From time to time during my wanderings through internet archives I stumble upon material that is ideal content for Economics in the Rear-view Mirror and that is worth the effort of digitization. Some old published Calendars of the London School of Economics and Political Science can be accessed online and they provide much in the way of thick course descriptions and suggested readings.
This post is limited to the course offerings under the heading “Banking and Currency” that covers both domestic and international aspects of banking and money markets. In the academic year 1924-25 this field was covered by then Reader in Commerce, T. E. Gregory, and Assistant in Economics, Marjorie Tappan.
Almost all the readings listed for the courses have been successfully linked to on-line copies.
Other fields will be added in the near future, so do check back with Economics in the Rear-view Mirror!
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London School of Economics
and Political Science
Calendar for Thirtieth Session 1924-25
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Who, what, and when
The Banking and Currency Instructors:
T. E. Gregory, D.Sc. (Econ.) London; Sir Ernest Cassel Reader in Commerce in the University of London.
Marjorie Tappan, B.A. Assistant in Economics.
The Degrees:
Bachelor of Science in Economics (B.Sc.Econ.)
Bachelor of Commerce (B.Com.)
Bachelor of Laws (LL.B.)
Bachelor of Arts (B.A.)
Higher Degrees, such as M.A., Ph.D., M.Sc. (Econ.), LL. M., LL.D., D.Sc. (Econ.), or D. Lit.
The Terms:
Michaelmas term (October 6 to December 12, 1924), Lent term (January 12 to March 20, 1925) and Summer term (April 27 to June 26, 1925) Terms
M.T., L.T. and S.T., respectively
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BANKING AND CURRENCY.
The letter Y indicates that the course is a preparation for an Intermediate Examination, Z for a Final Pass Examination, and A for a Final Honours Examination.
The sign ¶ indicates a course beginning at 5.30 p.m. or later.
10. — Y. —Elements of Currency, Banking and International Exchange, a course of fourteen lectures by Miss Tappan, on Tuesdays, at 11 a.m., in the Lent and Summer Terms, beginning L.T. 17th February, S.T. 28th April.
[For B.Sc. (Econ.) Intermediate, B.Com. Intermediate (S.T. only) and B.A. Final Honours in Geography.]
Fee: —£1 15s.
¶ For evening students the same course of lectures will be given on Mondays, at 6 p.m., beginning 16th February.
Fee: — £1 3s. 4d.
Syllabus.
PART I. — The principles governing the existence and distribution of international trade. Statistical problems in the measurement of international trade. The organization and operation of international markets. The balancing of international indebtedness. The Foreign Exchanges.
PART II. — The functions of currency and the service of (a) money and (b) credit in their performance. The standard in a currency system and its relation to commodity prices. The elements of (1) The British Monetary System; (2) The British Banking System (a) pre-war; (b) at the present time. The influence of the Bank of England in the money and investment markets.
BOOKS RECOMMENDED — PART I. — Marshall, Money, Credit and Commerce, Book III.; F. W. Taussig, Principles of Economics, Vol. I., Book IV.; Bastable, Theory of International Trade; Pigou, Protective and Preferential Import Duties; Higginson, Tariffs at Work; Hobson, C. K., The Export of Capital; Gregory, Foreign Exchange — before, during and after the War; Clare, A.B.C. of the Foreign Exchanges. The Official Statistics of British Trade.
PART II. — F. W. Taussig, Principles of Economics, Vol. I., Book III., Book IV., Ch. 32, 33; Hawtrey, Currency and Credit and Monetary Reconstruction, Chaps. I.-IV. and VI.; Kirkaldy, British Finance, 1914-1921; Cannan, Money and Economica, Jan., 1921, and Economic Journal, Dec., 1921; Robertson, Money; Layton, Introduction to the Study of Prices; Bagehot, Lombard Street, 1920 edition; Clare, A Money Market Primer; Duguid, The Stock Exchange.
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11. — Z and A. — Principles of Currency and Banking, a course of twenty lectures by Miss Tappan, on Wednesdays, at 12 noon, in Michaelmas and Lent Terms, beginning M.T. 8th October, L.T. 14th January.
[For B.Sc. (Econ.) Final and B.Com. Final Part I.]
Fee:— For the Course, £2 10s.; Terminal, £1 10s.
For evening students the same course will be given on Tuesdays, at 7 p.m., beginning 7th October.
Fee:— For the Course, £1 13s. 4d.; Terminal, £1.
Syllabus.
M.T. Metallic Currency. — The nature of money: recent discussions of the nature and adequate definition of money. The classification of monetary systems. The value of money: recent discussions of the problem. The return to sound money: deflation and devaluation. The social effects of rising and falling prices. Periodicity and anticipation in relation to monetary value.
L.T. Banking and the Money Market. — The functions and economic significance of banking. The general structure and methods of banking. The cheque system and the nature of deposits. Banking in relation to the price level. The functions of Central Banks. The regulation of Note-issues, and the Bank Acts. Comparison with foreign systems. Recent developments in banking.
