In England, after a great calamity, everybody is suspicious of everybody; as soon as that calamity is forgotten, everybody again confides in everybody. The Deputy-Governor always succeeds the Governor, and usually the oldest director who has not been in office becomes Deputy-Governor. These arrangements continued in force throughout the financial year 1900–1901, and by March 31, 1901, the amount put into the hands of the public reached the considerable total of £6,750,000. And if the merchant be a regular customer, a banker does not like to refuse, because if he does he will be said, or may be said, to be in want of money, and so may attract the panic to himself. Let us know precisely who is to keep the banking reserve.
. Unless the London Money Market has collapsed as well as the Indian, it is always open to the Secretary of State to borrow by means of India Bills. For several weeks following, at a time of year when the demand for Council Bills is usually strong, he sold none at all.