(7)英伦银行与伦敦金融市场的关系
中央银行管理信用机构，最重要的手段是能统制全国银行，使其跟随自己的政策。在19世纪下半期，白芝浩(Walter Bagehot)著《隆巴德街》(Lombard Street)的时候，英伦银行对于商业银行所施的权力很大。他曾经说过，在平时，银行街如得不到英伦银行的帮助，不能做贴现业务。换一句话说，那时的银行率总是有效，除非是在特殊时期。
“In Bagehot's time the power of the Bank of England was evidently much more easily exercised，and we find himstating...that in normal times Lombard Street count not discount its bills without the help ofmoney provided by the Bank.In other words，when he wrote，Bank rate was always effective，save on exceptional occassions.”[22]
现在情形变了。英伦银行的地位，即在战前，业已发生变化。商业银行的资本与营业既日益雄厚，英伦银行的威望即日形堕落。从前，该银行的态度是坐待人家来求，不加理会，现在此种态度可不成了。
“It is now needless to consider the factors which seemto have altered this old view(被动的政策)of the relationship of the central bank to themarket.The Bank of England was already undergoing important changes of position before the war.On the whole its prestige was declining because of the fact that the joint stock banks were increasing relatively in size and importance.This rendered the Bank of England a less influential factor in the general group of English banks than had previously been the case.It could no longer assume the attitude of indifference toward what was done by others because of the fact that those others would eventually have to apply to it，that it had for long years developed.”[23]
【注释】
[1]参阅附录6.
[2]Keynes，Treatise on Money，Ⅰ，pp.186-187.
[3]Hawtry，Art of Central Banking，p.140 and Note.
[4]A.Withers，Meaning of Money，p.223.
[5]Ibid，p.223.
[6]Ibid，p.224.
[7]G.Clare，AMoney Market Primer，1914 ed.，p.8.
[8]Meaning of Money，p.230.
[9]Jack，Currency and Banking，p.107.
[10]Jack，Currency and Banking，pp.107-108.
[11]Goschen，Theory of Foreign Exchanges，pp.134-135.
[12]Wicksell，Lectures on Political Economy，Ⅱ，pp.112-113.
[13]Dunbar and Sprague，Theory and History of Banking，1929 ed.，p.98.
[14]H.P.Willis，Theory and Practice of Central Banking，p.147.
[15]Wicksell，Lectures，Vol.Ⅱ，p.113.
[16]Jack，Currency and Banking，pp.108-109.
[17]Hawtry，Art of Central Banking，p.151.
[18]Ibid，pp.150-151.此处所讲，是说证券可无限地收买，因为市场所有证券数量极多。若出售证券，则因中央银行所有证券数量不能无限，故实际上不能增加现金准备。
[19]Hawtry，Art of Certral Banking，p.131.
[20]League of Nations，Monetary Review，1938，p.86.
[21]Royal Institute of International Affairs，The Future ofMonetary Policy，p.72.
[22]Withers，Meaning of Money，p.228.
[23]Willis，Theory and Practice of Central Banking，p.181.
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