By Chester Arthur Phillips
Comptroller of the forex, and banking periodicals. info embodied mainly in chapters VII-XI and XVI, and imobtainable from the normal resources, was once secured by way of large correspondence and interviews with bankers and observe agents, to whom my honest thank you are due. For beneficial feedback i'm thankful best rofessors Ray B. Westerfield, Fred R. Fairchild and Irving Fisher, of Yale. Chester A. Phillips Hanover, N. H.
(Typographical blunders above are as a result of OCR software program and do not take place within the book.)
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Extra resources for Bank Credit: A Study of the Principles and Factors Underlying Advances Made by Banks To Borrowers
1007-1009; W. H. Kniffin, The Practical Work of a Bank, Bankers' Publishing Company, New York, 1915, pp. 14-16. 1 But how can a given amount of cash become the basis of manifold loans and deposits in a banking system if the acquisition of that amount by an individual bank has little or no multiplicative importance? That is the riddle of banking and to its solution this chapter is chiefly devoted. A statement and critical exposition of the time-honored theory, handed down consistently from the days of Alexander Hamilton to the present, will serve as an advantageous point of departure.
The next two points of intersection, as we follow the perpendicular upward, indicate a balance of approximately 5 per cent of the corresponding loan in each case; then one of 8 per cent, one of 10 per cent and one of 14 per cent; then 20 per cent, 25 per cent, 30 per cent, and 80 THE PHILOSOPHY OF BANK CREDIT 53 Q 54 BANK CREDIT per cent; the average derivative deposit balance being 20 per cent. Whatever point of time is taken, the derivative deposits are substantially the same in amount. If the diagram were drawn with derivative deposit curves asymmetrical and representing loans of varying maturities, irregularity would tend to offset irregularity, and substantially the same result as stated above would be obtained, as such a diagram, if drawn by the reader, would plainly show.
Collateral loans as an element in the banker's advances tend to depress the ratio of derivative deposits to loans. Whether loans are secured or unsecured, the time element will have its influence on the ratio under examination. Other things being equal, a short maturity favors a high ratio, and a long or deferred maturity a low ratio. The shorter the loan period the larger will the high balances of the early and closing days of a loan bulk in relation to the loan itself. Renewals are, accordingly, inimical to a high derivative balance in relation to loans and tend, therefore, to be less profitable to the banker than advances that are not renewed.
Bank Credit: A Study of the Principles and Factors Underlying Advances Made by Banks To Borrowers by Chester Arthur Phillips