These are the chief relevant facts of law. Millions of rupees were lying idle in the Government Treasuries at the time of year when there was most work for them to do outside. , had ever expected to have to rely on that security, or had ever given much real attention to it. Yet the element of continuity supplied by the India Office—though, as I read the history of the last decade, it has been invaluable in guiding the evolution of the currency—is no proper solution of the difficulty. This plan would be exceedingly unpopular. To lend a great deal, and yet not give the public confidence that you will lend sufficiently and effectually, is the worst of all policies; but it is the policy now pursued.
They advance on foreign stocks, as the phrase is, with ‘a margin;’ that is, they find eighty per cent of the money, and the nominal lender finds the rest.
CHAPTER IX.  In 1876 the Government relinquished their share of the capital of the Banks and their right of appointing directors.