The bankers who in time of panic had to help them would in ordinary times derive

, the payment of 100,000 L. 4–1/16d. You must take what you can find of it, and work with it if possible.

Further inquiry, however, soon convinced me that they had not the power.

The Bank of Bengal has seen the rise and fall of numerous powerful rivals.

What is the explanation of it? The Bank of England rate seldom exceeds 5 per cent, and in many years falls short of this, even in the winter. The magnitude of our commerce, and the number and magnitude of the banks which depend on the Bank of England, are undeniable.

5, 10, 50, 100, 500, 1000, and 10,000.

e. This point is important, for it is often assumed in controversy regarding the currency and its relation to prices that the issue of rupees into circulation depends in some way upon the amount of Council Bills sold by the Government, and can, therefore, be expanded or contracted by them at will, according to the policy of the moment. │ Credits. But it is an amount well worth considering, and these figures put the note issue in a more favourable light as a source of currency in the busy season than is usually realised. Many stock brokers transact such business upon a great scale. Especially is this the case with what may be called the auxiliary dealers in credit. It is necessary for the Banks to hold a considerable proportion of these in cash at the branches in question, and this arrangement makes the cash held against the private deposits appear in a somewhat more favourable light than it should. (c) For Bahrain Islands, Ceylon, Arabia, Mauritius, and East African Coast. I have endeavoured to show why it seems to me that the palliatives which I have suggested are the best that are at our disposal. [110] The securities and miscellaneous assets (xiii. Such has been the unbroken practice of many years, and it would be hardly possible now to break it. According to these ideas, the proper principles of note issue were two—first, that the function of note issue should be entirely dissociated from that of banking; and second, that “the amount of notes issued on Government securities should be maintained at a fixed sum, within the limit of the smallest amount which experience has proved to be necessary for the monetary transactions of the country, and that any further amount of notes should be issued on coin or bullion.

The case is worse if the alarm is not confined to the great towns, but is diffused through the country. To complete the figures of Indian deposits,[120] it will be useful to give at this point the deposits in the Post Office Savings Banks, which have increased at a great rate, though not so fast as deposits in Banks, since 1900:— ┌──────────–┬──────────────────────–┬────────────┐ │ March 31.

[66] Jevons’s method is based on the assumptions that the proportions of coins issued at different dates found in the given samples roughly correspond to their proportions in the circulation at large, and that the numbers in circulation of the latest issues do not much differ from the numbers issued from the Mint.

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