Bank holiday

“ Bank-holiday demands a complete change of clothes, from the hat to the boots. Everything must be new. There must not be an old frock with a new hat, nor an old pair of boots with a new frock. This means a great deal of saving. It must also be accompanied by a general cleaning up of the windows, the door-steps, the stairs, the rooms. All over London Street before bank-holiday there is unusual movement. Chairs are brought out, and girls stand upon them to clean the ground-floor windows. ”

“ If Christmas Day and New Year’s Day fall on a Sunday, the next Monday following is the bank holiday. No person is compelled to make any payment or to do any act upon a bank holiday which he would not be compelled to do or make on Christmas Day or Good Friday, and the making of a payment or the doing of an act on the following day is equivalent to doing it on the holiday. ”

“ Probably few persons who have a choice of holidays select a Bank holiday, which falls in the spring or summer, as one on which they will travel, or stroll in the country, unless, indeed, they live in neighbourhoods very far removed from large towns. Every railway station is crowded; every booking-office thronged; every seat—nay, all standing room—is occupied in every kind of public conveyance ”

“ They carry a terrible rate of interest. A silver toast-rack will never leave you a Bank Holiday secure, and a breakfast service means at least a fortnight's 'change' to one or more irrelevant persons twice a year. ”

“ Lastly, if you dream that you have decided to give up gadding about on a bank holiday to remain at home, you will see that it is better to follow your fancy, and avoid the risk of making a mistake by adventuring to strange places and pastures new. ”

“ The Stock Exchange has many fixed holidays during the year—they include not only all the Bank Holidays, but also the first days of January, May, and November—and some unfixed holidays on summer Saturdays, but the members do not await official leave to play. ”

“ The innate love of country life is shown by rich and poor alike. On the four legal bank holidays, the Monday after Christmas, Easter Monday, Whitsun Monday, and the first Monday in August, all business is suspended throughout the land, in most cases from the Friday evening until Tuesday morning. Then the masses come forth in all their might and finery, they take possession of the street vehicles, the railways and boats. ”

“ We take ours, like the fools we are, all in droves, by thousands and millions, on bank holidays. Why do we do that? Why do we not insist on having our holidays at different times in the year, without these monstrous crowds which render enjoyment impossible? And why do we not demand—what is granted to every little quill-driving clerk in the city—our fortnight every year with nothing to do, and drawing full pay? ”

“ It shall be prohibited for any bank without first obtaining the CBI’s prior written approval
to acquire stock or shares in a company established outside Iraq, except when such stock or
shares are transferred to it in the course of its banking operations.
Article 34 Bank holidays
All banks must open their doors for business with the public on all days and during all office
hours approved by the CBI, excluding Fridays and bank holidays. The CBI shall, by
regulation, announce the holidays to be observed by banks. ”

“ A depleted bank account had caused me to postpone my holiday, and as to my companion, neither the country nor the sea presented the slightest attraction to him. He loved to lie in the very centre of five millions of people, with his filaments stretching out and running through them, responsive to every little rumour or suspicion of unsolved crime. ”

“ In England, in {124} order to make up for some of the holidays that have been lost, or rather so unwarrantably taken away from the working classes, they put in the bank holidays four times in the year, having them occur on Monday always, so that from Saturday afternoon until Tuesday morning people are free from the obligation of laboring. ”

“ The words were caught up by those outside, and ran through the crowd like wildfire, gaining strength as they ran, until by the time they reached the outer circle it was affirmed that the bank could pay no more that day.
Those who have witnessed a run on a bank know how the excitement grows until people, ordinarily cool and sane, grow wild and mad, and howl sometimes like beasts at the prospect of losing their money. And so it was now at the White Bank, where the excitement was intense, especially among the small depositors—the women, whose little was all in the bank. ”

“ Now the law says that banks shall keep open during certain hours on every business day, which is not a legal holiday. After the closing hour there is a tremendous amount of work to be done. The tellers must balance their cash; the bookkeepers must take off a balance of every account on their particular set of books; and every check and draft deposited, or received through the mails, and payable in other towns, must be listed and forwarded for collection. ”

“ Next morning, though aware of a nervous system still in a curious state of exaltation and strain after his overnight experiences, Power yielded quickly to the stimulating effect of the keen, cold air and bright sunshine of a typical winter’s day on the North Atlantic seaboard. After breakfast he walked to his bank, and was received as one risen from the dead. Financial institutions, even the soundest and most conservative, have a special flair for clients who allow vast sums of money to accumulate, year by year, at rates of interest which suit the bank’s own purposes. ”

“ Everywhere there was a scarcity of money, and a demand for more banks to furnish a supply. One per cent. a month was not considered a high rate in any of the great cities. In April the best commercial paper was quoted at New York at 30 per cent. to 40 per cent. per annum; second rate, at a-half of one per cent. per day. "There is an awful pressure for money in most of the cities." [62]
In May, the "Globe" called on the deposit banks to contract loans, demand bank balances, and "check the raging mania for wild speculation and over-trading." ”

“ And it is true, as we shall see, that in communities where banking is largely practised, the use of deposits as currency by transfer from hand to hand is so extensive, that a bank in good credit can rely upon their being withdrawn so slowly, or rather to so small an extent, as to make it unnecessary to have cash in readiness for the payment of more than a small proportion at any given moment. ”

“ His children approach old age around him, and yet he may be seen almost every day, during business hours, behind the counter, in his old-fashioned little bank on Camp Street, counting money and waiting on customers, like a bank clerk of twenty. ”

