ABSTRACT
In the daily papers will be found a column with the same heading as this chapter, a column that is eagerly scanned by many readers. The heading is somewhat misleading. In the first place, the news contained in the column does not concern the activities of a unified market, but of various institutions and individuals, whose activi ties, though different and separate, are yet closely inter related. Moreover the term money is ambiguous. To the man in the street money means coins, treasury notes and perhaps cheques. But the money market is concerned, not with money in this sense, but with loans of various kinds. Money in this connection means credit, and when the city man says that “ money is cheap ” he means that loans, particularly loans for a short period, can be obtained at a low rate of interest.
