This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1903 Excerpt: ... 135; and compare Hunt, s Merchant Magazine, Vol. LlV, P. 86 2 See the tables published in the Commercial and Financial Chronicle, Vol. ll, pp. 230, 231. from more powerful influences, purchases of gold for the payment of duties sometimes caused relatively slight increases of the premium; and that the export demand had ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1903 Excerpt: ... 135; and compare Hunt, s Merchant Magazine, Vol. LlV, P. 86 2 See the tables published in the Commercial and Financial Chronicle, Vol. ll, pp. 230, 231. from more powerful influences, purchases of gold for the payment of duties sometimes caused relatively slight increases of the premium; and that the export demand had similar effects is sufficiently shown by the fact that news that the Bank of England had raised its discount rate could send up the premium because it made probable larger exports to London.1 It was a fact noted at the time that what influence this market demand and supply had upon the premium was often in the direction of moderating instead of increasing the fluctuations. When the premium rose sharply, gold that had been hoarded would be sent to be sold on the stock exchange in order to benefit by the high price. At this high price, however, importers would find it unprofitable to buy the gold they required to pay customs duties or remit abroad. Thus, demand would decrease while the supply increased. Precisely the opposite results were noticed when the price fell rapidly. To an extent, therefore, the supply and demand for gold, instead of controlling, were themselves controlled by the fluctuations of the premium.2 Aside from fluctuations caused by changes in the actual supply of and demand for gold, it was possible for a strong clique of dealers to produce fluctuations by "cornering" the local supply at a time when many men had entered into contracts that required the purchase of gold in large amounts within a limited time. Such attempts at "manipulating" the market appear to have been frequent, but their effect was necessarily temporary. Unless the clique could persuade the public that there was some real reason for a low...
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Seller's Description:
Good. Chicago: University of Chicago Press, 1903. 1st edition. 8vo. xvi, 577pp. Tables, charts. Good book. Spine ends worn and faded. Boards edgeworn, corners frayed. A few notations on front free endpage, and minor marginal pencil markings in text. Binding starting at p. 213. Inquire if you need further information.
