Saving the City : The Great Financial Crisis of 1914

In London, the world's foremost financial centre, the week before the outbreak of the First World War saw the breakdown of the markets, culminating with the closure for the first time ever of the London Stock Exchange on Friday 31 July. Outside the Bank of England a long anxious queue waited to change bank notes for gold sovereigns. Bankers believed that a run on the banks was underway, threatening the collapse of the banking system--all with the nation on the eve of war. This book tells the extraordinary, and largely unknown, story of this acute financial crisis that surged over London and around the globe. Drawing on diaries, letters, and memoirs of participants and a wide range of press coverage, as well as government and bank archives, it presents a lively and colourful account of a remarkable episode in financial and social history, outlining the drama of the collapse and the measures taken to contain it. This crucial and compelling 'missing piece' in the world's financial development was the first true global financial crisis, and proved a landmark in the management of financial crises. In London, The World's Foremost Financial Center, The Week Before The Outbreak Of The First World War Saw The Breakdown Of The Markets, Culminating With The Closure For The First Time Ever Of The London Stock Exchange On Friday 31 July. Outside The Bank Of England A Long Anxious Queue Waited To Change Bank Notes For Gold Sovereigns. Bankers Believed That A Run On The Banks Was Underway, Threatening The Collapse Of The Banking System - All With The Nation Obn The Brink Of War. ... This ... 'missing Piece' In The World's Financial Development Was The First True Global Financial Crisis, And Proved A Landmark In The Management Of Financial Crises.--book Jacket. Foreword / Mervyn King -- Part One: Breakdown (1. House Closed ; 2. Bolt From The Blue ; 3. Worst Days) -- Part Two: Containment (4. Bankers' Scheme ; 5. Treasury Views ; 6. War Conference ; 7. Reopening The Banks) -- Part Three: Revival (8. Heroic Intervention ; 9. Fixing The Foreign Exchanges ; 10. House Open) -- Part Four: Perspectives (11. Global Financial Crises ; 12. The Unknown Financial Crisis) Richard Roberts. Includes Bibliographical References (pages 239-287) And Index. PART I BREAKDOWN 1. House Closed 2. Bolt from the Blue 3. Worst Days PART II CONTAINMENT 4. Bankers Scheme 5. Treasury View 6. War Conference 7. Banks Reopen PART III REVIVAL AND REPRESSION 8. Cold Storage 9. Fixing the Foreign Exchanges 10. House Open PART IV PERSPECTIVES 11. Global Financial Crisis 12. Perspectives and Conclusions