But the point is, that by our system all extra pressure is thrown upon the bank

CHAPTER III. He is not subjected to keen and public criticism, and is not taught to bear it. It may be added that the authorities seem, in fact, to be moving somewhat in this direction; for it is understood to be their intention to accumulate £5,000,000 in gold “earmarked” for the Gold Standard Reserve. , where the bankers have large lodgments, and much surplus money to advance on bills for discount. They ought not to do it to serve others; they ought to do it to serve themselves.

For the twelve years 1900 to 1912, therefore, I propose to make an aggregate deduction of 941 lakhs. The Government is necessarily at times possessed of large sums in cash.

Advocates of a gold currency, however, would not, I think, deny that it might involve the country in some extra expense. │ £m. But in the ensuing pages I mean to speak as little as I can of the Act of 1844; and when I do speak of it, I shall deal nearly exclusively with its experienced effects, and scarcely at all, if at all, with its refined basis. The second and more reasonable conception of the independence of the Bank of England is, however, this: It may be said, and it is said, that if the Bank of England stop at the beginning of a panic, if it refuse to advance a shilling more than usual, if it begin the battle with a good banking reserve, and do not diminish it by extra loans, the Bank of England is sure to be safe. Every note was legal tender in its own circle. . Nor is this the only changeable element in modern industrial societies. If they had to keep a much larger part than now of that reserve in barren cash, their dividends would be reduced, and their present success would become less conspicuous. Again, it may be said that we need not be alarmed at the magnitude of our credit system or at its refinement, for that we have learned by experience the way of controlling it, and always manage it with discretion. Even in large cities, as cities then were, it was possible for most persons to ascertain with fair certainty the real position of conspicuous persons, and to learn all which was material in fixing their credit. His words are too vague. │ ├─────────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┤ │1905─1906│– 116│+ 83│+ 339│+ 58│+1139│+ 175│+ 88│+ 101│+1450│+ 417│ │1906─1907│– 24│– 148│+ 600│+ 220│+1068│+ 310│+ 156│ 0│+1800│+ 382│ │1907─1908│+ 182│– 141│+ 145│+ 29│+ 735│– 126│– 670│– 146│+ 392│– 384│ │1908─1909│– 798│– 148│– 718│+ 198│+ 339│+ 112│– 311│+ 72│–1488│+ 234│ │1909─1910│+ 47│– 76│– 58│+ 286│+1065│+ 130│+ 268│+ 163│+1322│+ 503│ │1910─1911│– 287│– 340│– 100│+ 147│+ 722│+ 144│– 1│+ 68│+ 334│+ 19│ │1911─1912│– 130│– 173│+ 220│+ 262│+ 499│+ 356│+ 565│– 1│+1154│+ 444│ └─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┘ (a) In this table rupees (but not notes) in the Presidency Banks are treated as being in circulation.

Laisser un commentaire

Votre adresse e-mail ne sera pas publiée. Les champs obligatoires sont indiqués avec *