.
or no explana-
69
."
in this
for.
92
ARTICLE.
the usual
Wednesday tendering.
Our paragraph ends with general
statistics.
"
Last
year
"to
last
Rs.27,47,68,118, producing
thus see at what rate the Secre-
night,
We can
18,398,088."
tary of State for India
to
still
to offer,
and may
CHAPTER
XXII.
the
money
com-
pany meeting
is
much importance
to the
company
in criticism is
itself,
of
and often of
Of course
importance to the whole financial world.
company meeting is the gathering at which the affairs
of the company are discussed between the directors and
the
present
their
at which the
and
accounts,
report
usually
it
cannot be paid
times to be held.
94
ARTICLE.
in
of the railway
companies indicated
in
the
Why
But
it
may
be said
41
same
thing.
the meeting
this
It is
is
of
fails
say the
company that
all
it is the report of
to find a place in the
95
it
will
be found that
consist
company meetings
company meetings
is
these criticisms
may
be.
Reference
is
not
made
company meetings which have attracted a great deal of public attention in advance the
dead dull level of company meetings is meant.
Moreover, the report of the meeting seldom takes note
Such an
of the attendance, which is often very sparse.
event has been known as a reporter being asked to move
the formal vote of thanks to the chairman and directors,
because there was no one else present to do it. Further,
in these remarks to
we do not
often find
it
96
although
often
who are
and much show
of some
ARTICLE.
is
of hands.
And few newspaper reports
or
to
attempt
convey, any adequate idea of the
convey,
manner of the chairman and of the directors, and of the
times
Press are inserted in return for payment by the company. The longer the report the bigger the payment.
As a rule payment would not be accepted for the
insertion of a
in
the editorial
little
or nothing to
97
insertion of the
is
paid
for
prevails,
relied
vinces, or in
98
ARTICLE.
is
it
and
CHAPTER
CORRUPTION
IN
XXIII.
FINANCIAL JOURNALISM.
of technicalities
however unsavoury the subject, of the existence of temptation, of corruption, of bribery, of blackmail, the
canker
who
is
man
comment.
integrity
practise
There
are some
relied
can
be
upon.
absolutely
They
journals, on the other hand, financial and general, whose
the
in
strictest
financial
mightier than the sword, and sometimes, unfortunately, the purse is mightier than the pen.
The writer of the money article, from the highest to the
lowest, is subject to the frequent temptation of those
moter..
The pen
financiers
is
his criticism or
cycles and
it
will
come
again.
(99)
The
briber
is
encouraged
100
ARTICLE.
his efforts
upon
others,
effective
method
of bribing a
them
at
price.
If
by his
a present without stipulation or condition, with the assurance that no service was required. There may have been
larger sums taken and offered, but they have not come to
light.
A hundred or two
is
the usual
amount
offered,
and
how
CORRUPTION
IN
FINANCIAL JOURNALISM.
101
is
a natural
the market
if
the
demand
for bribes
The thing
is
so
common
it
pay to avoid
Thus there
who
lists
; misleading
enabling the scheme
102
ARTICLE.
more
now
it
all
When
own way.
money
article.
corruption
its
is
existence.
criticism,
presented,
To
not
for
tell
difficult of
The fulsome
praise
or the embittered
own
tale.
CHAPTER
XXIV.
may
money
writer
if,
in conclusion,
how to
something
is
tempt to sketch
him here
and a
To
delicate.
read the
said of its
To
at-
importance, to discredit it by pointing to its failare the Scylla and Charybdis of the case.
these
ings,
The scope of the writer of the money article is rapidly
upon
its
extending;
its
enormous.
It
of all kinds of people who invest and specutempted by the facilities which the limited liability
system has afforded them, facilities of which the company
monger has taken due advantage. To the City editor
the
number
late,
of the financial
(103)
104
ARTICLE.
and that
44
He must
attractive literary grace with the same pen.
set forth his opinion in unmistakable terms to his readers ;
the wiles of diplomacy in the financial
all
yet practise
circles in
which he
lives
his being.
