Most men of business think ‘Anyhow this system will probably last my time. And in the Bank of England there is a special provision for depriving them of it if they get it. The final appeal in such cases necessarily is to those who are conversant with and who closely watch the facts.
Nobody could expect great attainments this website in economical science from such a board; laborious study is for the most part foreign to the habits of English merchants. And then we have to ask ourselves the question, can those large private banks be permanent? I am sure I should be very sorry to say that they certainly cannot, but at the same time I cannot be blind to the grave difficulties click here which they must surmount. Even now apologists of the Reichsbank will sometimes speak as if its bank rate were efficacious by itself in the same manner as click here the here Bank of England’s. All ‘city’ people make their money by investments, for which there are often good argumentative reasons; but they would hardly ever be able, if required before a Parliamentary committee, to state those reasons.
Not only is the capital of the Bank of England relatively greater, but the means of making profit click here in the Bank of England are relatively less also.
An old established bank has a prestige, which amounts to a privileged opportunity ; though no exclusive right is given to it by law, a peculiar power is website given to it by opinion. ‘When the stimulus of cheap corn is added to that of cheap money, the full conditions of a great and diffused rise of prices are satisfied. here Harrison’s, then this website this article the public rupee circulation in 1912 may have been as much as 200 crores. They must lend to merchants, to minor bankers, to ‘this man and that man,’ whenever the security is good. But their sterling reserves were nevertheless fairly high. here It has at the head of the executive a general manager who was tried in the detail of banking, who is devoted to it, and who is content to live almost wholly in click here it. this link This is the exact reverse of the practice which Mr.