A thousand instances of railway disaster can be easily found in which the chairman was only

In consequence of this assistance, the continuous business of the department is, for the most part, managed sufficiently well, notwithstanding frequent changes in the heads of administration. If general distrust of banking was widely spread, and notes, gold, and rupees were being hoarded in the old–fashioned way on a large scale, the banks would not be able to put their hands on sufficient cash resources of any kind to enable them to pay for the Government’s drafts on a scale adequate to their necessities. And this can only be effected by advancing on all good Banking securities. It is not necessary for this survey to consider individual systems in any detail. If, on the other hand, the India Council had refused to sell bills freely, gold would have been exported to India, taken to the Paper Currency Department, and exchanged for rupees in notes or silver. In front of the helmet was a huge glass eye like that of a Cyclops; and out of the crest went a pipe through which the air was to be admitted. per rupee, it can never be worth while for the banks to buy Council Bills at a price which exceeds 1s.

But the attempt failed, and Sir Clinton Dawkins’s proposal was never carried out. How then did the German Government obtain this vast power over the Bank? The answer is, that it obtained it by means of the bankers’ balances, and that it did so in two ways.

There would be a penalty for their misconduct. ‘It is interesting to compare the facts of joint stock banking with the fears of it which were felt. Up to 1890 the invested portion of the reserve amounted to 600 lakhs (Rs. All the rest they leave at the bill brokers, or at the interest-giving banks, or invest in Consols and such securities. The rough and vulgar structure of English commerce is the secret of its life; for it contains ‘the propensity to variation,’ which, in the social as in the animal kingdom, is the principle of progress.

But in this, as in many other cases, perhaps Sir R. Nobody could expect great attainments in economical science from such a board; laborious study is for the most part foreign to the habits of English merchants. We are now in a position to understand what the Secretary of State means when he says that he has sold bills to meet the needs of trade. 20. The question is an old one. or 6,000,000 L.

The figures are given below in lakhs of rupees:— ┌────────────┬───────────────┬───────────────┬───────────────┐ │ Months of │ 1906–1907. and all this would be changed.

. If they had, they must have pointed out some other great store of unused cash besides that at the Bank, and they could not find such store. In almost all cases they would forbid it; all committees are cautious, and a committee of careful men of business, picked from a large city, will usually err on the side of caution if it err at all. When the Indian bank rate is high and the difference of 1/32d.

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