He must
imagination
he
may
to leniently
loss, cruel to
;
pounds.
Knowing
all
he knows, seeing
all
prophecy
loss will
in
of finance.
that
we
is
sure to be fulfilled;
come as
It
share,
in
came
"We
everything.
criticism," a Colonial
105
considered his
"
bank-manager once moaned, and
was something
in
it.
its
inception.
overlooked that even a company promoter may prefer to involve himself in an honest concern,
if the profit be as large.
the possibility
is
However easy
editor
is
may be
simism or
it
partiality in
has of hearing
all
sides
is
is
teer
all
its
bad points
City editor
106
The
callers on either
sometimes seem
But they have been known to meet
all sides,
side,
ARTICLE.
unaware of this.
on the stairs.
But wide and varied sources
of information or
none r
must be
He
in
must,
equity,
analysis.
With these
But of the
qualities the point of judgeship is reached.
new financial journalism the public expects more. The
writer of the
definite opinion
money
on his
merely detective,
article
facts.
solicitor,
is
required to express a
must not be
In short, he
well.
It
is
preceding chapter.
City editor
is
integrity, the
second
integrity,
integrity.
editor,
107
that he
himself
All the
A day in
advance, however.
108
ARTICLE.
company have a
delicate sense
The
of humour.
and
It
peculiar.
to refuse
such as
all
and
it
interesting to
useful.
mix with
all
kinds of
of sound
with discretion
business
men
in
confidence which
There were at
who knew
before
it
least
the world.
of these
109
paper as
had to
its
retire
my money
it ?
"
was the
reply.
most
of gratitude
for the
of his advice,
result
he cannot
combined wisdom.
One
an important position in financial journalism, was actually involved
in the great Balfour collapse, having placed some of his
money in one of the institutions which was at the tender
mercy of Jabez himself. Again, a case has been known
regrets the
outcome of
their
who
110
ARTICLE.
much
to the
amusement
Perhaps
it is
that the
attention of
left
for his
own.
It
is
difficult to
meet the
demands
cent., for
of
it is
Ill
money
He comes in a cab to
in which they are involved.
the City editor wildly that the disclosure is a lie she
comes on foot in her dinner hour to tremblingly ask if it
can be true, because she put her 15 into it, believing it
pany
tell
libel
comment
comment
at a critical
continued despite
The public must be defended at all
is
away.
In criticising a
in liquidation.
The
pro-
in liquidation,
the
newspaper
frequently mulcted in heavy expenses, even
it
the
win
though
day, libel actions are sometimes glorious.
Over the massive portals of the dwelling of our greatest
is
112
ARTICLE.
which a
its
all
mercantile
may
who know how
advantage
by those
GLOSSARY.
and phrases used in the
have been explained in the course of the
preceding pages, and reference can readily be made to
these explanations by using the Index. There are, however, other words and phrases requiring less detailed
explanation and these are dealt with in this Glossary.
Many
money
article
ARBITRAGE DEALING.
call.
AVERAGE, To. To buy more of a stock held, whose price has fallen,
so as to render the average cost of the whole less or a bear
may average by selling more at a higher price when the price
has moved against him.
;
AYRSHIRE.
Railway.
sales.
A transaction a deal.
as in ordinary parlance.
BARGAIN.
BERWICKS.
114
'
BOOM.
to "
ARTICLE.
Opposite
Slump".
BOURSES.
BRIGHTON
Berthas.
BRITISH.
BRUMS.
of the Continent.
A.
stock.
BUCKET SHOP.
acted.
When
BUOYANT. MARKETS.
opposite to de-
pressed.
CALEYS.
CALL.
Demand
for
payment
fully paid.
CALL.
call is exercised.
CANPAC.
Use
of
term
in
money
article evidence
CAPITAL.
money
in
any
security,
is
receivable.
CHARTERED.
Company.
CHATHAMS.
COALERS.
may
be paid in
full
although
GLOSSARY.
115
CONVERSION.
On receiving instructions Bank of England will invest dividends on Consols every quarter adding
them to the capital sum.
