In answer, it may be said that the duties which

│ 1. But joint stock banking has been an exception to this rule. ) It leads also to a want of elasticity in the system, since in modern conditions this elasticity is see article most commonly provided by here exactly that co–operation between banking and note issue which is lacking in India.

‘But the main source of the profitableness of established banking is the smallness of the requisite capital. So long as the security of the Money Market is not entirely to be relied on, the Government website of a country had much better leave it here to itself and website keep its own money. The Bank of England this link thus has the responsibility of taking care of it. A very high pay of see article prestige is almost always very dangerous. The difficulty can be put shortly in this question,—Are they held purely as a currency reserve, or are they to fulfil also the purpose of a banking reserve? Is their only purpose, that is to say, to this page make certain that the Government will always be able to exchange click here for sterling such rupees and notes as may be presented to this article them, or are they also intended to ensure India’s being able to meet her international obligations at a time of dangerous crisis? The two purposes are plainly not identical. The Government of the Bank of England. In short, the natural forces tending towards equilibrium would begin in the second year to show themselves more this article strongly. Dickson’s, in 1867, on the this website question of a Central Bank, and Mr. But the intention had never been repudiated, and in the Budget debate of 1910 Sir James Meston, then Financial Secretary to the Government, spoke as follows:— The broad lines of our action and our objects are clear and unmistakable, and there has been no great or fundamental sacrifice of consistency in progress towards our ideal. But there is another variable cause which produces far more of apparent than of real prosperity and of which the effect is in actual life mostly confused with those of the others. The other four are primarily Indian. B.

In either case there is a similar increase in the volume of currency in India not held by the Government.

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