How to Find Out About Banking and Investment

305 Pages·1969·16.578 MB·English

by  Norman Burgess and G. Chandler (Auth.)

HOW TO FIND OUT ABOUT
BANKING AND
INVESTMENT
BY
NORMAN BURGESS
B.A.(COM.), F.L.A.
Library Tutor, Bolton Technical College
PERGAMON PRESS
OXFORD - LONDON . EDINBURGH . NEW YORK
TORONTO . SYDNEY - PARIS • BRAUNSCHWEIG
Pergamon Press Ltd., Headington Hill Hall, Oxford
4 & 5 Fitzroy Square, London W.l
Pergamon Press (Scotland) Ltd., 2 & 3 Teviot Place, Edinburgh 1
Pergamon Press Ina, Maxwell House, Fairvient Park, Elmsford,
New York 10523
Pergamon of Canada Ltd., 207 Queen's Quay West, Toronto 1
Pergamon Press (Aust,)Pty. Ltd., 19a Boundary Street, Rushcutters Bay,
N.S.W. 2011, Australia
Pergamon Press S.A.R.L., 24 rue des Écoles, Paris 5e
Vieweg &Sohn GmbH, Burgplatz 1, Braunschweig
Copyright © 1969, Norman Burgess
First edition 1969
Library of Congress Catalog Card No. 68-55021
Printed in Hungary
This book is sold subject to the condition
that it shall not, by way of trade, be lent,
resold, hired out, or otherwise disposed
of without the publisher's consent,
in any form of binding or cover
other than that in which
it is published.
08 013045 3 (flexicover)
08 013046 1 (hardcover)
To MY MOTHER
List of Illustrations
FIG. 1. Catalogue of the Overstone Library 25
FIG. 2. Business Periodicals Index 35
FIG. 3. Bankers' Almanac and Year Book 11
FIG. 4. The American Bank Directory 78
FIG. 5. The Southern Bankers Directory 80
FIG. 6. Michie on Banks and Banking 85
FIG. 7. Extel Daily Statistics (Card) Service 177
FIG. 8. Standard and Poor's Corporation Records 186
FIG. 9. Société d'Éditions Économiques et Financiares,
Notices SEFsur Sociétés Cotées 190
FIG. 10. Stock Exchange Official Year Book 193
FIG. 11. Beerman's Financial Year Book of Europe 195
FIG. 12. Jobson's Investment Digest Year Book 197
FIG. 13. The Times Book of New Issues 207
FIG. 14. The Times Issuing House Yearbook 222
ix
Introduction
ANY attempt to compile a guide to the literature of banking
and investment will be faced with the problem of selection.
The extent of existing material is such that to achieve compre
hensiveness would only be possible in a volume which would
greatly exceed the size of what would be suitable for the series
of which the present work is a part. Inevitably a choice has
had to be made and no doubt the author could be brought
to task on account of certain omissions.
It will be seen that the scope of the book has not been
limited to sources of information on banking and investment,
but that aspects of monetary economics, law and other topics
of interest to bankers have been included; this extension of
the scope of the book should prove useful to students studying
for professional examinations and, indeed, to qualified staff
in addition.
The arrangement follows the plan adopted for the series.
In addition to chapters of a general nature on the nature of
printed records, the importance of library services and an
opening chapter on the literature of appropriate careers, the
main body of the work follows the order of the Dewey Deci
mal Library Classification system. This scheme is revised regu
larly to incorporate appropriate locations to accommodate
recent developments and the latest demands of new literature
can therefore be accepted. The seventeenth edition of the
scheme contained a number of alterations affecting the sub
jects covered in this survey, and it is not impossible that differ
ences in location may be found for a book mentioned in a
particular chapter in the text and its place on the shelves of a
library. It has been the plan to include titles at the places where
they seem most appropriate for the scope of the work.
xi
xii INTRODUCTION
The majority of the literature will be seen to come from
British or American sources; this was inevitable if the infor
mation provided was to be contained within reasonable limits.
Where no suitable literature exists in English, the occasional
foreign language work has been included.
Again following the practice adopted in other books in the
series illustrations have been included from representative
works and grateful acknowledgement is due to the copyright
holders who have granted permission for reproductions to be
made. Thanks are also due to the very many individuals and
institutions contributing information. The author alone is
responsible for the way in which such information has been
included and for any errors which may occur. Thanks are
given to the Forest Press Inc. for permission to quote from
the seventeenth edition of the Dewey classification scheme.
CHAPTER 1
Careers
Joint Stock Banking
It is within the field of commercial banking that the oppor
tunities for careers are widest. Whilst Great Britain and Ame
rica may have fundamentally different organizations—the one
having a small number of different banks with extensive branch
coverage over the country and the other having a large number
of local banks—commercial banks employ the largest number
of staff. In Britain an estimate suggested 145,000 employees
in 1967, and an increase of 50 per cent over the previous 10
years. This growth was partly to meet the increasing needs
of industry and partly due to the changed attitude of banks
which commenced actively to encourage new business from
the public in addition to extending their traditional ser
vices.
Larger staffs have inevitably meant that a higher proportion
of bank expenses is taken up by salary payments. This, in
turn, has led to the adoption of mechanization schemes and
electronic data-processing, which themselves have meant that
changes in administration have followed and also a reassess
ment of methods of recruitment.
Routine recording procedure has become the work of girls
