At one period the bank directors even went farther: they

this website And therefore, under the existing constitution of our banking system the government of these great banks is of primary importance to us all. But these figures do not supply by themselves a complete explanation of the manner in which he had financed himself in London during this click here period. If, on the other hand, it is intended to act as a banking reserve and click here to ensure India’s ability to meet her international obligations at all times, then its upper limit is set by the probable maximum amount of the adverse balance which could arise against India for immediate payment. But in the see article Metropolis, where it did compete, it was completely victorious. The notes were at first, and were intended to be, little more than silver certificates. It is the high maximum rate almost invariably reached which calls for enquiry. The joint stock banks now keep a main part of their reserve on deposit with the bill brokers, or in good and convertible interest bearing securities. Still it took large sums from the Bank; and it might easily have taken more.

4d. The sovereign, moreover, is fast becoming the international gold coin par excellence far beyond the bounds of the British Empire. ‘The rise see more has also been aided by the revival this website of credit. The one might merge in the other as convenience suggested and as events required. this link

It is interesting to reflect that India’s love of the precious metals, ruinous though it has been to her own economic development, has flourished in the past to the great advantage of Western nations. But it is not easy to rouse men of business see article to the task.

They let the tide of business float before them; they make money or strive to do so while it passes, and they are unwilling to think where it is going.

But there is another cause of the same kind, and acting in the same direction, which is peculiar to the present website time; this cause is the amount this article of website the foreign money, and especially this page of the money of foreign Governments, now in London. The balance sheet turned out to be false, and one–third of the assets had been advanced against worthless security to a firm in which the directors were interested.

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