History of the London Discount Market Book

Part 1 The rise of the bill; brokers: growth of financial intermediaries; brokers as agents for country banks; bill broking in 1810; discount rates and the usury laws; the origin of Overend, Gurney & Co.; Samuel Gurney comes to London; rapid spread of the bill broker system, 1810-25; widespread use of the domestic bill. Part 2 The 1825 crisis and its results: the beginnings of joint stock banking; provincial joint stock bank re-discounts; early joint stock bank call loans; the bank of England branches; effects upon country bank re-discounting; discrimination against joint stock issuer's paper; the end of London bank re-discounting. Part 3 Growth of central banking functions: early efforts at credit control; the policy of a "fixed and uniform" bank rate; the first "open market" operations; re-discount facilities for the bill market; abuse of bill credit in the '30s; advantages of the re-discounting system. Part 4 Consequences of the act of 1844 - the bank's "new discounting" policy: theory of the act of 1844; competitive discounting by the bank; the principle of the "minimum" rate; steady growth of the bill market; the supremacy of Overend, Gurney; long usances and their abuse; bill market borrowing at the bank. Part 5 Consequences of the act of 1844 - the crisis of 1847: the railway "mania"; bank's competition stimulates credit abuses; reckless lending - and its sequel; first suspension of the bank act; was the bank to blame?; bank's special power to influence rates; bank act controversy obscures the real issues; bank rate technique after 1847; an unconscious advance towards modern practice. Part 6 The bank and the market - withdrawal of re-discount facilities: rapid growth of trade and ofbanking; expansion of the call loan system; "one-name" re-discounts; market call loans and reserve policy; reliance upon the bank - an over-trading; were the discount houses mis-judged?; the crisis of 1857; the bank closes market "discount" accounts; the practice of "keeping strong"; discount houses "versus" the bank; "intimidation" by Gurney's. Part 7 The rise of the discount companies: discount companies in the leather crisis; boom in "financial" flotations; the national's new capital; the "triumph" of limited liability; collapse of the "corner house"; why did Gurney's fail?; liquidation of Overend, Gurney & Co, Ltd.; supremacy of the national discount; discount companies from 1885 to 1913. Part 8 Growth of the international money market: the mania for foreign loans; internationalization of commerce; decline of the domestic bill; the birth of the treasury bill; foreign balances and sensitivity. Part 9 The moral supremacy of the bank of England: abandonment of the rule of "following" the market; deposit allowances and excessive competition; the "private and personal" rate of the bank of England; bank's struggle for mastery - ineffectiveness of bank rate in the '80s; the vigour of William Lidderdale; the Baring crisis and after; control regained - the effectiv