BOOKS RECOMMENDED: — Cannan, Money in Relation to Rising and Falling Prices; Cannan, Bank Deposits (Economica No. 1.) and The Application of the Apparatus of Supply and Demand to Units of Currency (Ec. Journal, Dec. 1921); Hawtrey, Currency and Credit and Monetary Reconstruction; J. Bonar, Knapp’s Theory of Money (Ec. Journal, March, 1922); Cassel, Money and Foreign Exchange since 1914; Irving Fisher, The Purchasing Power of Money; L. von Mises, Theorie des Geldes und der Umlaufsmittel; Laughlin, The Principles of Money; Layton, Introduction to the Study of Prices; Foxwell, Papers on Current Finance; Lavington, The English Capital Market; Döring, Die Geld Theorien seit Knapp; Keynes, Monetary Reform.
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12. — Z and — The Stock Exchange Speculative Markets, and Dealing, a course of six lectures by Dr. Gregory, on Tuesdays, at 11 a.m., in Summer Term, beginning 28th April.
[For B.Com., Group A, and B.Sc. (Econ.), Final — special subject.]
Fee:— 12s.
¶ For evening students the same course will be given on Tuesdays, at 7 p.m., beginning 28th April.
Fee:— 8.
Syllabus.
Markets, Valuation, and the Function of the Dealer. The Machinery of the Speculative Market. How far it requires organisation and regulation. The Stock Exchange as an example of the speculative market, and an indispensable adjunct of the banking system. Constitution of the London Stock Exchange. Methods of Dealing. The Settlement. Comparison with Foreign Markets. Promotion and Issue. The general causes affecting the value of securities.
BOOKS RECOMMENDED. — Emery, Speculation on the Stock and Produce Exchanges of the U.S.A.; Emery, Ten Years’ Regulation of the Stock Exchange in Germany (Yale Review, May, 1908); Van Antwerp, New York Stock Exchange from Within; Lavington, The English Capital Market; Schwabe, Effect of War on Stock Exchange Transactions, 1915; Sayous, Les Bourses Allemandes de Valeurs et de Commerce; J. G. Smith, Organised Produce Markets; Reports on Cotton Exchange Methods, U.S. Commr. of Corporations 1908-14; various articles by Messrs. Emery, Stevens, Flux, Hooker, Chapman, Lexis, &c.; Burn, Stock Exchange Investments; Mead, Corporation Finance; Young, Plain Guide to Investment and Finance — 3rd Edition, 1919; Greenwood, Foreign Stock Exchange Practice and Company Laws; Reports of the U.S. [National] Monetary Commission.
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13. — A. — The History of Currency and Banking, with special reference to England, a course sixteen lectures, by Dr. Gregory, on Thursdays, at 5 p.m., in Lent and Summer Terms, beginning L.T. 15th January, S.T. 30th April.
[For B.Sc. (Econ.), Final—special subject.]
Fee for the course: £2; L.T., £1 10s.; S.T., 15s.
Syllabus.
The monetary system in the Middle Ages. History of the English silver pound. The silver famine and the effects of the supplies from the American mines. The controversy on the export of bullion and the Act of 1663. The early goldsmith bankers and the rise of banking in England. The foundation and early history of the Banks of England, Scotland and Ireland. The recoinage of 1696. The guinea and its ratings. Sir Isaac Newton’s reports on the currency. The recoinage of 1774. The restrictions on the tender of silver, Lord Liverpool’s Report of 1805, and the adoption of the gold standard. The different developments of banking in England, Scotland and Ireland during the eighteenth century. The commercial expansion after 1763. The restriction of cash payments. The Bullion Committee. Lord Stanhope’s Act. The resumption of cash payments, and the various currency proposals made in connection with it by Ricardo, Baring and Huskisson.
The modifications of the privileges of the Bank of England, and the rise of the English joint stock banks. The Bank Acts of 1844 and 1845. Recent developments in Banking.
Throughout the course the attention of students will be specially directed to the study of important documents and to the sources of historical information generally.
BOOKS RECOMMENDED. — Ruding, Annals of the Coinage (for reference); Dana Horton, The Silver Pound; Chalmers, Colonial Currencies (for reference); Lord Liverpool, Treatise on the Coins of the Realm; Andréadès, History of the Bank of England; Powell, The Evolution of the Money Market, 1385-1915; Bisschop, The London Money Market, 1640-1826; Ricardo, Currency Tracts in McCulloch’s edn. of the Works, also partly reprinted as Ricardo’s Economic Essays (Bell & Sons, 1923); Graham, The One-pound Note in the History of Banking in Great Britain; Cannan, The Paper Pound: 1797-1821; Tooke and Newmarch, History of Prices (for reference); Bankers’ Magazine (for reference); Various Parliamentary and other Reports: especially the Reports of 1810 and 1819; Royal Mint: Statutes, etc., relating to the Coinage of the British Empire; Reports of the U.S.[National] Monetary Commission (for reference).
