[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link bookLombard Street: A Description of the Money Market CHAPTER XIII 28/35
Every gentleman who came here with adequate security was liberally dealt with, and if accommodation could not be afforded to the full extent which was demanded, no one who offered proper security failed to obtain relief from this house.
I have perhaps gone a little more into details than is customary upon these occasions, but the times have been unusually interesting, and I thought it desirable to say this much in justification of the course adopted by this house of running its balances down to a point which some gentlemen may consider dangerous.
Looking back, however, upon recent events, I cannot take any blame to this court for not having been prepared for such a tornado as that which burst upon us on the 11th of May; and I hope the court of proprietors will feel that their directors acted properly upon that occasion, and that they did their best to meet a very extraordinary state of circumstances.
I have now only to move that a dividend be declared at the rate of 6 L.10s.per cent for the past half-year. Mr.Hyam said that before the question was put he wished to offer a few observations to the court.
He believed that the statement of accounts which had just been laid before them was perfectly satisfactory.
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