In the old days of few and great privileged companies, the chairman, though periodically elected, was

To a certain extent they must anticipate probable demands on the output of the Mint. Under present arrangements the maximum fluctuation in exchange between the busy season and the slack is known and limited. We can deal with both these occasions in a continuous narrative. This Notification, which had superseded a Notification of 1864 fixing the exchange at ten rupees, had long been inoperative (as the gold exchange value of ten rupees four annas had fallen much below a sovereign).

Cheque-books are unknown, and money kept on running account by bankers is rare. The extent to which the people resorted to hoarding in France, Germany, and Austria (especially in the latter country) during the Balkan War was very remarkable, and has exhibited a danger to which the banking systems of those countries are still subject, although some had begun to forget it. He can pay away his own ‘promises’ in loans, in wages, or in payment of debts. A very few years ago hopes of reaching so secure a position as this would have seemed chimerical.

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