Alexanders Discount p.l.c

VI. Read about the history of Alexanders. Ask comprehension questions on the text.

Alexanders is the oldest discount house in the world. On 16th July 1810, William Alexander opened a business as a Bill Broker at 33 Lombard Street in the City of London when his company, styled Alexanders & Co., had an initial capital of £5,000.

The firm flourished and by 1847 had become sufficiently well known for the novelist, William Thackeray, to have Sedley, in Vanity Fair, assert that "Alexander would cash my bill down on the counter, Sir."

In 1865 Alexanders moved to 24 Lombard Street outside which hung the sign of the golden artichoke by which the company is still known today. Apart from a few temporary moves, Alexanders remained at 24 Lombard Street until 1977 when it moved to No. 1 St. Swithin's Lane.

Alexanders became a public company in 1911 under the chairmanship of William Cleverley Alexander, the founder's grandson. In 1918, its title became Alexanders Discount Co. Ltd.

In 1984, Alexanders combined its operations with those of another discount house, Jessel, Toynbee & Gillet which itself was the result of a merger in 1983 between Gillet Brothers (established 1867) and Jessel Toynee & Co. (established 1922).

In 1987, Alexanders discount became part of the Credit Lyonnais group and enjoys the full management and supoport of this major international bank whilst continuing to be run as an autonomous business from modem custom-built premises in the new Broadgate development in the City of London.

Alexanders is an authorised institution under the Banking Act 1987 and a member of the London Discount Market Association. The London Discount Market is unique among the financial centres of the world. Its main role is to provide the prime liquidity for the banking system and other participants in the London money market.

As one of the leading members of the Discount Market, Alexanders deals directly, as principal, with hanks, commercial and industrial corporations, insurance companies and brokers, building societies, investment trusts and funds, educational institutions, pension funds and local authorities as well as being part of the mechanism through which the Bank of England controls the daily ebb and flow of money in the market.

Alexanders' activities in the money market mainly involve the taking of sterling deposits and the purchase and sale of various negotiable instruments denominated in sterling.

These instruments include:

United Kingdom Sterling

Treasury Bills

Certificates of Deposit issued by Banks and Building Societies

Bank Bills of Exchange accepted by eligible and some non-eligible banks.

In addition, Alexanders continues its traditional role in trade finance and is always willing to consider the purchase of Trade Bills, i.e. Bills of Exchange drawn by one company (seller) and accepted by another (the buyer) in settlement of trade debt.

Alexanders also provides Invoice Discounting facilities to suppliers and manufacturers in the UK.

VII. After having read the text below you should be able to answer the questions following the text:

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