In a panic, and at a general collapse of credit, no such banker will probably be

_, the imports and the production less the exports) approximately is—although the amount of the steady leakage across the land frontiers is usually neglected. , and I shall return to it again in Chapters VI. I propose to take a middle course, nearer, however, to Mr. Such money no sooner appeared than it was melted down or carried away, as it always is in such circumstances. But, such as it is, it provides strong _prima facie_ grounds for doubt and dissatisfaction. Thus in the summer months the bullion dealers will always draw their supplies from the Treasury, so long as the Treasury is willing to supply them. Apart from this exceptional venture, the 38 Banks registered in 1910–11 had between them a nominal capital of £1,306,000 and a paid–up capital of £19,500.

A great part of the new gold has flowed, during the last ten years, into the reserves of the State Banks, and a comparatively small amount only can have found its way into circulation. All banks depend on the Bank of England, and all merchants depend on some banker.

The payment of the dividends for the Government is, therefore, in great part a transfer from the account of the Government to the accounts of the various bankers. At first, it seems exceedingly strange that so important a responsibility should be unimposed, unacknowledged, and denied; but the explanation is this. It would be said that, ‘being without experience, he had taken upon him to overrule men who had much experience; that when the constitution of the Bank had provided them with skilled counsel, he had taken on himself to act of his own head, and to disregard that counsel;’ and so on ad infinitum. It may fairly be said, therefore, that in the ten years the Gold–Exchange Standard has become the prevailing monetary system of Asia. │ 121 │ 116 │ 166 │ │ 1892 │ 125 │ 129 │ 121 │ 167 │ │ 1893 │ 128 │ 132 │ 130 │ 173 │ │ 1894 │. . In short, if we know the relative proportions of coins of 1860 and of 1912 in the circulation, and if we know, approximately, the absolute number of coins of 1912, we can calculate the absolute number still circulating of the coins of 1860.

We are asked to lend, and do lend, vast sums, which it would be impossible to obtain elsewhere. 7. The only organisation which I can imagine to be effectual is that which exists in the antagonistic establishments. and the Alexandrian exchange on London below par, Egyptian gold competes with Councils as a means of remittance to India. Lahore ” the Punjab and North–West Frontier Province. ‘ The panic was forgotten till Lord Macaulay revived the memory of it. If it were, it is difficult to say if it would be successful or not.

This would at first naturally cause a reduction in the bankers’ balances; at least that would be its tendency. ‘I consider it to be the undoubted duty of the Bank of England to hold its banking deposits (reserving generally about one-third in cash) in the most available securities; and in the event of a sudden pressure in the money market, by whatever circumstance it may be caused, to bear its full share of a drain on its resources.

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