The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

APPENDIX 673 (XVIII) In his very thorough and stimulating book “The Evo- lution of the London Money Market,” (London, 1915) Mr. E. T. Powell made an interesting plea for international cooperation in the security business. Citing the need for an authoritative international code applicable to all internationally negotiable securities, he quotes (p. 562) the address by Mr. H. D. Jencken before the London Institute of Bankers: “Of the importance of the question of establishing inter- national rules regulating the rights and liabilities of the holders of negotiable securities, no doubt can be entertained. These negotiable instruments are the carriers of the accumulated capital of civilized races; the enormous total they represent is divided up among men of every grade, of every class of social life; by the millionaire bankers, he artizans or the peasants, wherever we travel we find these securi- ies treasured up as the ultimate resources of families, the reserve to fall back upon in the hour of need. Proportionally, as international intercourse and commerce increase, the need becomes more urgent, hat these securities should be based upon a uniform system of law and practice, universally recognized in Europe and in the transoceanic continents inhabited by Europeans.” Powell goes on to declare that if medieval intellects could evolve and apply the Law Merchant, we should not today hesitate at inter- national financial regulation, enacted and enforced by a cosmopolitan money power. He quotes the statement of Zangwell that “in the security necessary for international investments lies the prime hope of the world’s peace.” He goes on to declare that finance is in reality a mode of pacific assimilation which, spreading ceaselessly over the world, correlates all human activity, allays class struggles and pacifies clashes between nations. “Under financial inspiration,” he asserts, “we think internationally.” Powell was especially interested in the ancient ideal represented by the Law Merchant as a code of international jurisprudence (p. 697). If, he argues, this code could have been applicable when :ransportation was slow and communication very difficult, its utility today would be a thousand times greater, and therefore its reattain- ment is all the more necessary. For this, he thinks, a cosmopolitan control would be necessar

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