The remaining element which determines the cost of remittance—variation in the market rate of interest—has been

‘Before 1609 the great quantity of clipt and worn foreign coin, which the extensive trade of Amsterdam brought from all parts of Europe, reduced the value of its currency about 9 per cent below that of good money fresh from the mint.

│ Number of Depositors. The bills are offered in London for tender at the Bank of England every Wednesday morning, the Secretary of State for India in Council (or, for short, the India Council, whence the name Council Bills) having previously announced the amount (70 lakhs, say) for which tenders are invited. The Governor and the Directors of the Bank of England had been asked by Sir George Lewis severally to give their opinions on the Act of 1844, and all their replies were published. 15 to £1 ratio.

To complete the figures of Indian deposits,[120] it will be useful to give at this point the deposits in the Post Office Savings Banks, which have increased at a great rate, though not so fast as deposits in Banks, since 1900:— ┌──────────–┬──────────────────────–┬────────────┐ │ March 31.

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