If we are to see the indian system in its proper perspective, it is necessary to

The fever of excitement which passed over the nation was strongest in the classes to whom banks lent most, and consequently the losses of even the most careful banks (save of those in rural and sheltered situations) were probably greater than usual. of Companies Capital L Above 20 per cent 15 5,302,767 Between 15 and 20 per cent 20 5,439,439 10 and 15 per cent 36 14,056,950 5 and 10 per cent 36 14,182,379 Under 5 per cent 3 1,350,000 —————– 110 40,331,535 that is to say, above 25 per cent of the capital employed in these banks pays over 15 per cent, and 62 1/2 per cent of the capital pays more than 10 per cent.

Closer inquiry elicited further facts unsuspected hitherto. There will be a continual worry in the bank, and in a worry bad loans are apt to be made and money is apt to be lost. These savings are first lodged in the local banks, are by them sent to London, and are deposited with London bankers, or with the bill brokers. ); and the demand for Council Bills was on a large scale. In every district small traders have arisen, who ‘discount their bills’ largely, and with the capital so borrowed, harass and press upon, if they do not eradicate, the old capitalist. The payment of the dividends for the Government is, therefore, in great part a transfer from the account of the Government to the accounts of the various bankers. │. In the second place, although it is true that the maintenance of the rupee at or near 1s.

But I do not think the Bank of England is sufficiently aware of this. And until we have on this point a clear understanding with the Bank of England, both our liability to crises and our terror at crises will always be greater than they would otherwise be. But it suggests once again the old question how long it will be found necessary to pay city men so entirely out of proportion to what other servants of society commonly receive for performing social services not less useful or difficult.

Out of these bills 2,800,000 L.

The rate of interest has been very low, and the amount of good security in the market small. Hardly any continental country has been till now exempt for long periods both from invasion and revolution. But no one now would ever be content if the banking reserve were near to one-fourth of its liabilities. 50,000,000; but it appears below that applications for shares are invited, and the paid–up capital is probably negligible. │ 1912–13 │ │ │ │ │ │(revised │ │ │ │ │ │ estimate)│ ├────────────────────────┼─────────────┼──────────┼──────────┼──────────┤ │ │ £ │ £ │ £ │ £ │ │Home Charges (net)(a) │18,763,000 │18,003,000│18,333,000│18,986,000│ │Capital expenditure │ │ │ │ │ │ in England on material│ │ │ │ │ │ for railways and │ │ │ │ │ │ irrigation works │ 5,748,000 │ 5,188,000│ 5,083,000│ 7,077,000│ │Credited to Gold │ │ │ │ │ │ Standard Reserve │ │ │ │ │ │ in England(b) │ 8,090,000 │ 600,000│.

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