_, the home charges adjusted with reference to the probable capital transactions of the year and

J. There should be no delicacy as to altering the constitution of the Bank of England. These restrictions were originally due partly, perhaps, to a feeling of jealousy on the part of the Court of Directors of the East India Company lest the Banks should compete in business (such as foreign exchange) which the Company regarded as its own; but chiefly from a proper wish that semi–official institutions, in a country so dangerous for banking as India, should be conducted on the safest possible principles. There remains for discussion the question of the Government’s Cash Balances.

│ 2. And in this theory there is doubtless much truth, though it can only be applied in practice after a number of limitations and with a number of deductions of which the older school of political economists did not take enough notice. it may pay to get it in India.

The name ‘London Banker’ had especially a charmed value. The Bank will get poorer and poorer, and its poverty will protract or renew the apprehension.

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