New men could not carry it on with vigour and efficiency; indeed they could not carry

But just at that time the business of most merchants must be unusually occupying and may be exceedingly critical. A trade peculiarly requiring consistency and special attainment would be managed by a shifting and untrained ruler. The cardinal maxim is, that any aid to a present bad Bank is the surest mode of preventing the… Poursuivre la lecture de New men could not carry it on with vigour and efficiency; indeed they could not carry

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] acceptances have been omitted in the above, the amount of bills payable is supposed to

Closer inquiry elicited further facts unsuspected hitherto. Gillan points out, “that the acceptance by the cultivator of gold in payment of his crops is in the nature of barter; that is to say, he takes the gold not as coin merely but for some other purpose, and the return of gold in payment of revenue… Poursuivre la lecture de ] acceptances have been omitted in the above, the amount of bills payable is supposed to

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Weguelin, who was then governor of the bank, to sir george lewis, who was then chancellor

What then, subject to this preliminary explanation, is the amount of legal tender held by our bankers against their liabilities? The answer is remarkable, and is the key to our whole system. e. while the corresponding figures at the present moment are–circulation, 60,000,000 L. No doubt there is a vast routine of work to be… Poursuivre la lecture de Weguelin, who was then governor of the bank, to sir george lewis, who was then chancellor

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He would be a lender of such magnitude and so much influence, that he might command

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. The London bill brokers do much the same. I will discuss these alternatives in turn. ” There is also another cause, connected with the exchanges;[39] at some times… Poursuivre la lecture de He would be a lender of such magnitude and so much influence, that he might command

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Nor is this the only changeable element in modern industrial societies

Harman, on behalf of the Bank of England, ‘by every possible means and in modes we had never adopted before; we took in stock on security, we purchased Exchequer bills, we made advances on Exchequer bills, we not only discounted outright, but we made advances on the deposit of bills of exchange to an immense… Poursuivre la lecture de Nor is this the only changeable element in modern industrial societies

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Bullion is the cash’ of international trade; paper currencies are of no use there, and coins

At one end of the scale we have Great Britain and France—creditor nations in the short–loan market. In theory a certain portion go out annually, remain out for a year, and are subject to re-election by the proprietors. They augment trade and production, and so are plainly beneficial, except where by mistake the wrong things… Poursuivre la lecture de Bullion is the cash’ of international trade; paper currencies are of no use there, and coins

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If a ‘branch,’ such as the national provincial bank opens in an english country town, were

Only our familiarity blinds us to the marvellous nature of the system. Both the total of these and the proportions held in rupees and sterling respectively vary within wide limits from time to time. Neither the Bank nor the Banking Department have ever had an idea of being put ‘into liquidation;’ most men would think… Poursuivre la lecture de If a ‘branch,’ such as the national provincial bank opens in an english country town, were

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Other expenses were of a very small amount

But it shrank from taking upon itself further responsibility. Marshall again brought these advantages to the notice of practical men. This is convenient to bankers, and, if he has the rupees waiting in India, profitable to the Secretary of State. The various modes in which money may be lent have each their peculiarities, and persons… Poursuivre la lecture de Other expenses were of a very small amount

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But their constitutions are exceedingly out of date at the present time

A good deal of experience with regard to note issues has now been accumulated elsewhere which ought some day to prove useful to India if her English rulers can sufficiently free themselves from their English traditions and preconceptions. With so many advantages over all competitors, it is quite natural that the Bank of England should… Poursuivre la lecture de But their constitutions are exceedingly out of date at the present time

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