[113] between 1870 and 1894 seven more banks, conforming on the whole to this same type,

_ the trade balance; (ii. The German Government, as is well known, keeps its account (and a very valuable one it must be) at the London Joint Stock Bank; but the Bank of England has no access to the account of the German Government at that bank; they cannot tell how much German money is lying to the credit there. In view of the facts mentioned at the end of § 36, I am of opinion that the Reserve Treasury system needs reconsideration and that at present rather more funds, perhaps, than is necessary are withdrawn from the use of the Money Market into the Treasuries. Peel wrote to him a letter of which the following is a part: ‘We have been placed in a very unpleasant predicament on the other question–the issue of Exchequer Bills by Government. What part of this total is employed for ornament, what part for hoarding, what part is melted down, and what part is left truly to serve as currency? In the first place it is estimated that about £1,000,000 “shield” sovereigns are now imported annually.

Laisser un commentaire

Votre adresse e-mail ne sera pas publiée. Les champs obligatoires sont indiqués avec *