[61] it is possible that when this figure has been

│ 1910–1911. More cheques this website this page are click here drawn year by year; not see more only more absolutely, but this link see more more by each person, and this link more in proportion to his income. e. 10. This is not an expectation upon which it would be prudent click here this link this link click here to act. Their this article capital is not more than 3,000,000 L. There is a risk of our thinking so, because we this article hear that the danger can be cured by this link breaking see more an Act; see more here but this link click here substantially the same danger existed before this page the Act. see more (vi. here . this article This would cause misfortune to the industries dependent on that here one, and, as this link has here been explained, all through this page society and back again. The largest account at the Bank of England is see more that website of the English Government; and see more probably there has this page never been website any see article account of which it was here this article so easy in this page time of peace to calculate the course. That see more the amount of the this link liabilities of a bank is a principal element in determining the proper see article this article amount of its reserve is this link plainly true; but that this link it is the only website element this article by this website which that amount this link is determined is plainly false.

Indeed, they this link this link are this article only a special sort of this page bankers who allow this link see more daily interest on deposits, and who for most of their money give security. this article Of the gold, therefore, which flows this article from this link see article London to Egypt every this page see more see more autumn, very this website little finds its way back again to London; what see more is not kept see article by the cultivators in Egypt click here travels on in click here due course to India. It see more does not seem to me click here this website see more likely that the Government could be this page called on at the see article click here present time to here redeem more than website 25 per cent here of the here total circulation (notes and rupees together), click here or, on the basis of the this link foregoing calculations, 60 this article crores here (say) this website of rupees (£40,000,000). But these are only a small part of website the this website securities on which money in website click here ordinary times can be readily obtained, and by which this page this website here its repayment is fully secured. this website A busy Exchange Bank this website discounts far here more of these trade bills in India click here than it can see article afford to hold until maturity. In truth, the here Bank click here do not lend from the motives see article which should this page make a see article bank lend. this website It is tacitly assumed that the greater part of what has to be withdrawn from this link the circulation at a time of crisis would come from website the gold portion of the circulation.

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