The money thus sent up from the accumulating districts is employed in discounting the bills of

The usual method is to lend to certain banks, discount houses, and stock–brokers of high standing, whose names are included in an approved list, now containing sixty–two names. . (b) The figures for 1911 and 1912 are not taken from the same returns as the rest, and are not quite strictly comparable with them in one or two details.

Many persons live entirely on the income of shares, or debentures, or foreign bonds, which is paid in coupons, and these are handed in for the bank to collect. 8. , when the banks are requiring to remit to India, gold will flow. It is interesting to reflect that India’s love of the precious metals, ruinous though it has been to her own economic development, has flourished in the past to the great advantage of Western nations. I would emphatically apply to India the well–known doctrine which the powerful advocacy of Mr. But where the two centres are near together and there is no reason to anticipate the suspension of a free market in gold, this cost is, relatively, a minor consideration.

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