CUMULATIVE CONSOLS.
CUMULATIVE DIVIDEND.
DEALER.
all deal.
DEBENTURES.
mortgage.
One who has failed to meet his bar" hammered " and ceases to
gains in the Stock Exchange is
be a member. His fellow members who lose do not put him
through the Bankruptcy Court though, of course, an outsider
DECLARED A DEFAULTER.
may.
(5)
deferred
DEPOSIT RATES.
DIFFERENCES.
stock dealt in
DISCOUNT.
DORAS OR DOVER
stock.
A.
116
DOVERS.
ARTICLE.
;
ham and
EASIER.
When
rates,
is
to be
"easier"
implied.
EXCHEQUER BONDS.
FACE VALUE.
the face of
Nominal or
on
its certificate.
Lower
FINER RATES.
rates.
FIXED CHARGES. Standing charges which a company has regularly to meet in the way of debenture interest, etc., before it can
divide profit
among
its
shareholders.
Debt borrowed
FLOATING DEBT.
for
debentures, etc.
FLOATING MONEY.
Money
in the
FORECLOSURE.
FOREIGNERS.
Small movement
FRACTIONAL RISE.
FUNDED.
When
like
-^ or
not
or even
instead of being paid off are consolidated into a permanent debt bearing regular interest they are
funded.
be
said to
liabilities
FUNDS, THE.
and other
FOUNDERS' SHARES.
if
moderate and
steady.
GOSCHENS.
117
GLOSSARY.
GRANGERS. Certain American railroad
of whose business is the carriage of
lines,
an important part
grain.
HAMMERED.
When
HARD.
quotation
HOUSE, THE.
INCOME BOND.
is
implied.
in
an American railroad.
INSCRIBED STOCKS. Stocks whose proprietors' names are registered in the books of the institution which manages them.
These stocks are transferable only by inscription in those
books. Stocks and shares which are merely registered and
not inscribed are transferred by deed.
INTERIM DIVIDEND. Distribution of profit in advance, before the
bjoks are made up and the final dividend for one year is
declared.
in
which dealings
in
the "
KANGAROOS.
LEASED
LIABILITY ON
in
security to depositors.
prices are
made up and
rates fixed.
HOW
118
MEMORANDUM OF
ASSOCIATION.
MILWAUKEES OR MILKS.
St.
DAY.
names
sellers.
Remainder
from " gross receipts ".
NET RECEIPTS.
after deducting
working expenses
OBLIGATIONS.
Bonds, principally of Continental railways and
Governments.
OPTION DEALING.
option.
Term does
of the Stock
OVERCAPITALISED.
much
much
GLOSSARY.
119
PAR, AT. When a stock is at par its quotation equals exactly its
nominal value or its issue price or the amount that has been
paid upon
it.
PAY DAY OR SETTLING DAY. The last day of the Stock Exchange
Settlement, when payments have to be made and differences
settled.
When
POINT, A.
a point
it
POOL.
leader,
it
is
PREFERENCE OR PREFERRED.
may
PREMIUM ON GOLD.
PRINCIPAL.
The
capital
PRINCIPAL.
The
interest is payable.
an
agent.
In foreign money markets means outside
discount rate, as distinct from discount rate of the national
bank.
PRIVATE DISCOUNT.
PROFESSIONAL DEALINGS. Dealings of members of the Stock Exchange or of regular operators as distinct from dealings by
the general public.
PUNTER.
PUT.
120
ARTICLE.
may
gistration.
REGISTERED STOCKS.
disaster.
RUPEE PAPER.
Silver securities of the Indian Government, interest and principal being payable in rupees in India by bills
of exchange in England.
SECURITIES.
SHARE.
An
indivisible portion of a
such an amount
SHOP, THE.
may
be.
ity of certain
securities.
securities are
of jobbers,
who make a
known as
the
Shop
specialin
such
SIGNATORIES.
its
Heavy
Opposite
them
for dividends.
GLOSSARY.
121
SPLIT STOCKS.
Capital of a
which
100.
is
company bearing
See SHARE.
TABLE
A.
