(_d_) in times of famine or depression the people might sell their bars and ornaments to

s. We were enabled by it to sustain the great drain of silver from Europe to India to pay for Indian cotton in the years between 18621865. It was in every sense the only banking company in London. Indirectly, bankers will be benefited or injured with the country in which they live; but practically, and for the purposes of their daily life, they have no need to think, and never do think, on theories of currency. ‘ Mr.

We can deal with both these occasions in a continuous narrative. ) the amount of _new_ fixed capital lent to India by European capitalists; and (iii. .

│ │ ┼——────——┼—————─────–┼———──────———┼———──────———┼————───────———┼ │ 1881 │ { │ 108 │.

The great private banks will have, I believe, to appoint in some form or other, and under some name or other, some species of general manager who will watch, contrive, and arrange the detail for them. Under our present system it is often quite enough that a merchant or a banker gets the advance made to him put to his credit in the books of the Bank of England; he may never draw a cheque on it, or, if he does, that cheque may come in again to the credit of some other customer, who lets it remain on his account.

The election of the Chairman must be placed either in the court of proprietors or that of the directors. A board of upright and sensible merchants will always act according to what it considers ‘safe’ principles–that is, according to the received maxims of the mercantile world then and there–and in this manner the directors of the Bank of England have acted nearly uniformly. Harman, another Bank director, expressed his opinion in these terms: ‘I must very materially alter my opinions before I can suppose that the exchanges will be influenced by any modifications of our paper currency. They see daily his manner of life, and judge from it that their confidence is deserved.

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