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INTERNATIONAL FINANCE
by HARTLEY WITHERS *
SECTION I
CAPITAL AND ITS REWARD
Finance the machinery of money-dealing--Lenders and borrowers--Capital and its claim to reward--Stored-up work--Inherited wealth--The reward of
services--Questionable services--Charles the Second's dukedoms--Modern
equivalents--Workers and Savers
SECTION II
BANKING MACHINERY
Money at a bank--Bills of exchange--Finance and industry--Supremacy of bill on London--London's freedom--The Bank of England--The great joint
stock banks--The discount market--Bills and trade
SECTION III
INVESTMENTS AND SECURITIES
Stock Exchange securities--Government and municipal loans--Machinery of loan issue--Underwriting--The Prospectus--Sinking fund--Bonds and
coupons--Registered stocks--Companies' securities--Stock Exchange dealings
SECTION IV
FINANCE AND TRADE
Why money goes abroad--Trade before finance--Prejudice in favour of home investments--Prejudice against them--The reaction--Mexico and
Brazil--Neutral moneylenders and the war--Goods and services lent and borrowed--The trade balance
SECTION V
THE BENEFITS OF INTERNATIONAL FINANCE
International finance and trade--Opening up the world--Exchange of products--Finance as peacemaker--Popular delusions concerning
financiers--Financiers and the present war--The cases of Egypt and the Transvaal--Diplomacy and finance
SECTION VI
THE EVILS OF INTERNATIONAL FINANCE
The story of the Honduras loans--The problem to be faced by issuing houses--Their moral obligations, responsibilities,
and difficulties--Bad finance and big profits--The public's responsibility
SECTION VII
NATIONALISM AND FINANCE
Dangers of over-specialization--Analogy between State and individual--Versatility of the savage--Specialization and
peace--Specialization and war--Should the export of capital be regulated?
SECTION VIII
REMEDIES AND REGULATIONS
Regulation of issues by Stock Exchange Committee--Danger arising therefrom--Difficulty of controlling capital--Best remedy is keener
appreciation by issuing houses, borrowers, and investors of evils of bad
finance--Candour in prospectuses--War as financial schoolmaster--War as destroyer of capital--War as stimulator of productive activity
* Disclaimer: this historical guide is for
research only - if you need advice, always consult the latest resources and seek
professional help.
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