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The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, March 17, 1933, Home Edition, Image 6

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PAGE 6
BRITAIN HAS NO
BANK FAILURES
IN 43 YEARS
Record Is Clear Since 1890;
10,484 in America in
1920-32 Period.
BY MORRIS GILBERT
NEA Service Writer
WASHINGTON. March 17.—Bank j
failures in America, 1920 to 1932
10.484
Bank failures in Great Britain
since 3890—None.
If you rise to inquire why, the
experts will give you a triple an
swer:
1. The peculiarly adequate struc
ture of Brtain's central bank, the
Bank of England, to meet special
needs.
2. Branch banking.
3. The experience, the custom, and
—well, yes—the morals of British
bankers.
The effect is so solid that ap
parently nothing but national
eclipse could shake it. Solidarity
and power flow from the national
central bank to the five huge joint
stock banks which blanket the
United Kingdom with their
branches. Almost all the capital
there is in Britain is at the dis
posal of this combination.
Dominating Old Lady
The combination is pretty hard
to beat—granting the third element
mentioned above. In city circles in
London they call the Bank of Eng
land “The Old Lady of Threadnee
dle Street.” Bankers and financial
writers call her that, with the same
holy awe and human affection that
causes the British tommy of the
nineties to speak of the venerable
Victoria as “the Widow.”
There is something of the old
lady about the Bank of England.
A dominating old lady, very firm,
very straitlaced, very strong in her
convictions, very unapproachable.
The Bank of England is a private
corporation, yet it issues the cur
rency of Great Britain.
The Bank of England pays no in
terest on money deposited. It seeks
no deposits from business or private
persons. It seeks no profit beyond
an easily earned dividend which has
been stabilized if not by law, at
least by custom. Profits beyond this
dividend go to strengthen its re
serve.
Controls Financial Machine
Working in the closest collabora
tion with the British treasury it
serves as agent and bank of issue
for government securities, concen
trates on regulating the supply and
flow of currency and credit, and
controls the whole policy of the
British financial machine, with all
the world-wide power which that
implies.
Thus Great Britain has a virtu
ally non-profit-seeking institution,
national if not disinterested in its
purpose, at the heart of its economic
organism.
The British banks progressed to
the point they have now reached
by trial and error, just as, no doubt.
American banks are doing. A j
century ago British banking was
just, as individualistic as American.
More arrogant, probably. More spec
ulative.
Amalgamations Bring Strength
In the middle of the century,
however, amalgamations began.
The have continued ever since, un
til today there are but sixteen joint
stock banks in England, and 85 per
cent of British banking is in the
hands of the "Big Five”—the Mid
land, Lloyd's, Barclay’s, the Na
tional Provincial, and the Westmin- j
ster—whose branches are nation- j
wide.
A year or so ago. the Midland
bank had more than 2,000 branches,!
Lloyd's 1,700, Barclay’s 1,600. the
National Provincial 1,100, and the
Westminster 900.
The principal use these great in
stitutions make of the Bank of
England is to deposit their reserves
with her, keeping only a compara
tively small amount on hand for
current needs.
That accomplishes two aims.
Debts due between these banks be
come largely a matter of bookkeep
ing—two entries in the Bank of
England's ledgers, no cash trans
ferred. Simple and inexpensive. Al
so it permits the Bank of England
to keep its finger on the pulse of the
whole British financial system.
Bank Rate Is Weapon
Hence, the Bank of England can
concentrate on its principle ob- i
jectives, which are to regulate the ;
amount of currency in use and to j
regulate internal credit, which many \
authorities consider the -more im-j
portant.
It does this largely through the j
weapon of the bank rate, which j
has a far greater effect in British J
financial circles than the American 1
bank rate has here, for various i
complicated reasons connected with !
the fact that the Bank of England j
is not so deeply in the field of lend
ing money as the federal reserve j
system is.
GIRLS SEEK LATER HOUR
Fraternity and Sorority Members
Sign Petitions.
By United Press
MONMOUTH. 111.. March 17.
Petitions asking for later hours for
dormitory girls have been circulated i
among the student body at Mon- !
mouth college. The petitions, it |
is reported, have been signed by !
many fraternity and sorority j
members. They advocate a time I
limit of 11:30 o'clock during the
week nights and 12 o'clock on party
nights. t
A TONIC IN
TABLET FORM
A Body Buiider
Koloidal Iron and Cod Liver
Oil Extract Tablets.
Mrs. Laura Oberton. 602
South Noble Street, says:
"Koloidal Iron Tablets sim
ply amazed me. After using
only two boxes of them mv
nerves were quieted and I
slept soundly. Any one trou
bled with nervousness, under
weight or loss of pep will find
these tablets highly bene
ficial.”
