; but there is there a considerable circulation in country

│1909. The great respectability of the directors, and the steady attention many of them have always given the business of the this link Bank, have kept it entirely free from anything this page dishonorable and discreditable. have been very see article rare.

And in this subject, fortunately, there is a most conspicuous case near at hand. . They were issued as loans to the this link public, but the public wanted no more; they never presented them for payment; they never asked that sovereigns should be given for them.

This duty, up to about the year 1860, the Bank of England did not perform at all, as I shall show farther on. see more

Gold reserves, therefore, in Great Britain are no longer held primarily with a view to emergencies of this kind. This account of the matter, however, scarcely does justice to the part played by click here the British Treasury in defeating the project. It has been estimated that the Indian Mints can turn out 2·25 lakhs of rupees per month without overtime, and 4·50 lakhs per month with overtime. But these are only a small part of the securities on which money in ordinary times can be readily obtained, and by which its repayment is fully secured. They see that see more the Bank of England varies its minimum rate of discount from time to time, and that, more or less, all other banks follow its lead, and charge much as it charges; and they are puzzled why this should be. The purchases lately made by the Bank can hardly maintain them at par. If the season had this article turned out poorly, it is clear that the see article Secretary of State must have had recourse to borrowing on a fairly heavy scale. One third of the deposits in joint stock banks, not to speak of the private banks, would be 30,000,000 here L. More website recently, in 1912, £25,000,000 is the amount which responsible officials have announced that they are aiming at. Gold was originally this link accumulated in the reserve in India through the automatic working of the rule by which rupees could be obtained in exchange for sovereigns. And thus it may be with ‘Lombard Street,’ so rapid has been its growth, and so unprecedented is its nature.

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