londonand

Updated: July 28, 2025

All their spare money is in London, and is invested as all other London money now is; and, therefore, the reserve in the Banking Department of the Bank of England is the banking reserve not only of the Bank of England, but of all Londonand not only of all London, but of all England, Ireland, and Scotland too. Of late there has been a still further increase in our liabilities.

Walter Bagehot - Lombard Street : a description of the money market