And the reason is, that any momentary fall in money, caused by the caprice of such

It is probable, however, that it would be exceedingly difficult to start a new Exchange Bank at the present time, except under the aegis of some important financial house already established in a strong position in India. The position of the Bank directors is indeed most singular. The authorities have been—wisely—building up the reserves they ought to have. For example, after the recent robbery of sovereigns in transit from London to Alexandria, the ordinary rate quoted on gold, consigned by the route (Bremen and Trieste) by which the stolen gold had been sent, was doubled, rising from 1s. to 2s. ), the amount offered for tender the following week (which is announced at the same time as the result of the previous allotment) is likely to be increased. That which happened so marvelously in the green tree may happen also in the dry.

The sort of arrangements I have outlined in earlier paragraphs might have done something, I feel sure, to ease the situation. For purposes of export, at times of depression, the 10–rupee piece would be worth less than two–thirds of a sovereign.

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