The interest thus accruing on the invested portion of the reserve, less the expenses of the

. Its business was but small as we should now reckon, but for the most part it conducted that business with prudence and discretion. But when they are sold in larger quantities, to obviate the necessity of sovereigns being sent, sufficient rupees are not forthcoming from this source. . For this additional issue of rupees would, eventually, have the effect of delaying additional demands for coinage in the future or of precipitating an occasion for the withdrawal of rupees from circulation.

‘This general rise of price must be due either to a diminution in the supply of the quoted articles, or to an increased demand for them. The perpetually present executive–the Governor and Deputy-Governor–make it impossible that any subordinate should have that position.

B. I will deal with these characteristics in successive chapters.

If the Secretary of State’s withdrawal from the market and the consequent scarcity of bills on India is insufficient to support exchange at 1s. And we may reasonably presume that in proportion as we augment the deposits of cash by foreigners in London, we augment both the chances and the disasters of a ‘run’ upon England.

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