The rise in prices must, therefore, be due to an increased demand, and the first question

. ) the European Exchange Banks; (iii. As business grows, the number of such subsidiary persons augments. The same causes which generate this prosperity will, after they have been acting a little longer, generate an equivalent adversity. [Illustration: _H.

A large part of these are the deposits of bankers, and they would not consent to help the Bank of England in a policy of isolation. Every great crisis reveals the excessive speculations of many houses which no one before suspected, and which commonly indeed had not begun or had not carried very far those speculations, till they were tempted by the daily rise of price and the surrounding fever. In the meantime is any partial remedy possible for the evils dealt with above? 18. But even tried by this very unfavourable test banking is a trade profitable far beyond the average of trades.

in May 1866, rose to 19,413,000 L.

19. Of these, two, the Chartered and the Hong Kong Banks, do a very large business in other parts of the East, especially China[98]; but this does not prevent their Indian connexion from being important. │ Number of Banks. Thirdly.

§ 2) argued that “gold wanted for exportation is almost invariably drawn from the reserves of banks, and is never likely to be taken from the outside circulation while the banks remain solvent.

In all this money is but an instrument. It would be specially unfortunate if a competitor to the paper currency were to be introduced, before the virtual abolition of the system of circles has had time to have its full effect in the direction of popularising the use of notes.

But it is hardly relevant to the question of the Government’s _sterling_ resources; and, unless the Government Savings Banks were to be in trouble at the same time, it is not likely that there would be any difficulty in helping the bankers, if it were thought right to do so. Hambro’s memorandum, no attempt was made to deal with the question in detail. In almost all cases they would forbid it; all committees are cautious, and a committee of careful men of business, picked from a large city, will usually err on the side of caution if it err at all.

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