The bank of england had, till lately, the monopoly of limited liability in england

3 to pay, as is very likely, he may be ruined because of No.

They would not be more likely to suffer than other persons; the only difference would be that when they did suffer, having no adequate reserve of their own, they would be obliged to ask the aid of others. His words are too vague. If the joint stock banks and the private banks and the country banks are to keep their share, let us determine on that; Mr. The Indian branches obtain immediately the funds enabling them to take the trade bills, the offer of which had seemed to them to be at sufficiently satisfactory rates to make the transaction taken as a whole worth while. He may make a theory that, since we admit and we know that the House of Commons is the real sovereign, any other sovereign is superfluous; but for practical purposes, it is not even worth while to examine these arguments. They live by a continuity of trade, which detected fraud would spoil. Hankey should have shown ‘some other store of unused cash’ except the reserve in the Banking Department of the Bank of England out of which advances in time of panic could be made.

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