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The Stock Exchange
Cód:
491_9781406771787
THE HOME UNIVERSITY LIBRARY OF MODERN KNOWLEDGE THE STOCK EXCHANGE The Stock Exchange A SHORT STUDY OF INVESTMENT.. AND SPECULATION FRANCIS W. HIRST Fourth Edition Geoffrey Cumberlege OXFORD UNIVERSITY PRESS LONDON NEW YORK TORONTO 1948 PREFACE TO THE FOURTH EDITION THIS book, written at the request of my old friend the late H. A. L. Fisher, was first published in 1911. A revised edition followed in 1913, and several impressions were called for between the two Great Wars. Then came the financial and economic blizzard, which started with the Wall Street col lapse in the autumn of 1929. It happened that I was then in the United States, and stayed for a time at the White House with Mr. Herbert C. Hoover, then President of the United States, when the disastrous economic results of a Stock Exchange disaster, which communicated itself to Stock Exchanges and banks in Europe and South America, were beginning to reveal themselves. The ultimate consequences in Great Britain are now ancient history. The Labour Government was replaced by a Coalition Government, and Philip Snowden in his last Budget, by economies and increased taxation, overcame the large deficit, but was unable to save the gold currency. The Bank of England stopped payments in gold and the Government reverted to the managed in convertible paper currency, which had been adopted in 1914, at the beginning of the first World War. There followed a complete reversal of the free trade policy which had been inaugurated by Sir Robert Peel ninety years before. The new system was carried out by the MacDonald Govern ment, with Mr. Neville Chamberlain as Chancellor 6 THE STOCK EXCHANGE of the Exchequer and Mr. Runciman as President of the Board of Trade, in the Import Duties Act, with preferences negotiated at Ottawa for the British Empire in 1932 but gradually though unemployment remained very heavy for several years the financial situation soon became easier our Joint Stock Banks functioned normally, and the London Stock
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