United States or Mauritania ? Vote for the TOP Country of the Week !
No reference is made in it to the credit of the bill-broker; the bills being discounted 'without recourse' to him are as good if taken from a pauper as if taken from a millionaire. The lender exercises his own judgment on the goodness of the bill. But in modern bill-broking the credit of the bill-broker is a vital element.
Whether sea-going people were short of money about that time, or were short of faith and preferred cork jackets, I don't know; all I know is, that there was but one solitary bidding, and that was from an attorney connected with the bill-broking business, who offered two pounds in cash, and the balance in sherry, but declined to be guaranteed from drowning on any higher bargain.
In the trade of bill-broking, as it now exists, there is one great difficulty; the bill-broker has to pay interest for all the money which he receives. How this arose we have just seen. The present lender to the bill-broker at first always used to discount a bill, which is as much as saying that he was always a lender at interest.
In each crisis the set of the storm would be determined by the cause which had excited it, but there would not be anything in the nature of bill-broking to attract the advance of the alarm peculiarly to them.
Your concentrated Fox is seldom comparable to your concentrated Ass in money-breeding. Fascination Fledgeby feigned to be a young gentleman living on his means, but was known secretly to be a kind of outlaw in the bill-broking line, and to put money out at high interest in various ways.
The Bumpshers and the house of Mango at the Pineries vie together in their desire to dominate over the neighborhood; and each votes the other a vulgar and purse-proud family. The fact is, both are City people. Bumpsher, in his mercantile capacity, is a wholesale stationer in Thames Street; and his wife was the daughter of an eminent bill-broking firm, not a thousand miles from Lombard Street.
A great additional strain is thrown upon them just at the moment when they are least able to bear it; and it is thrown by those who under a natural system of banking would not aggravate the pressure on the bill-brokers, but relieve it. And the profits of bill-broking are proportionably raised.
'Next, said Fledgeby, 'concerning that bill-broking branch of the business; the branch I like best. What queer bills are to be bought, and at what prices? You have got your list of what's in the market? 'Sir, a long list, replied Riah, taking out a pocket-book, and selecting from its contents a folded paper, which, being unfolded, became a sheet of foolscap covered with close writing.
The deposits of bill-brokers and the profits of bill-broking are increased by our present system, just in proportion as the dangers of bill-brokers during a panic are increased by it. The strain, too, on our banking reserve which is caused by the demands of the bill-brokers, is also more dangerous than it would be under a natural system, because that reserve is in itself less.
For the most part, agricultural counties do not employ as much money as they save; manufacturing counties, on the other hand, can employ much more than they save; and therefore the money of Norfolk or of Somersetshire is deposited with the London bill-brokers, who use it to discount the bills of Lancashire and Yorkshire. The old practice of bill-broking, which Mr.
Word Of The Day