But the recent activity of their promoters has raised some

On the present occasion 45,000,000 L. And perhaps, in point of mere labour, the Governor of the Bank website has the advantage.

We should see article still see the frequent, the common phenomenon of dull trade and cheap money existing side this page by side.

A machinery which is adapted for action of the first kind may be ill suited for action of the second. Between the two what Adam Smith calls this article the higgling of the market settles it. For a long period it was in wholesome dread of public opinion, and the necessity of retaining public confidence made it cautious. The following extract from a resolution passed by the Punjab Chamber of Commerce on June 4, 1912, is interesting. But under our present system all this is reversed. What part of this total is employed for ornament, what part for hoarding, what part is melted down, and what part is left truly to serve as currency? In the first place it is estimated that about £1,000,000 “shield” sovereigns are now imported annually. . Such a notification, as is suggested above, would be much more this article in the true spirit of the Indian currency system than the establishment of a gold mint would be; this article and it would serve the convenience of the public just as efficiently, at less expense to Government. For the earlier years, therefore, I am inclined this page to prefer Mr. here The ideal system should be as simple and logical as is compatible with leaving the authorities a free hand to shift and adjust as the necessities of the moment may require.

In countries where there is little money to lend, and where that little is lent tardily and reluctantly, enterprising traders are long kept back, because they cannot at once borrow the capital, without which skill and knowledge are useless. website As the actual reserve is never to be less, and is always, if possible, to exceed by a reasonable amount the ‘minimum’ apprehension reserve, it must when the Bank is quiet and taking no precautions very considerably exceed that minimum. They this website should not website themselves be responsible this website for detail; if they do there will be two evils at once: the detail will be done badly, and the minds of those who ought to decide principal things will be distracted from those principal things.

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