The parliamentary under-secretary–the deputy-governor, so to speak, of that office–changes nearly as often

The more than adequacy of their reserve at the busiest moment of the very busy season 1906–7 did not check, however, the impetuous activity of the Mints.

We are now more nearly in a position to come back to the currency of India herself, and to see it in its proper relation to those of other countries.

CHAPTER III PAPER CURRENCY 1. They are treated as unfunded debt and used for capital expenditure. Since the price of bullion in London is (normally) £3:17:9. And this system has plain and grave evils. But it is now time to turn to details. The present arrangements, which date from 1896, were made possible by the strong preference of the public for notes over gold and by the provision of the law which permitted the holding of foreign bills as cover for the note issue. The collection of these immense sums in one place and in few hands is perfectly new. Those companies have answered which have an exclusive privilege which they have used with judgment, or which possibly was so very profitable as to enable them to thrive with little judgment.

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