The bill broker not only employs his own capital in buying bills, but also money which he borrows from the banks and others at call or at short notice. Enormous sums are employed in this way.
Interview with the Governor and Directors of the Bank of England
[155]Q. When does your present charter expire?
A. The bank's exclusive privileges of banking continue subject to one year's notice and to repayment by the Government of the debt of £11,015,100 and of all other public debt held by the bank at the time.
Q. What is the par value and present selling price of your shares?
A. The bank's capital is in the form of stock, £100 of which is at present quoted at about £267.
Q. How many stockholders have you?
A. There are at present over 10,000 accounts.
Q. Is the stock fully paid?
A. Yes.