BY THE SAME AUTHOR
.
OUR MONEY AND THE STATE,
SECOND IMPRESSION. 3s. net.
STOCKS AND SHARES. FIFTH IMPRESSION.
6s. net.
MONEY CHANGING: an Introduction to
Foreign Exchange,
THIRD EDITION. 6s. net.
THE MEANING OF MONEY.
FIFTEENTH IMPRESSION. 6s. net.
POVERTY AND WASTE. 6s. net.
WAR AND LOMBARD STREET.
THIRD EDITION. 3s. 6d. net.
INTERNATIONAL FINANCE. 6s, net.
"While man cannot live by bread alone.
he cannot go on living, even a good life
if he really falls short of bread."
PROF. J.L. MYERS.
First Edition May, 1916.
Reprinted June, 1918.
Responsibility for the appearance of this book—but not for its contents—lies with the Council for the Study of International Relations, which asked me to write one "explaining what the City really does, why it is the centre of the world's Money Market," etc. In trying to do so, I had to go over a good deal of ground that I had covered in earlier efforts to throw light on the machinery of money and the Stock Exchange; and the task was done amid many distractions, for which readers must make as kindly allowance as they can.
HARTLEY WITHERS.
6, LINDEN GARDENS, W.
March, 1916.
CAPITAL AND ITS REWARD
Finance the machinery of money-dealing—Lenders and borrowers—Capital and its claim to reward—Stored-up work—Inherited wealth—The reward of services—Questionable services—Charles the Second's dukedoms—Modern equivalents—Workers and Savers
BANKING MACHINERY
Money at a bank—Bills of exchange—Finance and industry—Supremacy of bill on London—London's freedom—The Bank of England—The great joint stock banks—The discount market—Bills and trade
INVESTMENTS AND SECURITIES
Stock Exchange securities—Government and municipal loans—Machinery of loan issue—Underwriting—The Prospectus—Sinking fund—Bonds and coupons—Registered stocks—Companies' securitie