A large part of the ‘indemnity’ was paid by france to germany in bills on england,

It has at the head of the executive a general manager who was tried in the detail of banking, who is devoted to it, and who is content to live almost wholly in it. ; thus a refusal to sell bills would mean an eventual loss of nearly ¼d. This plan would be exceedingly unpopular. If sovereigns rather than bars are imported _from London_ it is reasonable to draw the conclusion that the importer (since he must pay a higher price) definitely prefers them. │ ├────────–┼──────────–┼──────────────┼──────────–┼──────────────┤ │1906–1907│ 5,26 │ 17,18 │ 1,60 │ 10,46 │ │1907–1908│ 5,18 │ 17,14 │ 3,20 │ 11,84 │ │1908–1909│ 7,41 │ 19,54 │ ,76 │ 9,33 │ │1909–1910│ 2,22 │ 13,61 │ 1,74 │ 10,16 │ │1910–1911│ 9,49 │ 21,43 │ 2,82 │ 13,18 │ │1911–1912│ 9,62 │ 22,66 │ 3,21 │ 15,18 │ │1912–1913│ 10,96 │ 24,58 │ 10,62 │ 21,99 │ └────────–┴──────────–┴──────────────┴──────────–┴──────────────┘ The total balances include the working balances in the innumerable District Treasuries all over India and the sums already deposited with the Presidency Banks.

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