The chief characteristics of the indian system of currency have been roughly sketched in the first

The change is generally quicker because some check to credit happens at an early stage of it. There is no other large store in the country. ‘ And I will answer the question plainly, though in so doing there is a great risk that the principles I advocate may be in some degree injured through some mistake I may make in applying them. Every one else is in want too. for his bills, he withdraws from the market.

The Bank directors may be blamed for many things, but they cannot be blamed for the changeableness and excitability of a neocracy. It is not necessary for the purposes of this survey to consider precisely how changes in the bank rate affect the balance of immediate indebtedness.

[52] If the purchaser chooses transfers, the effect to him is that he gets his rupees a fortnight earlier in India and pays for this privilege a sum equal to 5 per cent on the money for a fortnight.

The first relations with the State were more like those of a finance company than of a bank, as we now think of banking.

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