This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 Excerpt: ... cent. the amount to be withdrawn by the Finance Minister for investment in securities--that is, 85 per cent. of the reserve held against currency notes in circulation. At that time the export trade of Siam was particularly brisk and the demands on the Siamese Treasury for silver ticals correspondingly keen, and it was ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 Excerpt: ... cent. the amount to be withdrawn by the Finance Minister for investment in securities--that is, 85 per cent. of the reserve held against currency notes in circulation. At that time the export trade of Siam was particularly brisk and the demands on the Siamese Treasury for silver ticals correspondingly keen, and it was the continuance of this demand for currency, combined with the practical impossibility of replenishing the Treasury's stock of silver ticals by minting, that led to the further amendment of the Paper Currency Act. The duration of this amendment is, it should be noted, governed by the Paper Currency Act (Amendment) B.E. 2459; consequently it is in force for the period of the war and twelve months thereafter. The figures for the various operations in Siam may appear small and insignificant to the reader who has perused what has been written on countries like India, for example; but, granted they are not very large, we have still to recognise that Siam, although sparsely populated, is a prosperous little kingdom and, as its trade and commerce is extending, we may safely assume that exchange operations are remunerative enough to make business with the country a useful adjunct to the operations carried on by the banks with neighbouring States. It is true that the extension of banking, as known in Europe, has not been very rapid, but attempts--more or less successful--are constantly being made to furnish the country with better facilities; and in the near future we may expect to see the Siamese in possession of a State Bank of their own. Apart from the branches of the European institutions we have already mentioned, there are quite a number of Siamese and Chinese banks doing business in and around Bangkok; and among the more recently-formed compani...
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