In so far as this opinion demands some new machinery by which on suitable occasions the

They rely on cheapness, and rely successfully. The Government of Siam have adopted it. That bank lent this balance at its own discretion, to bill-brokers or others, and it formed a single item in the general funds of the London market. ) and the cost of bringing it back again, say, 3/32d. per oz. The manner in which the reserve against the note issue must be kept is needlessly restricted. The only resource is the Bank of England. In thinking that any substantial remedy is to be obtained by loans from this source, they are paying too much attention to the transient circumstances of a single year. ‘The late meeting of the proprietors of the Bank of England has a very unusual importance.

I confess I cannot, looking far forward into the future, expect that the smaller private banks will maintain their ground. Such differences as there are chiefly reflect the differences in date at which occur the various crop movements with which each Presidency is mainly concerned.

But they hold no cash whatever. Lahore ” the Punjab and North–West Frontier Province. Under this shifting chief executive, there are indeed very valuable heads of departments. It is not unreasonable that our ultimate treasure in particular cases should be lent; on the contrary, we keep that treasure for the very reason that in particular cases it should be lent. = Rupees. And at first it is natural to ask why should everybody, or almost everybody, be well off together? Why should there be any great tides of industry, with large diffused profit by way of flow, and large diffused want of profit, or loss, by way of ebb? The main answer is hardly given distinctly in our common books of political economy. Judging from the course of prices, I think he must have made an excessive allowance under this head. In this matter, as is the case in so many (her governors knowing no other model), the legislation of India has followed the lines of Great Britain’s.

I have seen no evidence for supposing that the general conditions outlined in this quotation do not still hold; but in recent years the Presidency Bank rates have not risen above 9 per cent, and occasions for the operation of the tendencies described above have been rarer. Ordinarily, in joint stock banks and companies this deficiency is cured by the selection of a manager of the company, who has been specially trained to that particular trade, and who engages to devote all his experience and all his ability to the affairs of the company. So far from our being able to rely on the proportional magnitude of our cash in hand, the amount of that cash is so exceedingly small that a bystander almost trembles when he compares its minuteness with the immensity of the credit which rests upon it. Prices fall here; in consequence imports are diminished, exports are increased, and, therefore, there is more likelihood of a balance in bullion coming to this country after the rise in the rate than there was before. The Bank reserve then never ought to be diminished below the ‘apprehension point.

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