In the present day, also, private banking is exposed to a competition against which in its

In his, Mr.

The “Independent Treasury System” and the traditional aloofness of Government from the Money Market were seen at their worst.

I will conclude this chapter with some statistics. ; but there is there a considerable circulation in country bank-notes, principally optional notes. We now come to the much more important question of the adequacy of the sterling reserves. At the very beginning of adversity, the counters in the gambling mama, the shares in the companies created to feed the mania, are discovered to be worthless; down they all go, and with them much of credit. The question of its use as a Banking Reserve raises two problems—a problem of policy and a problem of statistics. There are very many men of good means, of great sagacity and great experience in business, who are obliged to be in the City every day, and to remain there during the day, but who have very much time on their hands. For obvious reasons of convenience and of economy the greater part of the Indian circulation must continue in any case to consist of rupees.

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