Bank Rate in England, France, and Germany, 1844-1878

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General Books, 2013 - 34 pagine
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1880 edition. Excerpt: ...settlement of all important transactions in heritable property, which are also fixed for the same terms. "3rd. The payment of household servants' wages, and in many cases salaries at the same period. "These payments are to a large extent made through the medium of bank notes, and thus they get into hands where they remain for a time, many of the parties who receive the notes having no bank account. "It is further to be noted: --"1st. That on the 4th of the month an unusually large amount of bills falls due, and if the 4th happens on a Saturday (the day when the returns are made up) we generally look for a heavier return on that account. "2nd. The November returns are usually heavier than those in May, because of the requirements of the harvest, travellers, &c. "3rd. In the country districts the term-day is in many places regulated by the old style, and thus the payment of farm rents run on into June and December. "4th. The great increase this year is, no doubt, chiefly owing to the higher scale of wages, particularly in the mining districts, among the most improvident class of working people." This statement is quoted from a description of the circumstances written in 1872 by a well-known Scotch banker. It becomes desirable to recapitulate at this point the monthly fluctuations in the rate of discount charged by the Bank of England, and to compare them with the corresponding fluctuations in France and Germany. The rates of the Banks of England, France, and Germany have therefore been tabulated in a similar manner for the years 1846 to 1877, and divided into periods of eight years and of sixteen years. While these tables show a distinct pressure on the Bank of England in May, and in some degree in...

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