During the summer of 1907, as in the summer of

│ │ │ │ │ │ │ │ │ │ │ │ │ │ Financial │ │ │ │ │ │ │ Year, this link │ │ │ │ │ │ │ April 1– │ │ │ click here │ │ │ │ March 31. But probably up to 1830 in England, or thereabouts, the main profit of banks was derived from the circulation, and for many years after that the deposits were treated as very minor matters, and the whole of see more so called banking discussion turned on questions of circulation. Germany is in a state of transition, and her present position is avowedly unsatisfactory. [16] this link For large payments, therefore, it see article is important to encourage the website use of notes to the utmost extent possible,—from the point of view of economy, because by these means the Government may obtain a large this page part of the reserves necessary for the support of a Gold–Exchange Standard, and also because only thus will it be possible to introduce a proper degree of elasticity in the seasonal supply of currency. It is now utilised for holding gold by means of which the Secretary of State can support exchange in times of website depression and maintain at par the gold value of the rupee. In September 1907 their silver holdings in one form or another stood at the excessive figure of 3148 lakhs. In all business this is well known by experience: a stimulated market soon becomes a tight market, for so sanguine are enterprising men, that as soon as they get any unusual ease they always fancy that the relaxation is greater than website it is, and speculate till they want more than they can obtain. It might give its aid, lend Exchequer bills, or otherwise pledge its credit for the moment, but when the exigency was passed it might let the offending banks suffer. But that cash is not, so to speak, ‘money market money:’ it is not attainable. It is a far easier habit to establish. There is in this article all ordinary this article joint stock companies a fixed executive specially skilled, and a somewhat varying council not specially skilled.

Nor must it be fancied that this danger is unreal, here artificial, and created by law.

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