But they need not attend to that council unless they think fit; they are appointed to

If the interest were raised, the charge on the revenue would be of course proportionate to the increase of rate of interest.

. ‘to the good,’ holds that 100 L. I would have them real trustees, and with a good trust deed. By that policy they allay a panic; by every other policy they intensify it. The largest account at the Bank of England is that of the English Government; and probably there has never been any account of which it was so easy in time of peace to calculate the course. Indeed, they would seem, so to say, to be better than stable. These particular statements are corroborated by general statistics. Since that time the provisions of the Indian system regarding gold (as already given in Chapter I.

There is a considerable ambition to fill the office. But if it does, it will get in no new money; its bill case will daily be more and more packed with bills ‘returned unpaid. Sleigh, Secretary and Treasurer of the Bank of Bombay, written in 1898 (reprinted in the Appendix to the Fowler Committee’s Report), is interesting:— During the last export season, Shroffs’ 60 days’ sight bills were not obtainable over 8 per cent discount. Now wholesale transactions are commonly not cash transactions, but bill transactions.

But in the Bank of England there is a great difference: their notes are legal tender. There has probably very rarely ever been so happy a position as that of a London private banker; and never perhaps a happier. At whatever place many people have to make payments, at that place those people must keep money. rather than some other gold value has been determined, that the volume of currency in circulation depends in the least upon the policy of the Government or the caprice of an official. If we manage our business well, we retain our friends; if we do not, we lose them.

Moreover, even a superficial acquaintance with the currency history of India brings experience to the support of reason.

In fact the harvest was satisfactory, and by December 1908 the demand for Council Bills was strong.

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