Inevitably the shareholders of the bank of england will dislike this great difference; more or less,

Sleigh, Secretary and Treasurer of the Bank of Bombay, written in 1898 (reprinted in the Appendix to the Fowler Committee’s Report), is interesting:— During the last export season, Shroffs’ 60 days’ sight bills were not obtainable over 8 per cent discount. But the mass of loans in a rural district are of small amount; the bills to be discounted are trifling; the persons borrowing are of small means and only local repute; the value of any property they wish to pledge depends on local changes and local circumstances. He thinks of little else, and ought to think of little else. Those who think that this tendency to use gold coins should be further encouraged have advocated three methods of doing so: by making arrangements for the coinage of sovereigns at Bombay; by the mintage there of some distinctively Indian coin of the denomination of 10 rupees; by a deliberate attempt on the part of Government, as in 1900–1901, to force sovereigns into circulation and to familiarise parts of the country with them where they are at present unfamiliar, even to the extent of refusing to issue more rupees on demand. The _hoondees_ they purchase are for the most part those of traders, small and large, at rates of discount ranging from 9 to 25 per cent per annum, but the _hoondees_ they buy and sell to each other, which are chiefly the traders’ _hoondees_ bearing the Shroffs’ own endorsements, rule the rates in the native bazaar, and are generally negotiated, during the busy season, at from 5 to 8 per cent discount. And there are many other such securities. [43] 11. There are others now in the trade who have borrowed quite as much. I trust that will not long be delayed; for when it comes, it will obliterate all the mistakes, all the inconveniences, all the artificialities, of our present position. 19. He says–‘During the interval between the Restoration and the Revolution the riches of the nation had been rapidly increasing. I will give my guess for what it is worth. We have chiefly to consider, therefore, the imports of sovereigns since 1910. ‘ So important did the founders think the executive that they mentioned it distinctly, and mentioned it first.

This calculation makes no allowance for the general wastage through loss and various causes, or for the steady drain of rupees across the land frontiers. 4d.

But it will be said–What would be better? What other system could there be? We are so accustomed to a system of banking, dependent for its cardinal function on a single bank, that we can hardly conceive of any other. In consequence all our credit system depends on the Bank of England for its security. │ 128 │ 127 │ 169 │ │ 1896 │. The maximum absorption in the October to December quarter was 11·39 lakhs in 1905–6, and the maximum in the January to March quarter was 2·68 lakhs in 1909–10. Nor would the inspection of the bankers’ balances as a whole lead to any certain and sure conclusions. In one respect, however, I admit that I am about to take perhaps an unfair advantage.

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