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The Discount House of South Africa, 1957–88: Profile of a Market Force

In: Financial Enterprise in South Africa since 1950

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  • Sue Kell

Abstract

Discount houses originated as bill-brokers in the City of London. Predating the first merchant banks, their function was to borrow surplus cash and use it to buy at a discount the bills of exchange which financed trade. In due course financial functions became more specialised, and the discount houses reached a point where almost all their call loans came from banks; they traded exclusively in Treasury and commercial bills; and they had become the channel through which the central bank performed its function of lender of last resort.1 It was at this stage in the development of these institutions in London that The Discount House of South Africa (DHSA) came into being.

Suggested Citation

  • Sue Kell, 1992. "The Discount House of South Africa, 1957–88: Profile of a Market Force," Palgrave Macmillan Books, in: Stuart Jones (ed.), Financial Enterprise in South Africa since 1950, chapter 8, pages 192-212, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11536-5_8
    DOI: 10.1007/978-1-349-11536-5_8
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