The government is the largest, most important, and most conspicuous entity with which the mass of

He is always in fear that ‘something may be said;’ but not quite knowing on what side that ‘something’ may be, his fear is but an indifferent guide to him. . The status which is given by it, both to the individual who fills it and to the firm of merchants to which he belongs, is considerable.

165). 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. The position would be that the Indian Money Market was on the verge of general insolvency with the Presidency Bank Rates at (say) 12 per cent, and that the Indian Government had (say) £40,000,000 sterling resources in hand with demands on only a modest scale for the encashment of notes and rupees. In other cases, these non-guaranteeing brokers are only agents who are seeking money for bills which they have undertaken to get discounted. This success of Joint Stock Banking is very contrary to the general expectation at its origin. But we do not always manage it with discretion.

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