Looking forward as we do to the effective establishment in india of a gold standard and

The second is for the Government or Central Bank to hold resources available abroad, which can be used for maintaining the gold parity of the local currency, when there is the need for it. Now it would almost always be ‘safe’ to follow the advice of the great standing ‘authority’; it would always be most ‘unsafe’ not to follow it. The holding of some part in actual gold in England was an innovation introduced in November 1912. . _Bannu. Ultimately these plausible predictions may or may not be right, but as yet they have been quite wrong, not because England has rich people–there are wealthy people in all countries–but because she possesses an unequalled fund of floating money, which will help in a moment any merchant who sees a great prospect of new profit. If a ‘branch,’ such as the National Provincial Bank opens in an English country town, were opened in a corresponding French one, it would not pay its expenses. │ Credits. According to the official statement which I quoted before, ‘we,’ that is, the Bank directors, ‘lent money by every possible means, and in modes which we had never adopted before; we took in stock on security, we purchased Exchequer Bills, we made advances on Exchequer Bills, we not only discounted outright, but we made advances on deposits of bills of Exchange to an immense amount–in short, by every possible means consistent with the safety of the Bank.

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