I do not advocate the lending out in india of any part of this reserve, or

He is but a middleman. A Parliamentary committee next year would, unless something strange occur in the interval, be a great waste of time. But bank notes are only a legal tender at the Issue Department, not at the Banking Department, and the accidental combination of the two departments in the same building gives the Banking Department no aid in meeting a panic. . There is even a simpler case: the banker who is uncertain of his credit, and wants to increase his cash, may have money on deposit at the bill brokers. For deposits fixed for a year the rate offered varies, as a rule, from 4½ to 5 per cent, the newer creations generally favouring the higher rate.

for gold delivered in India. The common practice is to lend a certain portion of the market value of such securities, and if that value increases, the amount of the usual loan to be obtained on them increases too.

had failed, we were in as sound and healthy a position as any banking establishment could hold, and on that day and throughout the succeeding week we made advances which would hardly be credited.

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