In order to effect loans better, it gave the custody and profit of its own money

‘Do you advert to these two circumstances with a view to regulate the general amount of your advances?–I do not advert to it with a view to our general advances, conceiving it not to bear upon the question. It would be essential to their own preservation not to let such dealers fail, and the protection of such dealers would therefore be reckoned among the necessary purposes for which they retained that reserve.

No one now founds or can found a new private bank, and Sir R. Thus Scotland, where there is always a daily interest, has no bank in the lists paying over 15 per cent. ‘Does the party who furnishes the money give you any kind of compensation?–None at all.

Of the gold, therefore, which flows from London to Egypt every autumn, very little finds its way back again to London; what is not kept by the cultivators in Egypt travels on in due course to India. In 1903 the Government of the United States introduced a system avowedly based on it into the Philippines. If the use for the additional currency is only temporary, the cost of transport or remittance is great enough to make it not worth their while to get this addition until the Indian rate of discount has been forced up to a high level.

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