Koloidal Iron and Cod Liver
Oil Extract Tablets, a builder
of Nerve and Muscles.
SEj/fiSs ?ee Papes 4. 8. 9 and 11 for other impor- , c Ba
jgkSjJSsf \ tant Block’s news! Phone Laura Lee. Riley £§j|
JOR. champion sale of 1,000 Attend This SUPER-VALUE EVENT Tomorrow—S
&*'.: J New Spring P - —-
Jl. DRESSES ■ m m ;
S SILK HOSE '™
Reduced for Tomorrow—Saturday
Imperfects of Higher J I
■ 25 , 500 SPRING CO
Tomorrow, you can buy sheer chiffon silk hose of leading Paris originals! Stunning new sleeve trej
for only 25c! Every pair is full-fashioned. y ff. n • rt> si ** Styles for sports, for dress, for all-occasion wear! lavish fur
Purchased before the recent rise of the silk IYi f*lll fi Isl O’ f"Q fl t" TANARUS%& Lntrimmed ensemble coats. All-silk linings. the s ,
market. All sizes for women and misses. New- iff Cl Hill! Cg OUILo ill %f)0 • C7-J amazed at the variety! Be here Saturday for THE coat value -
est spring colors. Rare values ft 25c! Qua l- „ . , , . _ ,
tity is limited. Come early. Swagger coat. 3-piece styles! Cape suits! Gendarme Beige-Gray Misses*. 14 to 20
block s—Downstairs store. suits! Boyish styles! Fur trimmed! Self-trimmed! Scarf walnut Tan women’s, 36 to 44
trimmed! All silk lined! All sizes for women and misses. Royal Blue Matrons’. 44 to 50
New Greens Tall Stouts. 404 to 504
- Eleanor Blue Short Stouts. 394 to 494 1
___
Take a h—k at the one sketched black j
■ /[f}" “~^v beret type with a band of white flowers across the " " —■ *
Bv back. It’s just one of the many smart ones in our jff&k fga WB*!Lt \
j, /m iV / collection at $1.85! Also dashing new pie plate ML IgjpS* \
I % Is *SIVV >/ styles, sailors, and turbans in a host of new straws UQ sTOky fflflffMty., W*** . # „„ „ __ • '
Ln andcolors - “““rr* H wP Just Arrived! Over 2,000 Pant
j —\_/ BLOCK S—Downstairs store. 7 .
tJust 200! But Marvelous Values! Mil Sjll 8 fek if ML* Irm mJM m i
URLS’ coats SPRING FOOTW
. Bmjid New Sprain Sfples 5/wc, Gray, Beige, Brown, Black Kid, Combinations and Simu
Name your style! We have it here—at 51.95! Straps! Ties!
‘ —————————— Sports oxfords: Name your costume color! Check it with tl
SALE! Goodyear Welt Sole E: rt “ 7“'lZZTl
rj j> feet for just 51.95: All sizes in all styles! Widths AA to C t
Thrifty Mothers! It will cost you just 52.95 ga pa wga ga mg Mi gfe pa pa pa S,
s V' to coat vour little girl tomorrow at Block’s. ff 1 I || Tg | | *3 8 1
FOR AGES 7TO 14 you have your choice of iff I 11 8 1 1 il
/ / caped coats AND SUITS! Scarf coats! New '■w •m ■ 1 "
rff j collar effects! New sleeve treatments. FOR a ■ pui a > v —— ma r- x
ages 2to 6 you have your choice of caped OM?* Greatest Sports Value This Year |\| F W Wa D | Wa ffj yf JF
yyvSs coats or boyishly tailored coats with caps to ■ * mm "• ■ V I
,j Kr j match. In durable, smart fabric and colors. K A
{| Girls’ Silk Dresses L; $ J *
\ \ These were made to sell for vs A 12 Styles to choose from! A ™
U *, \ 51- 69 an d even $2.00! Ages 2 variety of heels! All sizes in P
V ) to 6 and 7to 14! Types for p V a,! styles and widths, AA to Think of it—l 9 different styles! Every type of ygj. £
7 dress-up wear or school, in iIV C. Rubber or leather soles sports heel vou can think of! All sizes in every /s£(• '
**? crepe or tweed silk. All W W and Elk uppers. For women style , Comfortablej cool , smart:
manner of new styles and gay young colors. and misses. " t^gjgpjJsS?’,
I U BLOCK'S—Downstairs Store. t i... ■ ... —........... ■—i
THE INDIANAPOLIS TIMES
MARCH 17, 1933

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