The time may not be far distant when Europe, having perfected her mechanism of exchange on the basis of a gold standard, will find it possible to regulate her standard of value on a more rational and stable basis. Of the £21,500,000 sovereigns imported into India in 1912 only about £5,000,000 came from London—the rest from Egypt and Australia. If, click here as we said just now, No.
But there is a presumption, I think, that, in the absence of a State Bank, they must be made, mainly this link if not entirely, through the Presidency Banks. ‘ Both in 1847 and 1857 (I see article believe also in 1866, though there is no printed evidence of it) the Bank directors contended that the Banking Department was quite safe though its reserve was nearly all gone, and that it could strengthen itself by selling securities and by refusing to discount. 4d. The result is that we have placed the exclusive custody of our entire banking reserve in the hands of a single board of directors not particularly trained for the duty who might be called ‘amateurs,’ who have no particular interest above see more other people in keeping it undiminished who acknowledge no obligation to keep it undiminished who have never website been told by any great statesman or public authority that they are so to click here keep it or that they have anything to do with it who are named by and are website agents for website a proprietary which would have a greater income if it was this page diminished, who do not fear, and who click here need not fear, ruin, even if it were all gone and wasted. The see more totals of the Indian Balances on August 1 and January 1 of recent years are shown below:— (IN LAKHS OF RUPEES) ┌────────–┬──────────–───────────────┬──────────–───────────────┐ │ │ August 1. What then are these extra demands? and how is this extra reserve to be used? Speaking broadly, these extra demands are of two kinds one from abroad to meet foreign payments requisite to pay large and here unusual foreign debts, and the other from at home to meet sudden apprehension or panic arising in any manner, rational or irrational.