POWER OF THE CHEQUE
Without the cheque, which is based on credit, our present highly industrialised civilisation would be unthinkable. Yet despite the importance of modern banking, its beginning was inauspicious. In the London Directory of 1677 there are thirty-seven goldsmiths who kept •'running cashes"—that is, acted as bankers. They received money and valuables, and in return gave a receipt specifying the amount or article deposited. This receipt was the earliest foi'ro of English bank note. Some, illuminating statistics whichj show the extent to which the cheque is! now used in this country were taken at City brinks, and show that, of £1,000,000' paid iulo the banks, less than 7 per cent, is in nole's rind coin. Professor Foxwcll has estimated that the cheque forms 95 per cent, of our currency.
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https://paperspast.natlib.govt.nz/newspapers/NEM19271205.2.82
Bibliographic details
Nelson Evening Mail, Volume LXI, 5 December 1927, Page 8
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131POWER OF THE CHEQUE Nelson Evening Mail, Volume LXI, 5 December 1927, Page 8
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