TAKEN
UP.
for
TALON.
bonds entitling to
to sellers.
3,
6,
for tender
TRUNKS.
TRUSTEE STOCKS.
to
himself
if
the
VENDORS' SHARES.
in
has been
cash subscriptions.
122
WILD
CAT.
ARTICLE.
WINDING UP A COMPANY.
Stopping
it
clock.
YANKEES.
American Railroad
securities.
YORK DEFERRED.
Northern Railway.
INDEX.
MANY of the technical words and phrases used in the
Money Article require less detailed explanation than
Such words
those dealt with in the body of the book.
are not included in this Index, but should be found in the
Glossary on the preceding pages.
ABOVE
Broker,
in full, 50.
15.
Bull, 34.
account, 35.
campaign,
37.
Burdett," 109.
Business done, 60.
affecting, 10.
Amortisation, 56.
statements, monthly,
Bankers' clearing, 77.
receipts, 43.
Bear, 35.
account, 36.
corner, 37.
raid, 37.
Betterment,
Bills, 18.
11.
19.
Coaching traffic,
Coin and Bullion
by,
73.
return, 22.
Bank
bribery
11.
77.
86.
in Bank return,
24.
Coming
Company
meetings, 93.
Confirmatory meeting,
Consol settlement, 73.
93.
money,
73.
Bills of
INDEX.
124
Covering by bears,
Gold, transmission
Crop movements,
Government
Cum
37.
20.
of
Dealing
money
in the
article, 89.
Stuck Exchange,
64.
Double
67, 93.
article, 6.
IMPORTANCE of money
loans, 19.
remittances, 89.
special allotments, 92.
Influences affecting markets, 9,
Irredeemable,
JOBBER,
importance
LABOUR
75.
6, 96, 99.
money
article, 5.
Fixed price, 45.
18.
Fixtures,
Foodstuffs imported, 83.
For the coming out, 75.
Foreign commerce, 81.
gold movements, 20.
market influences,
Fourth of the month, 80.
money
11.
MAKING a market,
18, 21.
44, 62.
7.
inserting
company, 96
Meetings of companies,
Middle price, 66.
6.
tenders, 21.
Letters of allotment, 42.
of regret warning, 43.
Limited market, 16, 65.
bills, 18.
of
statistics, 79.
ings, 93.
GENERAL view
15.
Co., 60.
Fine
15.
KAFFIR Circus,
Exchange Telegraph
56.
28.
of, 32.
Financial papers,
11.
Increasing capital,
57.
bonds, 57.
FAILURES,
article, 3.
83, 86.
prices, 63.
Drawings,
Drawn
money
88.
HAMMERED, 75.
Heavy lines, 10,
Bank
return, 26.
dividend, 69.
DATE
of, 30.
securities in
10, 20,
Minimum
93.
price, 47.
11.
INDEX.
Mining shares introduced,
Money
article,
date
divisions
ment
RAILWAY expenditure,
of, 7.
Rates
Raw
day, 73.
Net deposits, 21.
New financial journalism,
102,
57.
Re-exports, 81.
Registered stock, 52.
Renunciation, 71.
Reports of company meetings,
of
Rest
59.
23,
in
New York
Bank
banks, 21.
return, 25.
27.
Pinched
Redeemable, 55.
Redemption drawings,
Pay-day,
17.
72.
Paper money,
money market,
93.
prices, 62.
PACKED meetings,
in
of exchange, 29.
material imports, 84.
Reconstruction, 93.
106.
Nineteen-day account,
10, 83,
86,88.
reports and meetings, 85,
traffic returns, 85.
of, 3.
minimum,
list,
87.
market influences,
of, 6.
NAME
Official
official
59.
and arrange-
importance
change,
the
Quotation in
5.
of, 89.
general view
genesis of, 5.
Money
Money
125
93.
1&.
23.
Settlements, 73.
73.
out, 107.
Pope's investment,
7.
Sight
Prices, 59.
bills, 33.
Stag-hunters
test, 41.
notices, 38.
Proxy, 94.
