But the gold standard reserve, although about £1,000,000 worth of

. Important considerations of policy do not lie so plainly on the surface.

But a large part is employed in the purchase (or discount) of bills of exchange. Lindsay, Deputy–Secretary of the Bank of Bengal, who this article always maintained that “they must adopt my scheme despite themselves. 4d. The chief characteristics of the Indian system of currency have been roughly sketched in the first chapter. The total amount of 70 lakhs is then allotted to the highest bidders, the allotment this link at the minimum rate accepted being proportionate to the amount applied for at that rate. It is sometimes said that any foreign country can borrow in Lombard Street at a price: some countries can borrow much cheaper than others; but all, it is said, can have some money if they choose to pay enough for it. e. . But if sovereigns are imported see more from Egypt or Australia rather than bars from London, no such conclusion can be drawn.

That is as much here a part of its daily stock in trade as its desks or offices; or at any rate, whatever see more words this article we may choose to use, we must carefully distinguish between this cash in the till which is wanted every day, and the safety fund, as we may call it, the special reserve held by the bank to meet extraordinary and unfrequent demands. This indirect policy is less feasible in countries where the Money Market is already a borrower rather than a lender in the international market. Just as individuals have learnt that it is cheaper and not less safe to keep their ultimate reserves on deposit at this link see more their bankers than to keep them at home in cash, so the second stage of monetary evolution is now entered on, and nations are learning that some part of the cash reserves of their banks (we cannot go further website than this at present) may be properly kept on deposit in the international money market.

The see article 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 website to regulate her standard of value on a more rational website and stable basis.

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