It is certainly more profitable to get gold bullion in london, and when they are at

The returns of the Board of Trade prove this in the most striking manner, and we give below a table of some of the important articles. │1907. Mr. A may be able and willing to produce what B wants, but he may not be able to find B–he may not know of his existence. It should be free to lend it out on suitable security, either in India or London, for periods not exceeding three months. Suitable security for this purpose would be Government of India securities (which would have indirectly the effect of increasing the market for Rupee Paper) and Bills of Exchange of the highest class. Lord Macaulay has graphically described one of the periods of excess.

There are a few well-known exceptions, but according to universal belief the deposits of most private bankers in London tend rather to diminish than to increase. At present the possible fluctuation of exchange between what may fairly be termed the “gold points” on either side of 1s. The important characteristics of the Indian system are so much a matter of notification and administrative practice that it is impossible to point to single Acts which have made the system what it is.

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