Public Deposits,
returns, 82.
Stock Exchange
25.
1845,
in
126
INDEX.
Trade
bills, 18.
how
to
in
trade
returns, 82.
gauge condition
WEAK
bulls, 37.
"
X.D.,"
etc., 66.
article,
SEE BACK,
DECEMBER, 1906.
"EFFINGERE, LONDON".
CATALOGUE
OF
egat Commerclst
an6
otflcr
EFFINGHAM WILSON,
THREADNEEDLE STREET, LONDON,
TO WHICH
IS
ADDED A LIST OF
TELEGRAPH CODES.
EFFINGHAM WILSON
and
INDEX.
PAGE
PAGE
Clerks (continued)
Mercantile Practice (Johnson)
Merchant's
.
School to Office
Arbitrage
-13
Deutsch
Haupt's Arbitrages et Parites
Willdey's American Stocks
.
15
Arbitration
Solicitor's
London Chamber
of
Lynch, H. Foulks
.24
.19
.....
BankingAnecdotes
Banks
of the Clearing
House
Bankers' Advances
Banks, Bankers and Banking
Bibliography (Bank of England)
Easton's Banks and Banking
Easton's Work of a Bank
.
Clare's
Cobb
McEwen (Accounts)
Stewart (Law of)
Bills of Exchange
.22
19
...
...
n
ii
Haupt
1
15
22
-23
18
.19
Bimetallism
.
17
7 Dictionaries
Cordingley's
Works
12
Made
Cuthbertson
.
.12
Del Mar's History
.
.12
Del Mar's Science of Money
12
Hon. H., Bimetallic
Gibbs,
Primer
14
9
6
.11
Practice
Jones
England
Bankruptcy
Duckworth's Trustees
17
.12
Easy
-17
....
Hutchison, J.
Journal of Institute of Bankers
17
I^egal Decisions affecting Bankers 22
Questions on Banking Practice
23
Scottish Banking
18
Smith's Banker and Customer
25
Token Money of the Bank of
.
-17
II.
Coumbe
16
10 Counting-house
22
Cordingley
25
County Court
13
County Court
17
Correspondence (Commercial)
Beaure
Martin (Stockbrokers)
9
-13
Part
Do.,
....7
26
28,
Book-keeping
5
26
Stock
Exchange
Terms
French Abbreviations
Milford's Mining Terms
.
.
n
5
21
Directors
Pulbrook
29 Exchanges
(Liabilities
Brazilian
Exchanges
and Duties)
.
23
.26
Clare
Goschen
Carr (Investors)
6
15
Norman's Universal Cambist
21
Down to Date (Munro)
21
Norman's
Worth
21
Money's
Harlow's Examinat on Questions 15
Tale's Modern Cambist
Holah's Double Entry
25
7
Jackson
17 Exchange Tables
American Exchange Rates
.
8
Johnson's Book-keeping and Accounts
Eastern Currencies
.
.18
5
Mercantile
Practice
Garratt
Johnson's
17
(South American)
14
Seebohm's (Theory)
Lecoffre (French)
.18
7
Sheffield (Solicitors) .
18
.
,,
(Austria and Holland)
.24
Van de Linde
.21
.26 Merces (Indian)
Warner (Stock Exchange)
Schultz (American)
26
.24
...
Cariss
.....
.
,,
Efficiency
.
Counting-house Guide
First Years of Office Work
Kennedy (Stockbrokers)
...
ClerksCommercial
Corn Trade
-13
-23
.11
.
(German)
-24
Insurance
Bourne's Publications
Fire Insurance Principles
Finance
.
...
Short-Term Table
10
and
.18
.
25
LONDON.
ST.,
PAGE
....
Interest Tables
Bosanquet
Decimal
Interest
and Contango
Gumersall
Ham (Panton) Universal
Indian Interest (Merces)
Lewis (Time Tables)
Oppenheim's Universal
24
14
Maps-
24
24
26
...
.
