And this is the most simple and natural mode of doing business, but it is not

We can now calculate the course of the Government account nearly as well as it is possible to calculate it. There was a society which undertook the office of giving gentlemen a liberal education on low terms, and which assumed the sounding name of the Royal Academies Company.

On November 4 the Bank of England raised its rate to 6 per cent, and on November 7 (for the first time since 1873) to 7 per cent.

If there is a run in India, assets must be available there in a liquid form equal to (v. for gold delivered in India. It is true that English bankers are not themselves very great lenders to foreign states. The great development of Indian Joint Stock Banking since that time on not perfectly sound lines makes it doubtful whether bank troubles will be absent in an equal degree on the next occasion of difficulty. Its business was but small as we should now reckon, but for the most part it conducted that business with prudence and discretion. L, s. How much this was in the minds of the founders of the Bank of England may be judged of by the name which they gave it. [83] But as a matter of fact, the funds which accumulate from the proceeds of revenue between January and April are quickly released and returned to the Money Market, as matters now are, through the encashment of the Council Bills which are generally sold in large quantities at this time of year.

A produces what he thinks B wants, but it may be a mistake, and B may not want it. The superior can always, and does mostly, refute the bad arguments of his inferior; but the inferior rarely ventures to try to refute the bad arguments of his superior. ] If we are to use these rates, however, as an index, a few warnings are first necessary. He says–‘During the interval between the Restoration and the Revolution the riches of the nation had been rapidly increasing. It must be noticed, however, that although Holland has kept gold and foreign bills as a means of obtaining a credit abroad at any moment, she has not kept a standing credit in any foreign financial centre. e. Thus when exchange is fairly high, an Indian purchaser of gold finds it more profitable to buy drafts on London, purchase gold in the bullion market and ship it to India, than to purchase sovereigns from the Treasury at 1s. The market rate of Lombard Street is not influenced by those demands. These largest ordinary payments of the Government are the dividends on the debt, and these are mostly made to bankers who act as agents for the creditors of the nation. It is impossible to say everything at once, and an author must needs sacrifice from time to time the complexity and interdependence of fact in the interests of the clearness of his exposition. , and are, therefore, available to the public two or three years after the period to which they refer. The Bank Rate was at the somewhat high level usual at that time of year; exchange was high (the minimum rate for the allotment of Council Bills being 1s. For purposes of export, at times of depression, the 10–rupee piece would be worth less than two–thirds of a sovereign.

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