‘this meeting may be considered to admit and recognise the fact that the bank of england

Up to 1890 the invested portion of the reserve amounted to 600 lakhs (Rs. But these figures do not supply by themselves a complete explanation of the manner in which he had financed himself in London during this period. But lending is, nevertheless, its best expedient.

; but when exchange is low, the reverse is the case and it is cheaper to get as much gold as the Treasury will let you have at 1s. Gillan again) “of the extent to which sovereigns have established themselves as a regular part of the currency, is to be found in the figures of receipts at Post Offices and Railways. and are in a position to put out at interest funds in London. The actual figures are as follows:— ESTIMATE OF THE RUPEE CURRENCY IN CRORES (10,000,000) OF RUPEES ┌——────——┬—————─────–┬———──────———┬———──────———┬————───────———┐ │ │ Harrison. The Bank Rate was at the somewhat high level usual at that time of year; exchange was high (the minimum rate for the allotment of Council Bills being 1s.

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