Italy
9
27
27
Joint-Stock Companies
Chart for Ready Reference
Company Frauds Abolition
26
23
14
23
Pulbrook's Responsibilities
Directors
.
of
.23
Amalgamation
24
24
(Various Subjects)
Charter Parties
.
Law
Copyright Law
Commercial
(Lithibv)
....
.
Death Duties
District and
Parish
.
Councils
.
Workmen
Licensing Acts
Licensing Law
Magistrates'
.16
-13
.22
.
24
.....17
.
Handbook
Marine Insurance
Maritime Law
Master Mariners' Legal Guide
My Lawyer
.
14
-13
.24
24
.21
25
5-8
5
5
9
22
.23
.22
MiningAccounts of G. M. Cos.
Beeman's Australian
Mining
13
Manual
British Columbia Mining Laws
10
Charlton's Information for Gold
Mining Investors
Gabbott's How to Invest in Mines 14
Goldmann (South African Mining) 14
Milford's Dictionary of Mining
.
Terms
Tin-Mining
21
in
Spain
.10
On Compound
Interest
and An-
nuities
25
Constable's (A)
Duty
Copper, a Century of
Cotton Trade of Great Britain
Dynamics of the Fiscal Question
.
19
4
13
19
13
10
18
....
-13
....11
.
.24
Smith
Law
Germany
Investors
.....
Rhodesia
Witwatersrand Goldfields
Maritime Codes
17
.22
18
List of
Law
River
Invest Money
Wright's Yield Tables
Thames
Workmen's Compensation
Legal and Useful Handy Books
Rutter
Schultz
How to
Solicitors'
15
15
Wilhelm (Compound)
PAGE
Law
His Lordship's
Whim
Kew
Gardens (Illustrations)
Landlord and Tenant
Lawyers and their Clients
Lloyds' Brokerage and Discount
Card
Macfee, K. N. Imperial Customs
Union
Merchandise by Rail (Registered
.
26
26
8
18
19
19
16
System)
22
Mirabeau and Gambetta
Native or Transkeian Territories 16
2S
Public Meetings
.16
Ratepayer's Guide
.
EFFINOHAM WILSON,
PAGE
PAGE
...
Miscellaneous (continued)
Red Palmer
Wilson's Equivalents
...
Workmen's Compensation
World's
Statistics
12
Pamphlets
27
to Read the
Investor's Ledger
Investors' Tables,
American and
British Investors
Argentine
Mathieson's Traffics
.
.20
.
Money
Article
.
Permanent or
Redeemable Stocks
Prices
Mathieson (Stocks)
Railways
-i
Call
How
Finance).
Rays in Freemasonry
Money Market (see Currency and
,. :
'
.27
Key
....
Exchange
Laws and Customs (Melsheimer)
Le Stock Exchange
.11
26
.18
.20
.11
Options (Castelli)
Poor's American Railroad Manual 23
23
of a) 27
Redeemable Stocks (a Diagram) 10
.
14
Railway Traffic Law
Registration of Transfers
4
Robinson (Share Tables)
Ready Reckoners(.fc<? also Exchange
23
Rules
and
Tables, Interest, etc.)
Usages (Stutfield)
25
26
Buyers and Sellers' (Ferguson)
7
Willdey's American Stocks
Commission and Brokerage
Yield Tables
21
5
Tables (see Exchange Tables, InterHoughton's Mercantile Tables
est
16
Tables, Ready Reckoners,
(Weight)
and Sinking Fund and Annuity
Ingram (Yards)
.17
Tables, etc.).
Kilogrammes and Pounds
27
Redeemable Stocks (Mathieson) 20 Telegraph Codes
.
Manual (American)
Railroad Report (Anatomy
Poor's
....
.
Merces (Indian)
Robinson (Share)
Sinking Fund and Annuity Tables
Booth and Grainger (Diagram)
Dougharty's
.
.21
.23
.
29, 3
(list
of)
Trustees
Investment of Trust Funds
16
Judicial Trustees Act, 1896
Marrack's Statutory Trust Investments
Wilson's Legal and Useful Handy
3i
32
10
.13
Hughes
3,
....
Books List
NEW
6
17
19
S-8
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