Seeing the dreadful state in which the public were, we rendered every assistance in our power

Public feeling points, nevertheless, in the direction of what, in the future, will be the right policy. It may be said that the reserve in the Banking Department will not be enough for all such loans. In his, Mr. ‘ If it is a debt on securities, he will be very apt to say this. If the average loss from exchange on funds sent out to India for the busy season works out at (say) 2 per cent per annum, the Banks, in order to recompense themselves for the risk of fluctuations beyond the average, would be able to make a difference of more than 2 per cent between the current Indian and English rates. It would have the choice of many bankers, and would not be restricted to any one. On many succeeding occasions, their credit was of essential use to the Government. It would be idle to multiply Instances. 55) fell much less seriously. The balances left with the Banks without interest normally exceed, however, the prescribed minima. For the period previous to the closing of the Mints some of his estimates for the amount melted seem very low, and this may possibly explain why his final results yield a much higher total for the circulation than those of Mr.

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