There is a very common notion that the amount of the reserve which the bank of

│ Deposits. It has been estimated that the Indian Mints can turn out 2·25 lakhs of rupees per month without overtime, and 4·50 lakhs per month with overtime. And so far from being able to meet it, the bankers who do not keep an extra reserve at that time borrow largely, or do not renew large loans–very likely do both. per cent. ‘Up to this point there is nothing special in the recent history of the money market. It is only possible by Royal Charter or Statute Law. How this arose we have just seen.

(b) The figures for 1911 and 1912 are not taken from the same returns as the rest, and are not quite strictly comparable with them in one or two details. But if it does, it will get in no new money; its bill case will daily be more and more packed with bills ‘returned unpaid. Harrison and Mr. _, including that in the hands of the banks. There is a multiple reserve system in theory, but hardly an adequate one in fact; and a danger exists that every one is reckoning, in a crisis, upon every one else.

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