CONTENTS

CHAPTER 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

CHAPTER 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

CHAPTER 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

CHAPTER 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

CHAPTER 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

CHAPTER VI

THE EVILS OF INTERNATIONAL FINANCE

Anti-Semitic prejudice--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

CHAPTER 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?

CHAPTER 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

INDEX

International Finance Page 03

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