Showed that it was trusted undeservedly

But lending is, nevertheless, its best expedient. If we look to the private deposits of the Bank of England, at first sight we may think that the result is the same.

In 1696, it had been involved in the most serious difficulties, and had been obliged to refuse to pay some of its notes. ‘Do you receive bills from the country upon London in return, at a date, to be discounted?–Yes, to a very considerable amount, from particular parts of the country.

In short, if we know the relative proportions of coins of 1860 and of 1912 in the circulation, and if we know, approximately, the absolute number of coins of 1912, we can calculate the absolute number still circulating of the coins of 1860.

If there is so regular an expectation of obtaining 7 or 8 per cent in India on excellent security, why is it not worth some one’s while to transfer funds to India in the busy season on an ampler scale than is the case at present, and thus secure the advantage of so wide a discrepancy between the English and the Indian rates? 4.

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