The committee ought to be composed of quiet men of business, who can be ascertained by

. 17. All which a banker wants to pay his creditors is a sufficient supply of the legal tender of the country, no matter what that legal tender may be. I have seen no evidence for supposing that the general conditions outlined in this quotation do not still hold; but in recent years the Presidency Bank rates have not risen above 9 per cent, and occasions for the operation of the tendencies described above have been rarer. The result was a period of frantic and almost inconceivable violence; scarcely any one knew whom to trust; credit was almost suspended; the country was, as Mr.

The needed element of elasticity would be obtained, and the present absolute dependence of India on London for an expansion of currency would be modified. And yet I propose to retain that system, and only attempt to mend and palliate it. Sleigh, Secretary and Treasurer of the Bank of Bombay, written in 1898 (reprinted in the Appendix to the Fowler Committee’s Report), is interesting:— During the last export season, Shroffs’ 60 days’ sight bills were not obtainable over 8 per cent discount.

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