The result of these banks, as regards the dividends they pay, is– no

The bullion reserve is no longer held solely with the object of securing the ability to meet the obligation to cash notes in legal tender (rupees or gold) on demand. I am therefore afraid that we must abandon the plan of improving the government of the Bank of England by the appointment of a permanent Governor, because we should not be sure of choosing a good governor, and should indeed run a great risk, for the most part, of choosing a bad one. Thirdly. 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. Half, and more than half, of the supposed ‘difficulty’ of the Money Market has arisen out of the controversies as to ‘Peel’s Act,’ and the abstract discussions on the theory on which that act is based, or supposed to be based. But it will not be useful to consider this until we are in a position to deal with the reserves as a whole.

In a great panic, Consols cannot be sold unless the Bank of England will advance to the buyer, and no buyer can obtain advances on Consols at such a time unless the Bank of England will lend to him. │. 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.

If there were some authority which could create credit money in India during the busy season, it would not be necessary for the rate of discount to rise so high. Our friends whispered about that we were acting quite in a different manner from that in which Mr. If they still care for it (and some do after years of experience much more than the world thinks), they care less for it than at first, and have come to regard it as an unavoidable and incessant irritant, of which they shall never be rid. , he will have to pay 2,000 L. Thousands of busy men found every Christmas that, after the expenses of the year’s housekeeping had been defrayed out of the year’s income, a surplus remained; and how that surplus was to be employed was a question of some difficulty. In 1912 the Chartered Bank held £m10½ on current account, etc. │ £m. But the English money is ‘borrowable’ money.

And then we may be sure that old men of business would not deviate from the code.

Having once started on a career of furious coinage, they continued to do so with little regard to considerations of ordinary prudence—though their sins did not overtake them immediately. 1st. And he would have a peculiar power of guidance at such moments from the nature of the men with whom he has most to deal. They are calculated to such an extremity of fineness that the change of a decimal may be fatal, and may turn a profit into a loss. He ought to be forbidden to engage in any other concern. If the present spell of prosperity lasts too long, she will no doubt lose it. And there is also a slower mercantile operation.

Almost everything will be believed for a little while, and long before discovery the worst and most adroit deceivers are geographically or legally beyond the reach of punishment.

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