This bank was started in 1904 under european management by a firm engaged in floating oil

Similarly their liquid assets in India should at least balance their short–period liabilities there. What is most feared at such moments of susceptibility is the destruction of credit; and if any grave failure or bad event happens at such moments, the public fancy seizes on it, there is a general run, and credit is suspended. ) + (ix. But for many non–currency purposes sovereigns are as good or nearly as good as other forms of bullion, and for these purposes the Indian Treasury is the bullion dealer’s cheapest source of supply when exchange is relatively low. The establishment of these Banks in the other Presidencies put an end to the possibility that the Bank of Bengal might become a Bank for all India. In the first place, an hereditary business of great magnitude is dangerous. The figures of the preceding paragraphs, in their cumulative effect, suggest the following reflection. But this is evidently a very refined machinery, which a panic will be apt to destroy. I may repeat that the loans I contemplate are to be for the busy season only, and that they should not be made until the expectation of a normal or successful harvest is reasonably assured.

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