It will be asked, what more can be required? I reply, a great deal. But the gold may be held either in London or in India. 3. In 1912 the Chartered Bank held £m10½ on current account, etc. The lender considers that the bill-broker–no matter whether an individual, a company, or a firm–has considerable wealth, and he takes the ‘bills,’ relying that the broker would not venture that wealth by guaranteeing them unless he thought them good. on _Paper Currency_ and on the _Present Position of Gold in India and Proposals for a Gold Currency_; and the third in Chapter VI. No doubt, formerly the Bank of England could issue what it pleased, but that historical reminiscence makes it no stronger now that it can no longer so issue. As everyone knows, that panic began quite suddenly, on the fall of ‘Overends. If the Bank had to remit funds back from India to London, this would be most simply effected by not entering into new business under (ix. The Issue Department only issues notes, and can only issue 15,000,000 L.