The effect of this cheapness is great in every department of industry. There was no other lender to new borrowers. Human industry is more efficient, and therefore there is more to be divided among mankind. The broker is responsible for obtaining the best possible rate of interest. In a country such as India, where all available resources are required for capital expansion, and where it is not sound or humane policy to burden the present overmuch for the sake of the future, it is nearly as important to avoid extravagance in the reserve policy as to avoid undue parsimony. │ │ │ │ │ │ │ ├────────────┼───────┼───────┼───────┼───────┼───────┼───────┤ │Min. Adie, and the data on which they are based, seem on the whole coherent, and bear, so far as one can judge, the marks of substantial accuracy. The question of the use of funds in the Cash Balances would then lapse into the question of the use of funds in the Paper Currency Reserve.