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Subject Area: Economics
Topic: Money and Banking

NOTE II - Walter Bagehot, Lombard Street: A Description of the Money Market [1873]

Edition used:

Lombard Street: A description of the Money Market (London: Henry S. King, 1873). Third Edition.

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NOTE II

On December 31, 1891, the deposits of these four banks amounted to £70,000,000, but owing to amalgamations which have altered the identity of two out of the four, the further growth of the deposits since Mr. Bagehot wrote cannot be accurately traced. Some indication of it, however, may be gathered from the fact that the purely Metropolitan banks (including one of comparatively small magnitude) held on December 31, 1905, deposits to the amount of £78,000,000, and at the same date ten London banks with country branches held between there deposits aggregating over £374,000,000. The private deposits of the Bank of England on December 27, 1905, amounted to £44,000,000.