There it was a question of how many rupees they would be able to withdraw from

In his book on the effect of the great gold discoveries, Professor Jevons showed, and so far as I know, was the first to show, the necessity of eliminating these temporary changes of value in gold before you could judge properly of the permanent depreciation. But any conclusion as to the possible magnitude of the adverse balance at which one can arrive on the basis of them is little better than a guess. During the last twelve years the Government have been able to accumulate a sum of about £21,000,000 sterling from the profits of rupee coinage; and the interest on the invested portion of the Paper Currency Reserve is now about £300,000 annually. But they do not take 100 L.

Secondly. ” This interest now amounts to £300,000 annually. [84] As the outcome of this very full inquisition into the whole subject, only two points have emerged in which, in my opinion, the authorities are open to criticism in detail—_i. Beyond this the law imposed no obligation to pay. ‘The demand in this case arose in the most effective of all ways.

A note issue is mainly begun by loans; there are then no deposits to be paid.

The case is worse, because at most periods of great commercial excitement there is some mixture of the older and simpler kind of investing mania. That body is composed of the Governor and Deputy-Governor and all the directors who have held those offices; but as those offices in the main pass in rotation, this mode of election very much comes to an election by seniority, and there are obvious objections to giving, not only a preponderance to age, but a monopoly to age. A man of large wealth, however intelligent, always thinks, more or less ‘I have a great income, and I want to keep it. The Fowler Committee, then appointed, recommended a gold currency as the ultimate objective. _—(With the increase of gold) the issues of notes have correspondingly decreased. If railway stock is 10 per cent dearer this year than last, a speculator who borrows money to enable him to deal must borrow 10 per cent more this year than last, and in consequence there is an augmented demand for loans. For this sets, or suggests, a limit to the maximum amount which can possibly be spared from the active circulation. 25.

On many succeeding occasions, their credit was of essential use to the Government.

During the last twelve years the Government have been able to accumulate a sum of about £21,000,000 sterling from the profits of rupee coinage; and the interest on the invested portion of the Paper Currency Reserve is now about £300,000 annually. │. Why Lombard Street is Often Very Dull, and Sometimes Extremely Excited. A man of known wealth, known integrity, and known ability is largely entrusted with the money of his neighbours. The offer of no other securities would have tempted them, for they had confidence in no other securities. In consequence, there is a larger balance to be paid in bullion; the store in the bank or banks keeping the reserve is diminished, and the rate of interest must be raised by them to stay the efflux.

Laisser un commentaire

Votre adresse e-mail ne sera pas publiée. Les champs obligatoires sont indiqués avec *