The Banker's Library PROBABLY there are no two subjects of
greater interest at the present time than the growth of banking and monetary power in the United States and the modern functions of Central Banks in the various countries. On both of these subjects• two very important books have appeared. The first one is entitled The Reserve Banks and the Money Market, by Doctor W. Randolph Burgess, and is published by Harper and Brothers at the price of 3 dollars. It deals with the American Market and the Federal Reserve System, and it has a foreword by Mr, Renjamin Strong, the Governor of the New York Federal Reserve Bank. The other volume is entitled Central Banks, and has been written under the joint authorship of C. H. "Kish, C.B., and W. A. Elkin. The importance of this work in its turn may also be gathered by the fact that it has a foreword by the Right Hon. Montagu C. -Norman, D.S.O., Governor of the Bank of England.
U.S. BANKING SYSTEM.
The great merit of Doctor Burgess's book on the new Federal Reserve banking system in the United States is that it deals in an instructive and attractive fashion with a subject which is rather complicated and is probably imperfectly comprehended, even on the other side of the Atlantic, not so much, perhaps, because of its complexity, but because of its newness. Doctor Burgess, however, is evidently anxious that those who read his book shall clearly understand about what he is writing, and there- fore it is written in a style easily comprehended, and while it is somewhat elaborate and lengthy, the length really aids comprehension. In commending the work to the public, Mr. Benjamin Strong says that the design of the book is to show the service performed by the Federal Reserve system in facilitating the world's recovery from the devastating effects of the War, and it is a purpose admirably carried out. The book is illustrated with diagrams and charts, while no less a welcome feature is the manner in which the author closes each chapter with a terse summary of its main points.
THE GOVERNOR ON CENTRAL BANKING.
In the foreword to Central Banks, which is published by Messrs. Macmillan at the price of 18s. net, the Governor of the Bank of England commends the initiative of the authors for having supplied a book which can be com- mended, not only to bankers, but to all who are interested in financial reconstruction." Mr. Norman further points out that in the discussion of the policies of Central Banks, not much attention has been paid to the legislative and other, regulations governing their conduct. This is something, however, which cannot be left out of con- sideration when reviewing the post-War developments of Central Banks and the relative degree of their indepen- dence. The book is divided into eight chapters, each dealing with certain aspects of central banking, including the controlling of currency, relations with the State, dealings in bullion and foreign exchange, &c., while an important feature is the set of appendices -giving the statutes of most of the recognized Central Banks of Issue of the world. Rather strangely, however, there is no mention of the New Zealand system, with its semi-State owned and controlled bank, and the Canadian Chartered banks receive little more than passing mention. Moreover, it has also to be remembered that as regards the Bank of England a description of its functions is in some respects a little premature, owing to the fact that when the British Treasury Note Issue has been amalgamated with Bank of England Notes there may be some change in the precise functions of the Bank of England in regard to currency.
CURRENCY AND CREDIT.
Those bankers who are interested—Ad who are not ?-- in monetary theory will be glad to know that a new edition- has been published by Longmans, Green. and Co. (price 16s net) of Currency and Credit, by R. G. Hawtrey. It is indicative of the transition period through which we are now passing that, although' the first edition was pub- lished less than ten years ago, and was then regarded as almost the "last word" on this great subjeet, not only is a new edition welcome but there has evidently been 'a most thorough revision much of the work indeed having been re-written. The chapters on War in general and also on the Great War. _have been re-written, -while there are additional chapters -on war finance and inflation.
. • BANKING -HISTORY. - -
Yet one more book must be mentioned if the banker's library is to be complete. It is a good many years now since Conant's-History of Modern Banks of Issue was first published, but it has ranked as a standard work from the first. A sixth edition has now been published by G. P. Putnaries Sons at the Fide of 16s. net, with the addition of two new chapters_ by Marcus Nadler. The previous edition had dealt with events up to 1914, and the two new chapters bring the record up _to the end of
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