But only part of that prosperity has a solid reason

India, as we all know, already wastes far too high a proportion of her resources in the needless accumulation of the precious metals. The Bank’s capital was £117,500, and by 1911, when it failed, deposits had been attracted to the extent of £792,701, a large part of which is said to have come from Bombay and Calcutta. But this economy of explanation, from which the system has suffered in the past, does not make it any the worse intrinsically. 0 0 7-1/4 0 0 8-3/8 No. 4⅛d. While English credit is good, a rise of the value of money in Lombard Street immediately by a banking operation brings money to Lombard Street. By old usage, the directors of the Bank of England cannot be themselves by trade bankers. In this matter of the use of cheques Great Britain has been followed by the rest of the English–speaking world—Canada, Australia, South Africa, and the United States of America. │ 177 │ │ 1901 │. The extent to which the people resorted to hoarding in France, Germany, and Austria (especially in the latter country) during the Balkan War was very remarkable, and has exhibited a danger to which the banking systems of those countries are still subject, although some had begun to forget it.

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