War And Lombard Street
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In our eReader you can find the full English version of the book. Read War And Lombard Street Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book War And Lombard Street
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THE EXTERNAL PROBLEM 57 for English bills ate up all the supply and was still clamorous. Even the rich American houses could not remit to London, because they could not buy bills or get gold or ship it if they got it ; but New York seems to have begun to make remittances sooner than any other centre, and, as soon as it could buy bills, paid up gallantly, in spite of heavy loss on exchange. It also made heavy payments in gold as soon as it was arranged that gold sent to Ottawa would be accepted ...there by the Bank of England on account of English creditors. This arrangement was announced on August 12 ; the Bank of Eng- land took gold at Ottawa, and thereupon gave a credit in its books in London to those on whose behalf their American debtors had transferred the gold. The risk and expense of sending the metal across the ocean were thus avoided.
London's external problem was thus quite different from what had been feared. Instead of anybody being able to give us trouble by going off with our gold, the trouble was that other countries not only could not pay us fast enough what they owed, but could not pay us at all.
What to read after War And Lombard Street?
You can find similar books in the "Read Also" column, or choose other free books by Withers Hartley to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
THE EXTERNAL PROBLEM 57 for English bills ate up all the supply and was still clamorous. Even the rich American houses could not remit to London, because they could not buy bills or get gold or ship it if they got it ; but New York seems to have begun to make remittances sooner than any other centre, and, as soon as it could buy bills, paid up gallantly, in spite of heavy loss on exchange. It also made heavy payments in gold as soon as it was arranged that gold sent to Ottawa would be accepted ...there by the Bank of England on account of English creditors. This arrangement was announced on August 12 ; the Bank of Eng- land took gold at Ottawa, and thereupon gave a credit in its books in London to those on whose behalf their American debtors had transferred the gold. The risk and expense of sending the metal across the ocean were thus avoided.
London's external problem was thus quite different from what had been feared. Instead of anybody being able to give us trouble by going off with our gold, the trouble was that other countries not only could not pay us fast enough what they owed, but could not pay us at all.
What to read after War And Lombard Street?
You can find similar books in the "Read Also" column, or choose other free books by Withers Hartley to read onlineMoreLess
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