│ 109 │ 108 │ 148 │ │ 1888 │ 120 │ 106 │ 106 │

If they could be brought up to date, they would probably appear even worse. In the first group there are six Banks—the Delhi and London Bank (1844), the Chartered Bank of India, Australia, and China (1853), the National Bank of India (1863), the Hong Kong and Shanghai Banking Corporation (1864), the Mercantile Bank of India (1893[97]), and the Eastern Bank (1910). They found a number of private bankers grouped round the Bank of England, and they added themselves to the group.

But if it does, it will get in no new money; its bill case will daily be more and more packed with bills ‘returned unpaid.

As that system exists, a logical Frenchman consistently enough argues that the State should watch and manage it. 4d.

But the existence of a 10–rupee gold piece (13s. And, in order not to be below 11,500,000 L. In some cases there has no doubt been a short supply. Atkinson’s estimate during the ’nineties is due to the fact that, as his figures purport to exclude rupees in hoards, he must make large allowance for the coins from this source then entering into circulation. In 1911, 43,305,722 British sovereigns were minted, or a good deal more than the whole gold coinage in that year of the rest of the world, viz. The figures are given below in lakhs of rupees:— ┌────────────┬───────────────┬───────────────┬───────────────┐ │ Months of │ 1906–1907. Probably it would not sell fifty pounds’ worth.

Lahore ” the Punjab and North–West Frontier Province. I have looked at the crisis so far from the point of view of its effect in depleting the sterling resources of the Secretary of State. There can be no doubt that at first the Government of India did not fully understand the nature of the new system; and that several minor mistakes were made at its inception.

The Bank of England thus has the responsibility of taking care of it. We were enabled by it to sustain the great drain of silver from Europe to India to pay for Indian cotton in the years between 18621865. As each bill arrived at maturity, the German Government could, if it chose, take the proceeds abroad; and it could do so in bullion, as for coinage purposes it wanted bullion. The fact that a temporary increase in the media of exchange can only be obtained by bringing in funds from abroad partly explains the high rate of discount in India during the busy season. But since 1857 there has been a great improvement. In consequence, in 1858 they made a rule that they would only advance to the bill-brokers at certain seasons of the year, when the public money is particularly large at the bank, and that at other times any application for an advance should be considered exceptional, and dealt with accordingly. Their business does not allow them to keep much cash unemployed. CHAPTER III PAPER CURRENCY 1. And this they do whether the notes issued are convertible into coin or not.

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