But the effects of the change have been very remarkable

The way was led in 1904 by the foundation of the Bank of Burma.

But the following list of dates may be useful for purposes of reference:— 1892.

But no one in London ever dreams of questioning the credit of the Bank, and the Bank never dreams that its own credit is in danger. (d) Not allowing for natural wastage of rupees (see below). If we pass from France, whose position as a creditor country is not altogether unlike Great Britain’s, and from Germany, which is at any rate able to do a good deal towards righting the balance of immediate indebtedness by the sale of securities having an international market, to other countries of less financial strength, we find the dependence of their Central Banks on holdings of foreign bills and on foreign credits, their willingness to permit a premium on gold, and the inadequacy of their bank rates taken by themselves, to be increasingly marked. It is only in the case of continuous and considerable depressions that the cause is in action long enough to produce discernible effects.

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