TY  - BOOK
AU  - Goodhart,C.A.E.
TI  - The business of banking, 1891-1914
SN  - 0297003186
AV  - HG2988 .G63
U1  - 332.1'0942 
PY  - 1972///
CY  - London
PB  - Weidenfeld and Nicolson
KW  - Banks and banking
N1  - Includes index; Includes bibliographical references: p. 613-619
N2  - This is a valuable book. The monthly series of some 16 banks' balance sheets, coupled with a rich tapestry of quotations from "Board Minutes" and "Chairman's' Annual Statements" provides a mine of new material with which to assess the operations of the UK Banking Sector over the 1891-1914
period. His main observation is that the money stock was demand and not supply determined, a finding which he supports by a number of empirical tests which he interprets as showing that the gold specie flow mechanism was inoperative or operated perversely over the period. Equilibrium between the
internal and the external sector is shown to be achieved through the movements of interest rates and interest rate differentials in and between the main capital market centres
ER  -