“ The use of banks has been the best method yet practised for the increase of money. banks have been long used in Italy, but as I am informed, the invention of them was owing to Sweedland. their money was copper, which was inconvenient, by reason of its weight and bulk; to remedy this inconveniency, a bank was set up [Pg 65] where the money might be pledged, and credit given to the value, which past in payments, and facilitate trade.
The Dutch for the same reason set up the bank of Amsterdam. their money was silver, but their trade was so great as to find payments even in silver inconvenient. ”

“ Again, the expenses of management—amounting to a shilling in the old banks for each transaction, against something like half that amount in the new—will not allow of the ordinary banks being opened but at a few stated periods during the week. The post-office savings' bank, attached as it is to the post-office money-order office, is open to the public full eight hours of every working day. ”

“ In banks, where those behind the scenes knew that not only their own stability and their own fortunes were at stake, but that if they failed there would be lamentation in a score of villages and loss in a hundred homes, endurance was strained to the breaking point. To show a cheerful face to customers, to chat over the counter with an easy air, to smile on a visitor who might be bringing in the bowstring, to listen unmoved to the murmur in the street that might presage bad news—these things made demands on nerve and patience which could not be met without distress. ”

“ For one cause or another, these private or trading banks have disappeared in England, and in the financial districts money is now a commodity, as it is in the United States, handled without imagination and with no sympathy or understanding of the needs of foreign business. An English or American bank of to-day is nothing more or less than a glorified pawnbroker, who will cheerfully lend ninety-five per cent. ”

“ People in general are frantic with fear, and are trampling each other in the rush to get money out of the banks before the crash that probably will not come. Travelers who came here with pockets bulging with express checks and bank notes are unable to get a cent of real money, and nobody shows any enthusiasm over American paper. I have a few bank notes left, and this evening when I went into a restaurant I have patronised ever since my arrival the head waiter refused to change a note for me, and I finally had to leave it and take credit against future meals to be eaten there. ”

“ First of all, let me state the simple fact that when you deposit money in a bank the bank does not put the money into a safe deposit vault. It invests your money in many different forms of credit—bonds, commercial paper, mortgages and many other kinds of loans. In other words, the bank puts your money to work to keep the wheels of industry and of agriculture turning around. A comparatively small part of the money you put into the bank is kept in currency—an amount which in normal times is wholly sufficient to cover the cash needs of the average citizen. ”

“ Alban. It expired one balance night, the end of the month of May. Everything but work must be forgotten in a bank when balance day comes.
The manager was back at his desk by seven o'clock, the teller in his cage a few minutes later, Watson turned up about seven-thirty—the savings-man had taken no nourishment at all. With a pair of red ears and a mouth full of indelible he sat propped up to his savings ledger, the picture of idiocy. ”

“ Answers to the circular letter of the Board, which was despatched throughout the kingdom the first week in February, flowed in rapidly till about April 10, and they describe such a state of agricultural misery and ruin as to be almost inconceivable to those who do not connect such a defect with the utter want of circulating medium; the ruin of the country banks, and the great want of confidence in those that remain, with an issue of Bank of England notes utterly insufficient to fill up the vacuity thus occasioned, has made the want of money so great as to cripple every species of demand. ”

“ Life in a bank is at its pleasantest in the winter. When all the world outside is dark and damp and cold, the light and warmth of the place are comforting. There is a pleasant air of solidity about the interior of a bank. ”

“ He immediately took the omnium to other brokers, represented to them an urgent necessity for money, sold it, and having been paid checks for the amount, immediately presented them to the bankers on whom they were drawn, and received the amount in cash. He then went to all whom he knew, or would trust him, borrowed money on the security of his own checks,—a common practice on the Stock Exchange,—with remarkable boldness, remained in London until near the hour when he knew his own draught would be presented and refused, and then left, laden alike with gold and a guilty conscience. ”

“ In the order of advantages which post-office savings' banks offer the depositor, we would rank next to their unquestionable security their peculiar convenience for deposit and withdrawal. Twelve months ago, a person might be the length of an English county distant from a bank for savings. Under the present arrangement, few persons will be a dozen miles distant from a money-order office, whilst nine-tenths of the entire community will find the necessary accommodation at their very doors. ”

“ Money grew tighter. Beginning with the crash of several of the greatest Eastern banking houses, the tightness spread, until every bank in the country was calling in its credits. Daylight was caught, and caught because of the fact that for the first time he had been playing the legitimate business game. In the old days, such a panic, with the accompanying extreme shrinkage of values, would have been a golden harvest time for him. ”

“ Every hotel was crowded, and the surplus overflowed into boarding and lodging houses, so that their keepers undoubtedly reaped a golden harvest for that one week, at least. The streets were thronged with an immense and motley multitude: business men, on the alert to extend their trade and add to their gains; working women, who found an opportunity for a brief holiday ”

“ A traveler wishing to have funds in safe-keeping, and yet available on a journey around the world, may obtain through a bank familiar with his business standing a letter of credit, upon which he can draw, wherever he may be, against the deposit in his favor, and his draft will be paid, through a series of banks, at the bank near his business connections. Thus the credit of the world is bound together by the banking system grown up to meet the necessities of trade. ”

“ Here the great hall of the bank, full of panic-stricken citizens jostling one another to get gold for the notes of the bank; there, foreign nations sending over ingots and coin to the bank, and the Mint working night and day, Sunday and week-day, to turn them into sovereigns to meet the run. ”