With the advantages of credit we must take the disadvantages too; but to lessen them as

The backwardness of our banking arrangements, the habits and suspicions of the people, the infancy of co–operation—all stand in the way. Some changes of substance might be added to these changes in book–keeping and are naturally suggested by them. For nearly a quarter of a century, the Bank of England was such a bank, for all that time it could not be in any danger. Those who live under a great and firm system of credit must consider that if they break up that one they will never see another, for it will take years upon years to make a successor to it. │ 177 │ │ 1901 │. The final appeal in such cases necessarily is to those who are conversant with and who closely watch the facts. And the detail of all this is incredible, and it needs a special machinery to cope with it. We give at the foot of this paper a list of articles, comprising most first-rate articles of commerce, and it will be seen that the rise of price, though not universal and not uniform, is nevertheless very striking and very general. │ │ ├——────——┼————────────————–┼—────———┼—────———┼——────——┼——──────————┤ │ │ £ │ d. Bankers are close to mercantile life; they are always ready to lend on good mercantile securities; they wish to lend on such securities a large part of the money entrusted to them. Those balances are no doubt in a state of constant fluctuation; and very possibly during the time that the German money was coming in some other might be going out.

The Treasury’s arguments were, as they deserved to be, successful. Of the greatness of the power there will be no doubt.

But the legal position is so complicated and peculiar, that it will be worth while to state it quite precisely. As to the proportion of these deposits which were held for long periods there is no accurate information.

200 to Rs.

24. ‘ To our modern ears these words seem to mean more than they did. e. The Bank directors, being experienced and able men of business, comprehended this like other men of business. But I have nothing to do with its expediency here.

India keeps a somewhat higher proportion of her reserves in foreign credits, and keeps some part of these credits in a less liquid form. Its course would be very simple, and be analogous to that of other public bodies in the country.

The directors, and often a select committee of them more especially, consult with the manager, and after hearing what he has to say, decide on the affairs of the company. I will begin by discussing this question on the first hypothesis—that what the Government has been accumulating is intended to serve as a currency reserve only—and will return later to the problem of a reserve held for wider purposes, and of the possible magnitude of the balance of international indebtedness against India.

The first affects my general treatment of the subject matter.

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