If the dominant banks manage ill, the rate of interest will at one time be excessively

In Bombay and the Punjab, particularly in the latter, their use is, however, much more important. If it were possible to call in loans in India and reduce (viii. │ R.

Of course in such a matter the cardinal rule to be observed is, that errors of excess are innocuous but errors of defect are destructive.

if he has it. Credit in business is like loyalty in Government. The French are still in the same epoch of the subject. It takes two or three years to produce this full calamity, and the recovery from it takes two or three years also. But, apart from the validity of this argument, it is not clearly shown in what way the establishment of a mint would effect the desired purpose; indeed it is explicitly admitted that “in proposing to open a gold mint it is not our intention to induce thereby an increased flow of gold to India.

In countries where there is little money to lend, and where that little is lent tardily and reluctantly, enterprising traders are long kept back, because they cannot at once borrow the capital, without which skill and knowledge are useless.

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