The private deposits of the bank of england then were 9,000,000 l

) the amount of _new_ fixed capital lent to India by European capitalists; and (iii. And in this there is certainly considerable risk. Atkinson’s estimate of the circulation in 1900 is nearer the truth than Mr. 500. 27. This is by far the easiest and safest place for them to use.

Since that time no banks have been allowed to issue notes in India. If, on the other hand, it is intended to act as a banking reserve and to ensure India’s ability to meet her international obligations at all times, then its upper limit is set by the probable maximum amount of the adverse balance which could arise against India for immediate payment. The Bank of England had, till lately, the monopoly of limited liability in England. At one period the Bank directors even went farther: they made a distinct step in advance of the public intelligence; they adopted a particular mode of raising the rate of interest, which is far more efficient than any other mode. ‘ The process thus explained is the common process.

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