I do not believe that we should always get the best man for the post; often

Among private people they are the principal depositors in the Bank; they are therefore particularly interested in its stability; they are especially interested in the maintenance of a good banking reserve, for their own credit and the safety of their large deposits depend on it. And the profits of bill-broking are proportionably raised. The great private banks will have, I believe, to appoint in some form or other, and under some name or other, some species of general manager who will watch, contrive, and arrange the detail for them. Inevitably the shareholders of the Bank of England will dislike this great difference; more or less, they will always urge their directors to diminish (as far as possible) the unproductive reserve, and to augment as far as possible their own dividend.

The Government of India’s recent attempt to solve the first part of the problem unhappily involved its officers in a good deal of obloquy. ) Loans and Advances in London 3½ │ in India 3 │ (iii. After the suspension of cash payments in 1797, the directors of the Bank of England could issue what notes they liked.

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