Harrison’s results were checked by the labours of a later comptroller of currency, mr

This new policy is likely to be extended in the future. 26.

To pay his own bill to the maker of the goods, he must discount the bills he has received from the shopkeepers to whom he has sold the goods; but if there is a sudden cessation in the means of discount, he will not be able to discount them. The permanent Deputy-Governor must be a director and a man of fair position.

The effect is seen constantly. But _temporary_ additions, due to seasonal demand, ought to be provided by a suitable organisation of credit money in India herself. 8. The German Government has recently been so kind; it was in no respect afraid. And the better we comprehend the importance of the banking reserve, the higher we shall estimate the responsibility of those who keep it. 3rdly. At that particular day the Bank of England had only 11,297,000 L. │ ├————────────————┼—————──────—┼——──────————┼————──────——–┤ │ March 31, 1901 │ £8,767,687 │ £4,091,926 │ £12,859,613 │ │ ” 1903 │ 12,081,388 │ 5,767,786 │ 17,849,174 │ │ ” 1905 │ 10,597,770 │ 10,262,581 │ 20,860,351 │ │ ” 1907 │ 10,026,932 │ 5,606,812 │ 15,633,744 │ │ ” 1908 │ 12,851,413 │ 4,607,266 │ 17,458,679 │ │ ” 1909 │ 10,235,483 │ 7,983,898 │ 18,219,381 │ │ ” 1910 │ 12,295,428 │ 12,799,094 │ 25,094,522 │ │ ” 1911 │ 13,566,922 │ 16,696,990 │ 30,263,912 │ │ ” 1912 │ 12,279,689 │ 18,390,013 │ 30,669,702 │ │ ” 1913 │ 19,543,900 │ 8,372,900 │ 27,916,800 │ └——────────——————┴————──────——┴———──────———┴——──────————–┘ (a) Excluding balances held in the Gold Standard Reserve. It will be seen from the table given above that the London Balances fell to a low level in 1908, the Secretary of State making free use of them to aid him in supporting exchange during the critical months of that year.

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