The last provision has led, I believe, to the Banks establishing a kind of bonded warehouse for the reception of merchandise. There is nothing intrusive in discussing this subject. have been very rare. When Overends failed, as I have said before, they had borrowed in this way very largely. With Indian banking this authority cannot be adequately in touch, and it would be much better if trained experience were to be found in India herself.
The name ‘London Banker’ had especially a charmed value. in January 1867, being an increase of over 6,000,000 L. ” 8. The cash reserve of the country is as precious a deposit as any set of men can have the care of. ‘ Both in 1847 and 1857 (I believe also in 1866, though there is no printed evidence of it) the Bank directors contended that the Banking Department was quite safe though its reserve was nearly all gone, and that it could strengthen itself by selling securities and by refusing to discount. , more drastic measures are necessary. On October 30, 1908, these balances had sunk to £1,196,691.