On the other hand, as the bank carries on itself a large discount business, as it

. 4–1/16d.

English bankers deal with an aggregate of small sums, all of which are repayable on short notice, or on demand. CHAPTER XI. The complete uncertainty as to the degree of responsibility acknowledged by the Bank of England is best illustrated by what has been said by the Bank directors themselves as to the panic of 1866. A crisis of the second kind, due to general depression or bad harvests, in which India has to meet a heavy adverse balance in London, provided that, as in 1907, it is not accompanied by internal banking difficulties of the kind just described, causes, it is true, a drain on the Government’s sterling resources through the necessity of providing remittance on London, but only in proportion to the volume of notes and rupees which are brought to the Government for encashment or in payment of sterling drafts. = Notes. CHAPTER XIII.

[69] 22. Until now, or until lately, this difficulty has not been fully felt. ‘But the main source of the profitableness of established banking is the smallness of the requisite capital.

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