A busy season will soon come when the government might lend some part of its reserves

I conclude, therefore, that the advantage of such a policy would not be great, probably not great enough to outweigh the cost. In so far as this opinion demands some new machinery by which on suitable occasions the Government can lend out funds in India herself, the evil which it seeks to remedy is a real one.

without limit of quantity, and since that time he has usually been willing to do so. And even in London, so immense a panic would soon impair the credit of the Banking Department of the Bank of England. I think, however, that much of the advantage, with little of the risk, might be secured by a humbler scheme. will know that there are, in my opinion, no advantages in keeping gold in India, and that such a policy involves a direct money loss through the cost of originally carrying the gold to India and the cost of bringing it back again to London when, at a later date, it is required to support exchange.

It will lie idle in the banks, as we have often seen it. on _Paper Currency_ and on the _Present Position of Gold in India and Proposals for a Gold Currency_; and the third in Chapter VI.

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