I say in reply, that if the correct framing of such estimates is necessary for the good guidance of the Bank, we must make a governing body which can correctly frame such estimates. and deposits 8,000,000 L. 4d. 875 │ ·281 │ │1910–11 │ 26,500,000 │ 16·061 │ 16·156 │ 15·875 │ ·281 │ │1911–12 │ 27,100,000 │ 16·082 │ 16·156 │ 15·937 │ ·219 │ │1912–13 │ 25,700,000 │ 16·058 │ 16·156 │ 15·970 │ ·186 │ └——────——┴————────────————–┴—────———┴—────———┴——────——┴——──────————┘ CHAPTER VI THE SECRETARY OF STATE’S RESERVES AND THE CASH BALANCES 1.
The effect of these successive changes has been to make the old system of circles virtually inoperative.
To transact these two classes of business—though once established they have not limited their transactions to them—a class of Banks has arisen known as the Exchange Banks.
” But on more than one occasion the Banks made difficulties when the Government desired to withdraw large sums at short notice. 206. In the practice as Mr.
A man of large wealth, however intelligent, always thinks, more or less ‘I have a great income, and I want to keep it. Thirdly. It would hardly be able to sell any at all. And in March the Post Offices in the Presidency towns began to give gold in payment of money orders, and the Presidency Banks were requested to issue sovereigns in making payments on Government account. But foreign observers seem to have been more impressed by the fact that the Englishman had sovereigns in his pocket than by the fact that he had a cheque–book in his desk; and took more notice of the “efficacy” of the bank rate and of the deliberations of the Court of Directors on Thursdays, than of the peculiar organisation of the brokers and the London Money Market, and of Great Britain’s position as a creditor nation. For purposes of export, at times of depression, the 10–rupee piece would be worth less than two–thirds of a sovereign.