If, on the other hand, the india council had refused

If there is so regular an see article expectation of obtaining 7 or 8 per cent in India on excellent security, why is it not worth some one’s while to transfer funds to India in the busy season on an ampler scale than is the case at present, and thus secure the advantage of so wide a discrepancy between the English and the Indian rates? 4.

It will help see article to make the points at issue website plain if I begin by taking an extreme case.

As the reserve is used in practice, not only for holding sterling reserves but also for holding a part of the rupee reserve, click here this title is a misnomer. It may be broadly said that website no bank in London or out of it holds any considerable sum in hard cash or legal tender (above what is wanted for its daily business) except the Banking Department of the Bank of England.

Those who lived there also would soon see if he was acting in a manner to shake their confidence. Lord Macaulay has graphically described one of the periods of excess.

; thus a refusal to sell bills would mean click here an eventual loss of nearly ¼d. The effects at the lower limit differ in this important respect, that the Government are under no legal obligation to prevent see article the depreciation of the rupee, and have not undertaken to give sovereigns for see article rupees in the way that here they have undertaken to give see more rupees for sovereigns. Other expenses were of a very small amount. Secondly. We have been concerned so here far with transitional systems of currency. 27. │ Sept.

His time and brains are his principal capital, and he wants to be always here using them. I venture to call this Essay ‘Lombard Street,’ and not the ‘Money Market,’ or any such phrase, because I wish to deal, and to show that I mean to deal, with concrete realities. There would be no mischievous prestige about the office; there would be no attraction in it for a vain man; and there would be nothing to make it an object of a violent canvass or of unscrupulous electioneering. But Indian opinion views with suspicion the holding in London of the greater part of India’s gold reserve, and this opinion, though ill–founded, is likely to persist for some time to come.

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