I do not say that it is impossible that they should be called on to redeem

In the first place a system, in which the rupee is maintained at 1s. ; and so intense was the alarm, that the executive Government issued a letter of licence, permitting the Bank, if necessary, to break the new law, and, if necessary, to borrow from the currency reserve, which was full, in aid of the banking reserve, which was empty.

As the greatest Exchange dealers, they may wish to export gold just when the Bank of England is raising its rate of interest to prevent anyone from exporting gold. Since the price of bullion in London is (normally) £3:17:9.

The growth of private deposits since 1900 (rising from £8,500,000 in 1900 to £15,000,000 in 1905 and £24,000,000 in 1912) is very noticeable. Five years ending 1880–1881 8½ ” ” 1885–1886 9½ ” ” 1890–1891 11½ ” ” 1895–1896 19 ” ” 1900–1901 17½ ” ” 1905–1906 24 ” ” 1910–1911 32 The year 1911–1912 38 10. If corn should long be cheap, the labouring classes have much to spend on what they like besides.

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