It is easy to understand the reasons for these restrictions

│10,017,000│ ├────────────────────────┼─────────────┼──────────┼──────────┼──────────┤ │ │38,416,000 │30,234,000│27,097,000│34,722,000│ └────────────────────────┴─────────────┴──────────┴──────────┴──────────┘ (a) After deduction of certain small sources of revenue in England and various minor adjustments.

Yet the available silver in India hardly fell below 2000 lakhs—nearly three times the minimum at the most critical moment of the preceding year. [56] This was done on a large scale in 1905–6 and 1906–7. ‘ But these remarkable words were little observed in the discussions of that time. │ £m. The usual practice–credit being good–is for the creditor to take the debtor’s cheque, and to give up the securities. (b) Estimate.

If gold were to supplant rupees only and not notes, and were to supplant them to so great an extent that sovereigns would tend to flow out of the currency at times of depression, there might be something to be said for it. The loanable capital lay idle in the banks till some trade started into prosperity, and then was lent in order to develope that trade; that trade caused other secondary developments; those secondary developments enabled more loanable capital to be lent; and that lending caused a tertiary development of trade; and so on through society. Out of these bills 2,800,000 L. Credit is an opinion generated by circumstances and varying with those circumstances.

│. Adie, who applied to the same material two alternative methods of much greater technical complexity than Mr. 10. They would not agree to suspend payments themselves, and permit the Bank of England to survive, and get all their business. Both the total of these and the proportions held in rupees and sterling respectively vary within wide limits from time to time. But it is supposed that by the end of 1908 nearly the whole of that amount had disappeared. A few years ago such holdings were of small importance. The present system is the outcome partly of historical origins, partly of the authorities not having allowed themselves by law a perfectly free hand. For the twelve years 1900 to 1912, therefore, I propose to make an aggregate deduction of 941 lakhs. 20. There were a few joint stock companies, among which the East India Company held the foremost place; but the demand for the stock of such companies was far greater than the supply.

100,000 L. If a merchant have 50,000 L.

; and the private deposits of the Bank of England are 18,000,000 L. This policy may not save the Bank; but if it do not, nothing will save it. This was the rate then ruling in the native bazaar both in Bombay and Calcutta, and that, too, while the Exchange Banks were greedy to receive fixed deposits for short periods at 9, 10, and even 11 per cent per annum, and while the Presidency Banks were straining to meet the demands for loans at 12 and 13 per cent per annum.

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