Individual chapters below are devoted to the sources of discount houses’ borrowed funds and to their major assets, both traditional and new. The business of the present chapter is to outline concisely the principles which governed discount house operations and to provide a framework into which the detailed analysis of the later chapters can be fitted. The framework utilised is the houses’ daily routine of buying and selling bills, bonds and certificates of deposit and of borrowing and repaying the funds necessary to finance them, culminating in the all-important ‘daily balance’ or squaring of books at 3 p.m.
KeywordsDaily Operation Treasury Bill Money Position Present Chapter Morning Round
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- 10.C. W. Linton, ‘The Commercial Banks and the London Discount Market’, The London Discount Market Today, 3rd ed. (London, 1969) p. 54.Google Scholar