Compared with the crisis at the end of 1907, the financial position was one of comparative

‘ But, as anyone can see by the published figures, the Banking Department of the Bank of England keeps as a great reserve in bank notes and coin between 30 and 50 per cent of its liabilities, and the other banks only keep in bank notes and coin the bare minimum they need to open shop with. The old money called in from abroad and the new money representing the new saving co-operate with one another. It may be added that a release of rupees from any other reserve, or even a temporary increase in the amount of capital funds annually raised by Government abroad for use in India, would have a similar effect to the release of rupees from the Gold Standard Reserve. 40 mule yarn, &c. Any foreign state hereafter which wants cash will be likely to come here for it; so long as the Bank of France should continue not to pay in specie, a foreign state which wants it must of necessity come to London for it. Harman, another Bank director, expressed his opinion in these terms: ‘I must very materially alter my opinions before I can suppose that the exchanges will be influenced by any modifications of our paper currency.

But even this amount is calculable, for it is always nearly the same. The Hudson’s Bay Company, the South Sea Company, the East India Company, were all founded with a sort of sovereign executive, intended to be permanent, and intended to be efficient. This new policy is likely to be extended in the future. all his own, to gain 10 per cent on it he must make 5,000 L. This gold will be presented at the Treasuries in India to be exchanged for rupees or notes. [41] The gold imports of 1911–12 and 1912–13 (see table on p. It was the owner of many debts from England. If the changing Governor act on the advice of the permanent Deputy-Governor, most of the blame in case of mischance would fall on the latter; it would be said that a shifting officer like the Governor might very likely not know what should be done, but that the permanent official was put there to know it and paid to know it.

a year, he will still, after paying his interest, obtain 3,000 L.

In the autumn of 1911, after a year in which the Burma rice crop had been good and had sold at very high prices, and when the province generally was prosperous, the Bank failed. A certain part of his time, and a considerable part of his thoughts, he can readily devote to other pursuits.

The other banks would be seen to be exempt from the cause which had destroyed it.

The danger may indeed be surmounted by the continual infusion of new and able partners. If we look to the private deposits of the Bank of England, at first sight we may think that the result is the same. .

If the interest of money be raised, it is proved by experience that money does come to Lombard Street, and theory shows that it ought to come.

All this emphasises the gradual nature of the system’s growth, and the transitional character of existing legislation. The last group of Banks for discussion—since I have no precise _data_ relating to the private and unincorporated bankers or money–lenders—consists of those numerous institutions registered as Banks under the Indian Companies Act, but with a capital insufficient or with activities too mixed for inclusion in the list of Indian Joint Stock Banks proper, dealt with above.

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