But my object now is not to revive a past controversy, but to show in what

You could not have made the directors of the Bank of England do the sort of business which ‘Overends’ at last did, except by a moral miracle–except by changing their nature. 4⅛d. The balances left with the Banks without interest normally exceed, however, the prescribed minima.

The reason is obvious. It will be worth while to summarise the available evidence as to the present position of gold in India. ) + (xi. 2.

” The despatch reads as though it were an attempt to reconcile divergent and contradictory views which had received expression. The ultimate solution probably lies in the establishment of a Central Bank for India which shall be the Government Bank and shall hold the banking and currency reserves at the same time. Ours have attained a much fuller development than theirs. And in exceptional times it may be some protection to the sterling reserves if Council Bills can be sold at a lower rate if necessary. Thus the lowest note is of the face value of 6s.

During a depressed period the savings of the country increase considerably faster than the outlet for them.

│ Deposits. Hankey leaves us in doubt altogether as to what will be the policy of the Bank of England in the next panic, and as to what amount of aid the public may then expect from it. He has no claim upon the agent who brought him the bill. The Deputy-Governor always succeeds the Governor, and usually the oldest director who has not been in office becomes Deputy-Governor. . They found a number of private bankers grouped round the Bank of England, and they added themselves to the group. But a large part is employed in the purchase (or discount) of bills of exchange. ‘ The diffusion of confidence through Lombard Street and the world is the object of the publication of the Bank accounts and of the Bank reserve. In this matter the experience of 1907–8, when the monetary position in India was easy throughout, may prove, I think, misleading. (b) │ │ │ │ │ │ │ │ │ │ │ │ Public │ │ │ │ │ │ Circolation────┐ │ │ │ │ │ │ of Rupees │ │ │ │ │ │ │ on April 1.

The ball, if we may so say, was set rolling in 1869 and 1870, and a great increase of demand was then created in certain trades and propagated through all trades.

The suspicion which is felt with regard to the holding of Indian gold in London is exceedingly natural, and can be completely dissipated only by a fuller knowledge of the currency system and of the mechanism of the foreign exchanges, than the generality is likely to possess. It is mainly directed to showing that an increased use of gold as currency in India would be advantageous to the system. Deposit banking is of this sort. This is quite apart from the question whether they are more _likely_ to get into trouble than formerly. ), then it would be possible to buy more trade bills under (ix. We must not think we have an easy task when we have a difficult task, or that we are living in a natural state when we are really living in an artificial one.

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