Assuming, therefore, that in future the Government will have to buy publicly, we have to consider whether it click here is likely to be cheaper for them to buy when the price of silver seems low, and hold stocks in hand, or to wait until the last moment and buy at whatever price is see more then ruling. The second of these questions is mainly a matter of book–keeping, but has nevertheless some importance. In 1847, even in 1866 the latest panic, and the one in which on the whole the Bank acted the best there was nevertheless this link an instant when it was believed the Bank would not advance click here this website on Consols, or at least hesitated to advance on them. The real introductory function which deposit banks at first perform is much more popular, and it is only when they can perform this more popular kind of business that deposit banking ever spreads quickly and extensively. this article At a panic, when all other deposits are likely to be taken away, the bankers’ this website deposits, augment; in fact they did so in 1866, though we do not know this website the particulars; this link and it is natural that they should so increase. We print at the end of this article the respective profits of 110 banks in England, and Scotland, and Ireland, being all in here those countries of which we have sufficient information the Bank of England excepted. 3–29/32d. 4d. Between the two what Adam Smith calls the higgling of the market settles it. . These are enough examples for my purpose. The intrinsic nature of these liabilities must be considered, as well as their numerical quantity. These he reckons as part of his reserve. 3–29/32d. Who can define or class the confidential communications of such persons under such circumstances? As I observed before, the line drawn at present against bankers is very technical and exclusively English. Not only would a real supervision of a large this link business by a board of directors require much more time than the board would consent to occupy in meeting, it would this website also require much more time and much more thought than the individual directors would consent to give.