We have chiefly to consider, therefore, the imports of sovereigns since 1910. Further, the rates published by the Presidency Banks may be from time to time more or less “effective. The growth of banking habits in India is, of course, of the utmost importance to the country’s economic development. If the losses by mistake in banking and the losses by fraud were put side by side, those by mistake would be incomparably the greater. In the panic of 1825, the Bank of England at first acted as unwisely as it was possible to act. Up to 1844 London private bankers might have issued notes if they pleased, but almost a hundred years ago they were forced out of the field. And it is most desirable that it should be represented, for members of that firm can give if they choose confidential information of great value to the Bank. And therefore paper issue is the natural prelude to deposit banking. The fixed manager ensures continuity and experience in the management, and a good board of directors ensures general wisdom.