In the last century, a favourite subject of literary ingenuity was ‘conjectural history,’ as it was

The amount of a loan is not paid out from the Secretary of State’s account at the Bank of England until the security has been lodged at the Bank.

a year, and must charge for his goods accordingly; but if another has only 10,000 L. It ought, at least, to have the power to do this. e. It would probably have been of more use if it had been allowed to disappear in a week at the moment when it was most badly wanted. ‘ The difficulty is aggravated by the terms upon which a great part of the money at the bill-brokers is deposited with them. . But the custody of the taxes which have been collected and which wait to be expended is a duty quite apart from panics. As the exact position of the Bank of England in the Money Market is indistinctly seen, there is no standard to which a Bank governor can appeal.

We can deal with both these occasions in a continuous narrative. One of that firm may, therefore, well be on the Bank direction, notwithstanding the rule forbidding bankers to be there, for he and his family are not English bankers, either by the terms on which they borrow money, or the mode in which they employ it. And we may well think this a great deal, if we examine the position of other banks. If the reserves were somewhat lower than this, I do not think it would necessarily be blameworthy to leave them so, provided it would prove a very burdensome thing to raise them. I am ready to admit, however, that a general opinion has long prevailed that the Bank of England ought to be prepared to do much more than this, though I confess my surprise at finding an advocate for such an opinion in the Economist.

But this reduction would not be permanent. In fact, to make large advances in this faltering way is to incur the evil of making them without obtaining the advantage. CASH BALANCES(a) ┌——────────——————┬————──────——┬———──────———┬——──────————–┐ │ │ In India.

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