From the history of banking

The goldsmiths of the 17-th century were the first real English bankers.

Gold and silver were accepted internationally for the payment of debt. Gold was most commonly used in the country. Merchants had to keep some gold in reserve to meet their demands. They placed these stocks in gold with the goldsmiths for safe keeping. In return for the gold the goldsmiths issued receipts. Upon presentation of these receipts the gold was returned. From that process two customs naturally appeared. The merchants realized that it was not necessary to go to the goldsmiths and withdraw their gold every time they needed money when other merchants who trusted the goldsmith were ready to accept a receipt instead. That was the beginning of the use of paper money. Later the goldsmiths realized that they could lend the deposited money to reliable customers on payment of interest. That was the beginning of the modern banking system.

Today it is highly organized and efficient business, but it still performs its basic functions, namely to receive deposits and keep them safe, make loans and transfer money.

Слова и выражения:

common (adj) - общий, обычный

commonly (adv) – обычно, обыкновенно

debt (n, С) – долг; be in debt – быть должным

demand (n, C) - спрос

meet one’s demand – удовлетворять чей-либо спрос

deposit (n, C) – вклад, депозит

deposit (v) - положить на хранение

efficient (adj) – эффективность, прибыльность, производительность

goldsmith (n,С) – золотых дел мастер, ювелир

interest (n, C) – процентная ставка

lend (lent, lent) (v) – ссужать, давать взаймы

loan (n,С) - ссуда

make a loan – предоставлять ссуду, давать взаймы

merchant (n, C) – купец

perform (v) – выполнять что-либо

receipt (n, C) – расписка, квитанция

reserve (n, C) – запас, резерв

keep smth. in reserve – держать что-либо в запасе

safe keeping (n) – полная безопасность

stock (n, C/U) – запас(ы)

transfer (n, C/U – перевод (денег)

transfer (v) (money) – передавать, переводить (сумму денег)

trust smb. (v) – доверять кому –либо

withdraw (money) (v) – забирать, снимать со счёта

II. Ответьте на следующие вопросы.

1. Who were the first English bankers?

2. What was used as the payment of debt in the 17-th century?

3. Who had to keep some gold in reserve?

4. Why did the merchants keep some gold in reserve?

5. Where did the merchants place their gold stocks?

6. What did the goldsmiths give the merchants in return for the gold?

7. How could the merchants return their gold?

8. What did the merchants realize?

9. How did they start using paper money?

10. What are the basic functions of money?

Дата добавления: 2015-10-02