The notes were at first, and were intended to be, little more than silver certificates

I urge that, in her Gold–Exchange Standard, and in the mechanism by which this is supported, India, so far from being anomalous, is in the forefront of monetary progress. Nor is this the worst. I will discuss these alternatives in turn. The trouble would probably begin with a boom of the usual type, heavy commitments on the part of the banks, large importations of foreign goods, and (in the future) a good deal of internal company promoting. In regard to the amount of the Gold Standard Reserve, Lord Curzon, in 1904, was inclined to think that £10,000,000 would be a proper figure. In March 1911 matters were carried a step further, Sir Guy Fleetwood Wilson replying in the Legislative Council to Sir Vithaldas Thackersey (who had argued that a 10–rupee gold coin ought to be minted and put into active circulation in India) that “much has happened since 1902 which justifies the reopening of the question. 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. There are no doubt others, but they are not quoted even on local Stock Exchange lists, and in most cases publish no reports. ) Cash, etc. A few weeks later the bills reach England, are duly accepted, and are capable of being rediscounted if the Bank needs additional free funds to buy more Council Bills and turn its money over again in another transaction of the same kind. ). ‘The main classes of joint stock companies which have answered are three:–1st. If there is so regular an expectation of obtaining 7 or 8 per cent in India on excellent security, why is it not worth some one’s while to transfer funds to India in the busy season on an ampler scale than is the case at present, and thus secure the advantage of so wide a discrepancy between the English and the Indian rates? 4. Under these circumstances the official statements of the Governor of the Bank are the only authentic expositions we shall have of the policy of the Bank Directors, whether as respects the past or the future. The Government is drifting year by year into doing more business of an essentially banking character; and as time goes on it will become increasingly objectionable to dissociate some of the functions of modern State Banking from others. The note issue is now a most trifling part of the liabilities of the Scotch banks, but it was once their mainstay and source of profit. Easy misconception is far more common than long-sighted deceit. │ ├─────────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┤ │1905─1906│– 116│+ 83│+ 339│+ 58│+1139│+ 175│+ 88│+ 101│+1450│+ 417│ │1906─1907│– 24│– 148│+ 600│+ 220│+1068│+ 310│+ 156│ 0│+1800│+ 382│ │1907─1908│+ 182│– 141│+ 145│+ 29│+ 735│– 126│– 670│– 146│+ 392│– 384│ │1908─1909│– 798│– 148│– 718│+ 198│+ 339│+ 112│– 311│+ 72│–1488│+ 234│ │1909─1910│+ 47│– 76│– 58│+ 286│+1065│+ 130│+ 268│+ 163│+1322│+ 503│ │1910─1911│– 287│– 340│– 100│+ 147│+ 722│+ 144│– 1│+ 68│+ 334│+ 19│ │1911─1912│– 130│– 173│+ 220│+ 262│+ 499│+ 356│+ 565│– 1│+1154│+ 444│ └─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┘ (a) In this table rupees (but not notes) in the Presidency Banks are treated as being in circulation.

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