ABSTRACT

Prompted by the widespread curiosity aroused by the proceedings of the Parker Bank Rate Tribunal, the author has written a non-technical account of daily life in a City office and Boardroom. The author describes the ways in which money is put to work, and explains why the Sterling Area is so important to Britain’s prosperity. He also discusses political developments affecting the City and its future. The book includes references to America and Wall Street.

chapter |8 pages

me to Wall Street several times since the war. When dis-cussing these investments I found it fascinating to discover that the ablest minds in Wall Street are still conscious of the 'Covered Wagon' in framing their plans. Sitting in air-conditioned offices, aided by every gadget that modern science can devise, it at first seems paradoxical that bankers and brokers should be talking as a matter of course of opportunities for further expansion not only in the West but in other areas. For example, in 1954 I was told that the United States Steel Corporation was putting up a new plant in New Jersey 'to improve its competitive position in the Eastern States'. The idea of such an industrial giant being still in the least bit concerned about competition was frankly an eye-opener. Similarly, it was news to learn that most market agreements between the oil companies had been torn up, so that the public was getting the benefit of full competition in supplies and prices. But the Covered Wagon was most in evidence in discussing the shares of public utility companies, banks and stores. 'Continuous growth ahead' was predicted for a power company in Delaware; on the other hand a similar undertaking in another State was said to have no such prospects, since it was operating in an area where conditions were highly regulated. While the shares of certain New York banks offered small growth prospects, greater appreciation was expected in the shares of banks in Cleveland, Ohio and Kansas City. Those in California were not favoured, as the tremendous expansion there had still to be digested. Another factor in Wall Street is the increasing influence of

chapter |1 pages

Measuring Success

chapter |2 pages

Theory and Practice

chapter |2 pages

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