A large part of these are the deposits of bankers, and they would not consent to

The way was led in 1904 by the foundation of the Bank of Burma. At the end of 1912 the situation could have been described as normal. If, as is likely, his account would be thought to be larger than any single bank ought to be entrusted with, the public deposits might be divided between several.

and 3,000,000 L. But as to the uses to which the public put the sovereigns our information is exceedingly vague and unprecise.

. (a) Key R. You might as well, or better, try to alter the English monarchy and substitute a republic, as to alter the present constitution of the English money market, founded on the Bank of England, and substitute for it a system in which each bank shall keep its own reserve. Four years ago I threw together the facts on the subject and the reasons for them; and I venture to quote the article, because subsequent experience suggests, I think, little to be added to it. If the real government of these banks had for years been known, and if the subsisting banks had been known not to be ruled by the bad mode of government which had ruined the bank that had fallen, then the ruin of that bank would not be hurtful. Steady savings, which are waiting for investment, and which are sure not to be soon wanted, may be lodged with bankers; but the common floating cash of the community is kept by the community themselves at home.

│ 1907–1908. And no indication of the likelihood or unlikelihood of that want can be found in the books of the Bank of England. Those who live under a great and firm system of credit must consider that if they break up that one they will never see another, for it will take years upon years to make a successor to it. It is of course for Lord George Hamilton to decide whether, in spite of these objections, the scheme is to be proceeded with. I. But in existing circumstances to hold much more than £40,000,000 in sterling in the Gold Standard Reserve and the Paper Currency Reserve together would border on extravagance. The history of currency, so far as it is relevant to our present purpose, virtually begins with the nineteenth century. [118] Even of these reserves the greater part is probably held by the older and more established of the Banks belonging to this class. The available evidence does not suggest that the average rate in India is at all unduly high for a country in India’s stage of economic and financial development. It is since that time that the Government of India have adopted, or drifted into, their present system. Every such addition makes a similar demand for new coinage in succeeding seasons less likely. But where the two centres are near together and there is no reason to anticipate the suspension of a free market in gold, this cost is, relatively, a minor consideration. In recent times, _i. A machinery which is adapted for action of the first kind may be ill suited for action of the second. │ 116 │ 116 │ 178 │ │ 1898 │ 120 │ 118 │ 113 │ 183 │ │ 1899 │. For similar reasons the business community showed themselves immovably hostile to Lord Goschen’s proposals for the issue of one–pound notes in England.

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