Hardly any continental country has been till now exempt for long periods both from invasion and

All sudden trades come to England, and in so doing often disappoint both rational probability and the predictions of philosophers. The plan of appointing a permanent ‘chairman’ at the Bank of England is strongly supported by much modern experience.

The other four are primarily Indian. The reason why the use of bank paper commonly precedes the habit of making deposits in banks is very plain. When in 1893, on the recommendation of the Herschell Committee, following upon the agitation of the Indian Currency Association, the Mints were closed to the free coinage of silver, it was believed that the cessation of coinage and the refusal of the Secretary of State to sell his bills below 1s.

The Bank of England is governed by a board of directors, a Governor, and a Deputy-Governor; and the mode in which these are chosen, and the time for which they hold office, affect the whole of its business. As a matter of fact the season of 1906–7 turned out well, and the demand for rupees was on a large scale.

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