In the balance sheet, the par values or stated values of different forms of stock (preferred, common) are shown separately, as is any excess or deficiency received for the shares.

As its trading businesses have mushroomed-to well beyond the size of its investment bank-clients have become increasingly confused about whether the firm is an agent or a competitor.

In fact, judging by the ongoing strength of retail sales, the Chinese shopper may already be spending more than his or her equivalent in the US.