During the winter of 1912–13 profits on the heavy issues of coinage caused a further increase,

. Four types of occasion can be distinguished on which gold bars might be presented at Bombay for coinage:— (_a_) Gold might be deliberately imported from England for the purpose; or it might occasionally happen that importers of gold bars, having temporarily miscalculated the demand for bars, would wish to sell these bars to the Government. It is for comparatively large payments that the sovereign may gradually come into use, and for these it is essentially a rival to the note. ” 8.

. Of course if it were employed in the discount of bills belonging to foreigners, the money might be taken abroad, and by similar operations it might also be transferred to the English provinces or to Scotland.

would be all which the Bank of England could pay to the depositing banks, and consequently all, besides the small cash in the till, which those banks could on a sudden pay to the persons who have deposited with them. During the immense payments from France to Germany, the sum _in transitu_–the sum in London has perhaps been unusually large.

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