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14. — Z and A. — The Foreign Exchanges and International Banking, a course of five lectures by Dr. Gregory, on Thursdays, at 12 noon, in Summer Term, beginning 30th April.
[For B.Com., Group A, and B.Sc. (Econ.), Final—special subject.]
Fee:— 10s.
¶ For evening students the same course will be given on Thursdays, at 7 p.m., beginning 30th April.
Fee:— 6s. 8d.
Syllabus.
The concept of Foreign Exchange. Types of Bills of Exchange. Quotations and Markets. Bankers’ credits in relation to the Exchanges. The Discount Market and its relation to Finance Bills. Arbitrage. Forward purchases and sales of Bills. The regulation of Exchange rates by discount rate variations. The fundamental causes of Exchange movements, the purchasing power parity. The development of the theory of the Exchanges. The organisation of International Banking. Exchange in relation to trade. “Exchange dumping.”
BOOKS RECOMMENDED. — Whitaker, Foreign Exchange; O. Haupt, Arbitrages et Parités; Spalding, Foreign Exchange and Foreign Bills; Escher, Foreign Exchange Explained, Kemmerer, Modern Currency Reforms; Manual of Emergency Legislation (Financial Edition); Gregory, Foreign Exchange Before, During and After the War; Cassel, The World’s Monetary Problems (Constable & Co.); Cassel, Money and Exchange since 1914; J. M. Keynes, in the Manchester Guardian Reconstruction Numbers.
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15. — Z and A. — Banking and Finance in the Principal Countries, a course of forty lectures by Miss Tappan (T.) and Dr. Gregory (L.T.), on Tuesdays, at 12 noon, and Wednesdays, at 11 a.m., beginning M.T. 7th October, L.T. 13th January.
[For B.Com., Group A, and B.Sc. (Econ.), Final — special subject.]
Fee: — Sessional, £5; Terminal, £3.
¶ For evening students the same course of lectures will be given on Tuesdays, at 8 p.m., and Wednesdays, at 7 p.m., beginning 7th October.
Fee: — Sessional, £3 6s. 8d.; Terminal, £2.
(a) The U.S.A., South America and the Near East, twenty lectures by Miss Tappan, in the Michaelmas Term.
(b) Europe, twenty lectures by Dr. Gregory, in the Lent Term.
Syllabus.
This course will describe the main features in the evolution of the Currency and Banking Organisation of the countries concerned; the present position and the main problems of current interest.
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16.¶ — Z and A. — Banking in the British Dominions, a course of nine lectures by Dr. Gregory, on Thursdays, at 7 p.m., in the Lent Term, beginning 15th January.
[For B.Com., Group A, and B.Sc. (Econ.), Final—special subject.]
Fee: — 18s.
Syllabus.
The legal position and present economic organisation of Banking and Currency in Canada, South Africa, Australasia and India.
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17. — A. — Recent Monetary History and Monetary Controversies: an Introduction to the Monetary History of the Modern World, a course of six lectures by Dr. Gregory, on Wednesdays, at 5 p.m., in the Summer Term, beginning 29th April.
[For B.Com., Group A, and B.Sc. (Econ.), Final.]
Fee: —12s.
Syllabus.
The triumph of the gold standard in the last third of the 19th century. The re-opening of controversy; bimetallism, the gold exchange standard. The theoretical implications of the gold exchange standard. The revival of monetary mysticism. Knapp and his followers. The rise of prices and the suggested stabilisation of the value of money. Fisher’s Compensated Dollar. The spread of banking and the evolution of banking theory: was there a philosophy of Central Banking at all? The War and the ruin of the gold standard. Cassel’s theory of the Foreign Exchanges. The Monetary theories of the Brussels and Genoa Conferences Stabilisation and the Discount Rate.
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18.¶ — Banking Class, for students taking B.Com., Group A. or taking Banking as their special subject for the Final B.Sc, (Econ.), by Miss Tappan, in the Michaelmas Term on Tuesdays. at 3 p.m., beginning 14th October (day students); and Mondays, at 8 p.m., beginning 13th October (evening students). This class will be held by Dr. Gregory in the Lent and Summer Terms; on Tuesdays at 3 p.m., beginning 20th January (day students), and Thursdays at 6 p.m. beginning 22nd January (evening students).
N.B. — Reference should also be made to the following courses:—
No. 1. Accounts I.
No. 2. Accounts II.
No. 132. Mercantile Law (I.).
No. 135. Law of Banking.
Source: London School of Economics and Political Science, Calendar for Thirtieth Session 1924-25, pp. 72-75.
Image Source: Wikimedia commons. Portraits (from the 1930s?) of Theodore Emmanuel Gregory and Marjorie Tappan Hollond. Both images smoothed and colorized by Economics in the Rear-view Mirror.