Not only no private banker is a director of the bank of england, but no director

│ │ ┼——────——┼—————─────–┼———──────———┼———──────———┼————───────———┼ │ 1881 │ { │ 108 │. For I have excluded the Public Deposits (amounting in 1910 to £2,820,000), and have included the whole of the cash balances (at the branches as well as the head offices) held by the Presidency Banks against them. He must either accept, that is to say, the rate obtainable in India on the average of the whole year, or he must earn a high enough rate in the brief busy season to compensate him for bearing the expense of remittance _both ways_.

So far indeed is it from being universal, that the majority of saving persons in most countries would reject it.

The note circulation (see p. Till 1857 there was an unusual calm in the money market, but in the autumn of that year the Bank directors let the banking reserve, which even in October was far too small, fall thus: Oct.

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