The government (apart from their deposits in the presidency banks, which will be dealt with later

I reply that I only submit them for the judgment of others. 7. In a pompous advertisement it was announced that the directors of the Royal Academies Company had engaged the best masters in every branch of knowledge, and were about to issue twenty thousand tickets at twenty shillings each. Regarded from this standpoint, the facts were as follows:—By March 1908 nearly 115 million rupees had been withdrawn into the currency reserve by the release of gold, and by December 1908 the figure had risen to 154 million. [86] The first Bank of Bombay[87] was established under a similar charter in 1840, and the Bank of Madras in 1843. But unluckily they cannot manage it. It has no sufficient responsibility. 4d. Is the £40,000,000, which I put forward as a safe maximum for the reserves, so far as the convertibility of the currency is concerned, still adequate when the possible magnitude of India’s adverse balance of indebtedness is our test of sufficiency? This problem is even less capable than the former of exact solution.

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