[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link bookLombard Street: A Description of the Money Market CHAPTER IX 16/28
Every day he has some business to transact, but his transactions can be but few.
His capital can bear only a limited number of purchases; if he bought as much as would fill his time from day to day he would soon be ruined, for he could not pay for it.
Accordingly, many excellent men of business are quite ready to become members of boards of directors, and to attend to the business of companies, a good deal for the employment's sake.
To have an interesting occupation which brings dignity and power with it pleases them very much.
As the aggregation of commerce in great cities grows, the number of such men augments. A council of grave, careful, and experienced men can, without difficulty, be collected for a great bank in London, such as never could have been collected before, and such as cannot now be collected elsewhere. There are facilities, too, for engaging a good banker to be a manager such as there never were before in the world.
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