But if bankers for the most part do advance on such security in common times, and

CHAPTER VIII THE INDIAN RATE OF DISCOUNT 1. And it is only by such assistance that such business could be so managed. _—The zamindar prefers to have his price for the grain in gold, as he can easily carry it and easily exchange it and, if necessary, easily put it away.

‘ Consequently he considers every change of circumstance a ‘bore,’ and thinks of such changes as little as he can. This causes a great demand for new loans. If the demand is large and the minimum rate of allotment high (say 1s. These are enough examples for my purpose. I do not believe, however, that a conclusion can fairly be drawn from these figures as to any startling change in the position of the sovereign in India has experienced two very good seasons and has been able, therefore, to accumulate savings unusually large extent for investment in gold ornaments and hoards. We can therefore estimate the policy of the Bank of England in the three panics which have happened since the Act of 1844, without inquiring into the effect of the Act itself.

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