│ in Hands │ of │ Hands of │ │ │ Production. Is it possible to conceive of any remedy or moderating influence for the somewhat severe seasonal stringency still experienced? 6. £m. from C D takes C D’s cheque on a banker crossed, as it is called, and, therefore, only payable to another banker. In the pre–1899 period it was not uncommon in times of stringency for the bazaar rate to be appreciably lower than the Presidency Bank rate, and the connexion between the two money markets seems to have been very incomplete. Scarcely any one knows the precise government of any one; in no case has that government been described on authority; and the fall of one by grave misgovernment would be taken to show that the others might as easily be misgoverned also. The change is generally quicker because some check to credit happens at an early stage of it.
The advances would be made in notes or rupees, according to the demand. But it is no disgrace at all to the Bank directors of that day to have committed these blunders.