Gillan again) “of the extent to which sovereigns have established themselves as a regular part of

And at first it is natural to ask why should everybody, or almost everybody, be well off together? Why should there be any great tides of industry, with large diffused profit by way of flow, and large diffused want of profit, or loss, by way of ebb? The main answer is hardly given distinctly in our common books of political economy.

Still the influence of the Committee of Treasury is always considerable, though not always the same.

We have over again the situation which has long existed, to its detriment, in the United States. Regarded from this standpoint, the facts were as follows:—By March 1908 nearly 115 million rupees had been withdrawn into the currency reserve by the release of gold, and by December 1908 the figure had risen to 154 million. £ million. I should prefer, therefore, that the Indian Cash Balances should be held, so far as possible, in notes, thus increasing the capacity of the Currency Reserve, and that all advances should be made in form from the Currency Reserve. In a time when the trading classes were much ruder than they now are, many private bankers possessed variety of knowledge and a delicacy of attainment which would even now be very rare. While the Government’s practice has become stricter, it is arguable, I think, that there is less need for it. [112] The official statistics separate off, however, those of the Banks proper which are of any considerable size,—those, namely, which have a paid–up capital and reserve of at least 5 lakhs (£33,000). 4d. 19. But if it is a matter of shipping sovereigns _from England_ the variations in the cost of insurance and freight are relatively small. For many years no attempt at note issue or deposit banking was possible in France. We will not help you again.

Time has muffled the outcries of the silver interests, and time has also dealt satisfactorily with what were originally the principal grounds of criticism, namely,— (1) that the new system was unstable, (2) that a depreciating currency is advantageous to a country’s foreign trade. A very high pay of prestige is almost always very dangerous. After consultation with the Government of India, who drew attention to the agreements (referred to by Sir G. But ultimate payment is not what the creditors of a bank want; they want present, not postponed, payment; they want to be repaid according to agreement; the contract was that they should be paid on demand, and if they are not paid on demand they may be ruined. It ought, at least, to have the power to do this. For the earlier years, therefore, I am inclined to prefer Mr. It causes a fall of price that runs through society; that fall causes a decline of activity and a diminution of profits–a painful contraction instead of the previous pleasant expansion. Nothing can be more natural or more inevitable than this change. being the interest on 1s. In the long run, their value, like that of all others, is determined by the cost at which they can be brought to market. 3. As Sir G.

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