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Updated: June 10, 2025
The loan by such banker is a rediscount of the bill; that banker cannot obtain repayment of that loan, except by the payment of the bill at maturity. He has no claim upon the agent who brought him the bill. Billbroking, in this which we may call its archaic form, is simply one of the modes in which bankers obtain bills which are acceptable to them and which they rediscount.
Of such bills $600,000,000 were promptly discounted. I hear that two banks, the London City & Midland with its $525,000,000 of deposits, and Lloyds' Bank, both refused to rediscount. They believed the investments in commercial paper they had made were perfectly good, and that they were as well able as the Bank to wait for payment until one year after the war if necessary.
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