The efficiency of this introduction is proportional to the diffusion

. Sooner or later, appearances indicate, here and principle suggests, that the business of Lombard Street will be divided between the joint stock see article banks and this link a few large private banks. Nothing is commoner than to read incitements against malevolent financiers who would seek to deprive India of her “fair share” of the world’s new gold. And the State, in getting the Bank to keep what money it may chance website to have, or in borrowing of it what money it may chance to want, does not hire it to stop a panic or much help it if it tries. Though the burden of this cost may be shifted, it cannot be easily avoided altogether.

The Indian Joint Stock Banks, however, are now so important that the part played by the Exchange Banks might this article not be adequate to save the situation. Among private people they are the principal depositors in the Bank; they are therefore particularly interested in its stability; they are especially interested in the maintenance of a good banking reserve, for their own credit and the safety of their large deposits depend on it.

And no indication of the likelihood or unlikelihood of that want can click here be found in the books of the Bank of England. His Lordship is not inclined to abandon the scheme at the stage which it has now reached. Indeed, it cannot be wondered at that the Bank proprietors do not quite like their position.

The transactions which were agreed to by one set of directors present on the Monday might be exactly this page those which would be much disapproved by directors present on the Wednesday. And the see more observance of click here this maxim is the more necessary because the ‘apprehension minimum’ is not always the same. It is now in the balance of one bank, now of another, but it is always dispersed about those balances somewhere. On the other hand, the comparative failure of the crops left financiers with considerable rupee funds in their hands which they could not use. . per rupee, rising in most years as between certain dates as high as 5/32d.

│ R. ‘ Mr.

Gold flows into the Currency click here Reserve when this is a cheaper way of this page getting notes or rupees than this website by buying Council Bills or Transfers (see Chapter V.

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