A modern government is like a very rich man with very great debts which he cannot

Nor would any English statesman propose to ‘wind up’ the Bank of England. Mr. The objections to the existing arrangements largely arise, therefore, out of the absence of a State Bank. Loans to borrowers on the approved list are granted as a rule for periods from three to five weeks, occasionally for six weeks, so that the whole balance could, if needed, be called in within six weeks. But even if this were not so, even if the banks were willing to keep their deposits at the Bank while it was not lending, they would soon find that they could not do it.

I have the advertisement before me of a Bank which offers 3 per cent on the daily balance, and up to 6 per cent on sums deposited for longer periods; at the head of the advertisement appears in large letters—Capital, Rs.

C. And this explains why deposit banking is so rare. 4d.

Especially is this the case with what may be called the auxiliary dealers in credit. 11. 19. , the adversity of B tells on C, D, &c. _, _excess_ of gross over active circulation.

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