If some one else did not pour into the market the money which the banks like

And, on the contrary, there is a whole _catena_ of authorities, beginning with Sir Robert Peel and ending with Mr.

A single large holder–especially if he be by far the greatest holder–may fix his price, and other dealers may say whether or not they will undersell him, or whether or not they will ask more than he does. Obviously also, as soon as the ‘division of labour’ is really established, there is a difficulty about both of these principles. In that year the Bank directors allowed their stock of bullion to fall in the most alarming manner: On Dec. The surplus of loanable capital which lies in the hands of bankers is not employed by them in any original way; it is almost always lent to a trade already growing and already improving.

Their total amount fluctuates according to the volume of taxes coming in at different seasons of the year, the recency with which loans have been contracted for capital expenditure, the proximity of extraordinary expenditure impending, the receipts of windfalls of income (as, recently, from the opium revenue), the general prosperity of the country, and the degree of caution or optimism which, in the opinion of those responsible for the finances, the general situation warrants.

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