No similar system arose elsewhere, and in consequence london is

If we are to make a guess, the Banks may have held in 1910 about £13,000,000 on current account this link outside India; but by no means all of this (in the case of the Chartered and National Banks especially) would be held in London. Whenever, therefore, gold in India is available to the public throughout the year, the Government this website will lose during the summer months whatever amount the bullion dealers require.

I will discuss these alternatives in turn. It has done perhaps less ‘bad business,’ certainly less very bad business, than any bank of the same size and the same age. 6619] from which I have just quoted. The real here reason has not been distinctly seen. But bank notes are only a legal tender at the Issue Department, not at the Banking Department, and the accidental combination of this website the two departments in the same building gives this website the Banking Department no aid in meeting a panic. The effectual remedy is so painful that I fear it often here may be postponed too long. It might be a real convenience if Government notified its readiness to purchase bars tendered in India at Rs. If we assume, for the sake of precise illustration,[57] that the cost this website of sending gold this article from Egypt to London is nearly the same as that of sending it from Egypt to India, an Egyptian bank, about to ship sovereigns in any case, will take any price in excess of 1s. The officials, thinking this website (bureaucratically) click here more of the Indian Exchequer and the Indian taxpayer than of the House of Commons, chose, in fact, the second of the two alternatives—in a spirit, perhaps, of too great innocence, bred of long immunity from charges of personal corruption.

For the officials and advisers of the Secretary of State have grown up in familiarity with the problems of Indian currency. When rupees are issued, the Government, instead of being able to place to reserve the see article whole nominal value of the coin, is able to retain only the difference between the nominal value and the cost of the silver. England has a special machinery for click here getting into trade new men who will be content with low prices, and this machinery will probably secure her success, for no other country is soon likely to rival it effectually.

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