But these figures are not relevant to our present purpose, and we must turn to the

If sovereigns rather than bars are imported _from London_ it is reasonable to draw the conclusion that the importer (since he must pay a higher price) definitely prefers them. Supposing that, owing to defects in its government, one even of the greater London joint stock banks failed, there would be an instant suspicion of the whole system.

In these departments of Government, the actual chief changes nearly, though not quite, as often as the Governor of the Bank of England. In India the reserve must be unusually large, first, because India is a great country specially liable to wide fluctuations in her prosperity and trade on account of climatic conditions the character of which cannot be easily foreseen; and second, because a large amount of foreign capital is employed, not only in permanent investment, but in temporary loans withdrawable at short notice, and because against these foreign liabilities India holds no appreciable amount of international Stock Exchange securities capable of easy realisation.

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