This means in practice that the extreme limits of variation of the sterling value of the

Brunyate in the Legislative Council (February 25, 1910), speaking in reply to the similar line of argument brought forward by the Bombay mill–owning interests in connexion with the imposition in 1910 of a duty on silver. A More Exact Account of the Mode in Which the Bank of England Has Discharged Its Duty of Retaining a Good Bank Reserve, and of Administering It Effectually. Either shut the Bank at once, and say it will not lend more than it commonly lends, or lend freely, boldly, and so that the public may feel you mean to go on lending. If they had, they must have pointed out some other great store of unused cash besides that at the Bank, and they could not find such store. At present the Board of Directors are a sort of semi-trustees for the nation. [73] In the meantime, in spite of this consideration, the Government will not, I think, be able to resist the pressure on them in a crisis to come to the assistance of the market. I will conclude this chapter with some statistics. But this is a complete dream.

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