, quite independent of the effective desire of india for gold, and occur merely because gold

In the mean time it is very important that large private banks should be well managed. If we refer to history, and examine what in fact has been the conduct of the Bank directors, we find that they have acted exactly as persons of their type, character, and position might have been expected to act. But in fact the particular interest of single directors is not to be regarded; almost all directors who bring special information labour under a suspicion of interest; they can only have acquired that information in present business, and such business may very possibly be affected for good or evil by the policy of the Bank.

is all which is really held in actual cash as against the liabilities of the depositing banks. │ £m.

If it is incorrect, I think it is more likely to be an underestimate than an overestimate. The question of the amount of the London assets of the Banks does not lend itself to statistical summary. Some part of the lowness of the Bank dividend, and of the consequent small value of Bank stock, is undoubtedly caused by the magnitude of the Bank capital; but much of it is also due to the great amount of unproductive cash–of cash which yields no interest–that the Banking Department of the Bank of England keeps lying idle.

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