When, therefore, a bank is registered, its promoters may just as well put down as its

Prices in general are mostly determined by wholesale transactions.

Probably it would not sell fifty pounds’ worth. 12. An insurance office in the long run needs no capital; the premiums which are received ought to exceed the claims which accrue. These ‘circles,’ as they are called, now seven[21] in number, correspond roughly to the principal provinces of India, the offices of issue being as follows:— Calcutta for Bengal, Eastern Bengal, and Assam. Even if the Government were to hasten the flow of rupees into circulation by selling an exceptional quantity of bills at a relatively low rate (which would be equivalent to lowering by a fraction of a penny the normal value of the rupee as measured in sterling), and were to pursue this policy over a long period, the permanent effect could be no more than in proportion to the amount by which they had thus lowered the par value of the rupee in terms of sterling. The form in which the Gold Standard Reserve is held has been subject to much criticism.

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