In these departments of government, the actual chief changes nearly, though not quite, as often as

There is still one great step forward before the ideal can be reached. Perhaps this is an exaggeration; but confined, as of course it was meant to be, to civilised Governments, it is not much of an exaggeration. [73] In the meantime, in spite of this consideration, the Government will not, I think, be able to resist the pressure on them in a crisis to come to the assistance of the market. ‘ In a time of no alarm, or in any alarm affecting that particular banker only, he can rely on such reserve without misgiving. For the twelve years 1900 to 1912, therefore, I propose to make an aggregate deduction of 941 lakhs. — │ │ │ │ │ │ │ │ June │ 34,19 │ 15,10 │ 36,58 │ 20,37 │ 38,44 │ 19,78 │ │ July │ 34,31 │ 17,22 │ 36,56 │ 22,60 │ 39,15 │ 21,14 │ │ August │ 35,49 │ 16,25 │ 36,86 │ 21,20 │ 40,99 │ 18,70 │ │ │ │ │ │ │ │ │ │Max. A precise diagnosis of the causes of the unwillingness on the part of the Banks to buy Council Bills is not necessary, however, to the lesson I seek to enforce.

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