The financial secretaryship is an incident in the career of a successful civilian

The race is not renewed. There is no force to be found adequate to so vast a reconstruction, and so vast a destructions and therefore it is useless proposing them.

As I am chiefly interested in the Indian Banking System, so far as this book is concerned, from the point of view of its effect on the remittance of funds to and from India, I shall be concerned for the most part with what I have called the European Money Market—the Presidency and Exchange Banks. But if in a financial crisis the Indian Money Market as a whole is in fact unable to meet its international obligations without Government assistance, is it the Government’s intention to stand calmly aside and permit (for example) a suspension of cash payments by the three Presidency Banks, or will they, if necessary, use their sterling reserves to give some support to the Indian Money Market _in extremis_? If the Government’s Reserve is held purely to support the currency, then the maximum volume of rupees and notes, which could, so far as one can anticipate, be spared from the circulation and tendered to the Government for exchange, sets an upper limit to the necessary amount of this Reserve.

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