But for our English purposes it would be useless to inquire minutely into this. The business of an old-established bank has the full advantage of being a simple business, and in part the advantage of being a monopoly business. The trouble would probably begin with a boom of the usual type, heavy commitments on the part of the banks, large importations of foreign goods, and (in the future) a good deal of internal company promoting. The ‘reserves’ of London bankers are not such store; they are used cash, not unused; they are part of the Bank deposits, and lent as such. Accordingly, in a despatch, dated October 18, 1912, the Secretary of State suggested to the Government of India that instead of sovereigns Indian gold coins of the nomination of, say, 10 rupees should be coined at Bombay. ‘s Government was so low in London that it was impossible for it to borrow any large sum; and the evil was the greater, because in consequence of the French war the financial straits of the Government were extreme.