The depreciating rupee acted, it was said, as a bounty to exporters; and the introduction of

The Ministry of the day authorised the Bank to borrow from the currency reserve in aid of the banking reserve, and the Bank of England did so borrow several hundred pounds till the end of the month of November. In the former case, which is that of Great Britain, it is a question of reducing the amount lent; in the latter case it is a question of increasing the amount borrowed. But, unhappily, the rule which is most simple is not always the rule which is most to be relied upon. But this is not a perfect solution.

│ Total. One _terra incognita_ being seen to be faulty, every other _terra incognita_ would be suspected. By the last return the savings’ banks–the old and the Post Office together–contain about 60,000,000 L.

Some proprietor says that he does not see why so much money is kept idle, and hints that the dividend ought to be more. Nothing can be more natural or more inevitable than this change. Accordingly the bill broker takes refuge at the Bank of England the only place where at such a moment new money is to be had. _ on remittance) is to be recouped in three months (_i. And this rise of prices has three consequences. The annual amount which is drawn out by bullion dealers when gold is available all the year round is probably not less than £2,000,000.

Everyone is aware that England is the greatest moneyed country in the world; everyone admits that it has much more immediately disposable and ready cash than any other country. 11. The whole account for the year balances out in some such manner as this:— PAYMENTS Home Charges _x_ Gold “earmarked,” or securities bought for Currency Reserve in London _y_ Cost of silver + profit on coinage credited to Gold Standard Reserve in London _z_ Expenditure on stores in London for capital purposes in India _v_ Transfer of cash balances from India to London ± _w_ —————————————– _x_ + _y_ + _z_ + _v_ ± _w_ =========================== RECEIPTS Council Bills cashed from balances in India _x_ – _u_ + _v_ ± _w_ Council Bills cashed from rupees in Currency Reserve in India _y_ Council Bills cashed from new coinage _z_ ————————————————– Total Council Bills drawn _x_ + _y_ + _z_ – _u_ + _v_ ± _w_ Net capital borrowings in London _u_ ————————————————– Total receipts in London _x_ + _y_ + _z_ + _v_ ± _w_ ================================= 14. They spoke according to the best mercantile opinion of England. J. But the way to cause alarm is to refuse some one who has good security to offer. But even this amount is calculable, for it is always nearly the same.

And this new unemployed saving means additional money. Every part of the system fits into some other part. Since these samples are likely, therefore, to contain an undue proportion of recent issues, estimates of the total circulation, which are based on them, may be expected to fall short of the truth rather than to exceed it. As to the Bank of England, however, this is denied.

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