It is to the money article that the investor and speculator look for information as to the state of the money and stock and share market. The movements in the BANK RATE and in DISCOUNT are there indicated, and the most recent price of bullion is stated. The latest prices of home and foreign government securities, railway stock, and mining, and mis cellaneous industrial shares are also quoted. And all this is done together with some account, where passible, of the causes of any rises and falls ; the past history of various securities is taken into consideration, the circumstances surrounding their movements are related, and their future is indicated. Announcements are also made of the coming Stock Exchange fixtures, as for example the date of the next monthly settlement in Consols ; of the latest TRAFFIC RETURNS of railways ; of important partnerships and dissolutions ; of MEETINGS of companies, allotments of shares, declarations of DIVIDENDS, and every LIQUIDATION. The REPORTS of com panies are also abstracted at sufficient length to show how their affairs are progressing.. And notice is given of the date of any SPECIAL SETTLE MENT the Stock Exchange committee may have appointed, and of the shares in respect of which the settlement is fixed, and of any securities which have been admitted to a quotation in the OFFICIAL LIST. Here, too, will be found a notification of the numbers of drawn debentures [see AMORTISATION] and of the date and place of their payment, and of the date of the payment of coupons and the place where the security is DOMICILED.
From the foregoing it will be seen that the matter of the money article really appeals to a very large part of the cla.ss of general newspaper readers. Every one who has capital, who invests or speculates, who draws interest or a DIVIDEND, should there find something of use to him. He can watch the movements of the money market and conduct his business with some regard thereto, knowing with certainty whether trade is for the present bad or good, and having the means whereby he can anticipate and discount a commercial revival or depression. He can always know how financial experts view the condition of any securities in which he has invested his money. He need never be at a loss as to the time and place at whi -h he can obtain his divi dends, or as tolvbether any of his redeemable securities have been co.11ed in.
who carry on business as money-lenders now come within the scope of the Money-Lenders Act, 1900. In the expression " money-lender,' the Act specifically includes " every person whose business is that of money-lending, or who advertises or announces himself, or holds himself out in any way as carrying on that business." But certain persons and bodies are expressly excluded from the operation of the Act. Such are—(a) Any pawnbroker in respect of business carried on by him in accordance with the provisions of the Acts for the time being in force in relation to pawnbrokers—the mere fact that a pawnbroker has on one occasion lent money on the security of a bill of sale does not make him a money lender within the meaning of the Act (Newman v. Oughton) ; (b) any registered society within the meaning of the Friendly Societies Act, 1896, or any society registered or having rules certified under sections i and 4 of that Act, or under the Benefit Building Societies Act, 1836, or the Loan Societies Act, 1840, or under the Building Societies Acts, 1874 to 1894 ; (c) any body corporate, in corporated or empowered by a special Act of Parliament to lend money in accordance with such special Act ; (d) any person bond fide carrying on the business of banking or insurance, or bond fide carrying on any business not having for its primary object the lending of money, in the course of which and for the purposes whereof he lends money ; and (e) any body corporate for the time being exempted from registration under the Money-Lenders Act by order of the Board of Trade made and published pursuant to the regulations of the Board of Trade. The object of this Act is to ensure, as far as
possible, that the business of money-lending shall be carried on only by known and responsible persons, and with honesty and without unreasonable rapacity. As an attempt towards the attainment of that object, the legislature requires money-lenders, as defined by the Act, to register themselves ; and it also confers power upon courts of law to reopen and inquire into money lending transactions.
And it introduces penalties, as mentioned at the close of this article, in the event of a money-lender influencing a loan transaction by misrepresentation or concealment. And, what is of great importance, it amends the law as to presumption of knowledge of infancy, for it enacts that " where in any proceed ings under section 2 of the Betting and Loans (Infants) Act, 1892, it is proved that the person to whom the document was sent was an infant, the person charged shall be deemed to have known that the person to whom the document was sent was an infant, unless he proves that he had reasonable ground for believing the infant to be of full age." The section referred to is of vital interest to the money-lender, and it is accordingly set out presently rather fully. If he offends against its provisions lie becomes liable, upon conviction or indictment, to three months' hard labour and a fine of £100 ; or, upon summary conviction, to one month's hard labour and a fine of £20. The Court has a discretion, how ever, to inflict a lighter punishment. An offence is committed against the section by any one who, "for the purpose of earning interest, commission, reward, or other profit, sends or causes to be sent to a person [whom he knows to be an infant any circular, notice, advertisement, letter, telegram, or other document which invites, or may reasonably be implied to invite, the person receiving it to borrow money, or to enter into any transaction involving the borrowing of money, or to apply to any person or at any place with a view to obtaining information or advice as to borrowing money." The words placed in brackets are as they stand in the Act, but they are now in effect repealed by the above-quoted provision of the Money-Lenders Act relating to the presumption of knowledge of infancy.