But even if this were not so, even if the banks were willing to keep their

│ £m. In recent times the policy has been followed of holding at least half of this in securities of the most liquid possible type. . And it is by that opinion that we wish the Bank of England to be guided. , and that the private deposits were only 17,127,000 L. If a finance Minister, having entrusted his money to a bank, begins to act strictly, and say he will in all cases let the Money Market take care of itself, the reply is that in one case the Money Market will take care of him too, and he will be insolvent. 10 and 50 universal legal tender,[3] and directing the issue of notes in exchange for British gold coins.

In wild periods of alarm, one failure makes many, and the best way to prevent the derivative failures is to arrest the primary failure which causes them. Royal Commission on Indian Finance and Currency. I do not think, therefore, that the Government need show a very long foresight lest they should have to buy silver dear. But Alderman Salomons, on the part of the London bankers, said, he wished to take that opportunity of stating that he believed nothing could be more satisfactory to the managers and shareholders of joint stock banks than the testimony which the Governor of the Bank of England had that day borne to the sound and honourable manner in which their business was conducted.

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