Nothing is safe to their minds; indeed, in most countries, owing to a bad government and

I fear it would rather make both worse. But the critics referred to in § 35 are following a false track when they argue that much offence lies in the present use of the Cash Balances, and that the main remedy for the seasonal stringency of the Indian Money Market is to be found in lending out these balances in India during the busy season. chap. The great exchange dealers may have a little for their own purposes, but they have no store worth mentioning in comparison with this. And as these specially qualified dealers can for the most part lend much more than their own capital, they will always be ready to borrow largely from bankers and others, and to deposit the securities which they know to be good as a pledge for the loan. ) Trade Bills on India in India 2 │ negotiated in London 1½ │ (v. [91] Since that time only minor charges have been effected. per oz. While English credit is good, a rise of the value of money in Lombard Street immediately by a banking operation brings money to Lombard Street. It appeared at first as if their further object of a gold currency might soon be attained also. Nor is it necessary to accumulate reserves in advance for every eventuality. rate in│ │Max. Sometimes, indeed, the confidence in the bill-brokers goes farther. It shows that the notes supply an increasingly important proportion of the seasonal demand for additional currency.

Unfortunately the head of this firm was closely related by blood to the Parliamentary Under–Secretary of State. 4d. The last weekly statement before the German war showed that the circulation of the Bank of France was as much as 59,244,000 L. I do not feel in a position to say anything very decided as to the manner in which such loans could be best made. A notion prevails that the Money Market is something so impalpable that it can only be spoken of in very abstract words, and that therefore books on it must always be exceedingly difficult. The detail of the business of a small private bank was moderate enough to be superintended effectually by the partners.

5.

7. But if they miscalculate and mint more than they need, the new rupees must lie in the Government’s own chests until they are wanted, and the date at which they emerge into circulation it is beyond the power of the Government to determine. And this can only be effected by advancing on all good Banking securities. The London and Westminster has only 13 per cent of its liabilities lying idle. As in all natural trades, what is old and, rotten would perish, what is new and good would replace it. Out of seven existing in 1870, only two now survive,—the Bank of Upper India (1863) and the Allahabad Bank (1865). Since then the Bank of England, as a bank, is exempted from the perpetual apprehension that makes other bankers keep a large reserve the apprehension of discredit–it would seem particularly necessary that its managers should be themselves specially interested in keeping that reserve, and specially competent to keep it.

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