A ‘board’ can scarcely ever make improvements, for the policy of a board is determined by the opinions of the most numerous class of its members–its average members–and these are never prepared for sudden improvements. But in the essentials of the Gold–Exchange Standard—the use of a local currency mainly not of gold, some degree of unwillingness to supply gold locally in exchange for the local currency, but a high degree of willingness to sell foreign exchange for payment in local currency at a certain maximum rate, and to use foreign credits in order to do this—the two countries agree. On the whole, therefore, the position of the Chancellor of the Exchequer in our Money Market is that of one who deposits largely in it, who created it, and who demoralised it. ANALYSIS OF HOME CHARGES IN 1911–12 Superannuation and pensions (Civil) £2,063,100 ” ” (Military)(net) 2,471,400 Furlough allowances 426,500 Interest on ordinary debt 2,284,700 Interest on railway debt and on capital deposited by companies 5,268,600 Railway annuities and sinking funds 3,623,600 Military services (apart from pensions) 2,277,400 Miscellaneous 1,130,200 ——————————– £19,545,500 Revenue from interest £448,000 Miscellaneous revenue 141,600 ———————— 589,600 ——————————– £18,955,900 ═══════════ The total drawings of Council Bills, the average, maximum and minimum rates of allotment, and the fluctuation between the maximum and minimum in recent years were as follows:— ┌——────——┬————────────————–┬—────———┬—────———┬——────——┬——──────————┐ │ │ Total Drawings │ Average│ Maximum│ Minimum│Fluctuation. The interest thus accruing on the invested portion of the reserve, less the expenses of the Paper Currency Department, is credited to the general revenues of the Government under the head “Profits of Note Circulation. In each crisis the set of the storm would be determined by the cause which had excited it, but there would not be anything in the nature of bill-broking to attract the advance of the alarm peculiarly to them. Mr. They form a a cabinet of mature, declining, and old men, just close to the executive; and for good or evil such a cabinet must have much power. ). 1 will be ruined, because he cannot pay it. The many holders of the banking reserve would under the natural system of banking be obliged to advance out of that reserve to uphold bill-brokers and similar dealers. But, as can be seen from the preceding table, their Indian gold reserve was not large. At the worst crisis and in the worst misconduct of the Bank, no such plea has been thought of: in 1825 when its till was empty, in 1837 when it had to ask aid from the Bank of France, no such idea was suggested. CASH BALANCES(a) ┌——────────——————┬————──────——┬———──────———┬——──────————–┐ │ │ In India.