with lower academic attainments and who are not necessarily
interested in a life-long career. The early years of the careers
of clerks have become more varied and the speed of promo
tion has increased.
2 HOW TO FIND OUT ABOUT BANKING AND INVESTMENT
Personal Characteristics and Entry Qualifications
The nature of banking operations suggests three essential
qualities which candidates for employment should possess:
honesty, integrity and discretion. Banks have often sought
these characteristics rather than academic attainment at the
time of recruitment, but a high level of ability is also looked
for. Personality is important where dealing with the public
is concerned.
A tendency in recruitment is for commercial banks to recruit
more widely and at more clearly defined levels. There is an
entry level for girls with a sound general education to general
certificate of education level for clerical and secretarial work
and also for machine accounting. Boys and girls with O-level
passes (English and mathematics are favoured) are recruited
for training as clerks, though a preference for at least one
subject at A-level is becoming evident. Graduates are being
recruited in slowly increasing numbers at higher levels.
Promotion
Under modern conditions increasing stress is being laid on
giving individuals responsibility early in their careers. It is
generally hoped that, by attracting personnel with A-level
passes, most will achieve executive positions, even though
these may only be at branch level. There is not necessarily
any definite procedure to higher positions; each ability group
moves to promotion at different speeds.
A position of cashier could be reached within a year or two
of reaching 20, provided the basic routines have been assimi
lated. Much of the training is done "on the job", but as it is
expected that the diploma of the Institute of Bankers should
be taken as soon as possible, attendance at a college of further
education should be pursued. In addition there would norm
ally be a number of short courses organized by the banks
themselves.
Within the bank, training will consist of handling the ac
counts of customers, dealings in foreign exchange and security
CAREERS 3
work. The special needs of the particular locality will be stu
died and particular aspects of financing, whether of an industry
or of agriculture, retail, or tourist trades, are also a necessary
part of training together with hire-purchase finance, mort
gages, taxation, investment, and insurance.
Whilst specialist advice may be obtained from outside on
more complicated matters of law and accountancy, there is
a growing tendency for banking organizations to appoint from
within to their own specialist departments. There is a wide
range of these covering personnel, executorship and trustee
work, economic intelligence, investment and portfolio man
agement, and foreign exchange dealings. The use of computers
for compiling statistical information and in security analysis
has called forth additional specialist staff.
Overseas Branches
Recruitment for personnel for the overseas branches of
British banks is usually of applicants with A-level general
certificate of education passes and a flair for languages is an
obvious advantage. Personnel are not usually sent abroad
until the age of 21. At this time it is expected that training up
to cashier level will have been achieved and that definite
progress will have been made towards the diploma of the
Institute of Bankers. Promotion is generally quicker overseas,
where the banks tend to employ local people in as many
positions as possible. The small proportion of British staff is
concerned with training, inspection, or supervision.
Foreign Banks
Employment opportunities are often only at routine level,
but American banks with branches in Britain do recruit at
advanced level and also have opportunities for graduates.
Training may be given overseas for management posts.
4 HOW TO FIND OUT ABOUT BANKING AND INVESTMENT
Merchant Banks
Merchant banks have traditionally been concerned with the
finance of foreign trade and the servicing of loans, especially
those connected with foreign trade, in the London market.
Many of the banks specialized in certain areas. These banks
have now moved into the field of providing finance for mergers
and of advising upon new stocks and shares issues and into
investment finance in general.
Posts at executive level have often been held by the relatives
of the great banking families and by the sons of close asso
ciates. With the expansion of the activities of merchant banks
and the expanding use of automation, it will become necessary
to find other sources of recruitment and opportunities should
arise for graduates. The Institute of Bankers examinations
should be taken and younger members of the staff transfer
from department to department. Training is necessary in data
processing, investment analysis, statistics, economic intelli
gence and accountancy, but recruitment is often of those who
have acquired this knowledge elsewhere. For routine work
there are opportunities for girls at O-level.
Information concerning career prospects in merchant banks
is included in G. K. Young's Merchant Banking: practice and
prospects (London, Weidenfeld & Nicolson, 1966).
Finance Houses
There are forty corporate members of the Finance Houses
Association and they employ in the region of 15,000 staff.
The major companies provide finance for capital equipment
of various kinds in addition to providing the finance for do
mestic lending. Administrative posts are available to men who
entered with good passes in the general certificate examinations
and who have undergone appropriate training.