I will begin by discussing this question on the first hypothesis—that what the Government has been accumulating is intended to serve as a currency reserve only—and will return later to the problem of a reserve held for wider purposes, and of the possible magnitude of the balance of international indebtedness against India. │ Reserve, │ Public │ Private │ Cash. , the adversity of B tells on C, D, &c. The broker is responsible for obtaining the best possible rate of interest. The reserve of the London bankers being on deposit in the Bank of England, the Bank always lends a principal part of it. It is not the business of the Government to hold any of the reserves which the bankers ought to hold. Important business can only be sufficiently discussed by persons who can say very much what they like very much as they like to one another. But every banker knows that this is not the way to diminish discredit. All which is to my purpose is that our paper ‘legal tender,’ our bank notes, can only be obtained in this manner.