Banks and Money, Automobiles and Roads, Industry in Africa, Two Courses of Action. Агафонова И.Г. - 3 стр.



pany. The members of the Company were often the same men who run the Bank. In
the eighteenth century the East India Company fell on hard times; there was war with
England, ships did not come back. It was slow pay at first and then its loans went into
default. Early in the last century suspicion spread, the weakness was affirmed, the
depositors started coming, and they couldnt be paid.
III. Answer the questions.
1. Why was it necessary to return to the system of weighing coins?
2. What operation of the bank of Amsterdam changed idle money into spendable
3. What sentence proves that the amount of money in the bank was restricted?
IV. Check up the pronunciation of unfamiliar words in a dictionary and read Text
2 aloud.
Text 2
1. Amsterdam is associated with two great developments. 2. In 1609 hard,
coined money was abundant in Amsterdam. 3. Men were taking the coins and sweat-
ing and clipping them. 4. The merchants of Amsterdam addressed themselves to the
problem of the quality. 5. They created a bank owned by the city. 6.The bank solved
the problem of the quality of the coins in the following way. 7. It went back to the
system of weighing. 8. A merchant brought his good and wretched coins to the bank.
9. The bank weighed them. 10. The weight of the pure metal was then credited to the
merchants account.11. This deposit was a highly reliable form of money. 12. Then
came the second Amsterdam discovery. 13. The deposits did not need to be left idle
in the bank. 14.Thus spendable money had been created. 16. The original depositor
and the borrower must never come at the same time for their deposits. 17. Every
monetary reform carries some new abuse. 18. So it was here. 19. One of the impor-
tant borrowers from the Bank was the Dutch East India Company. 20. In the eight-
eenth century the East India Company fell on hard times. 21. It was slow pay at first.
22. Then its loans went into default. 23.The depositors started coming, and they
couldnt be paid.