I suspect that the rates in the two markets may appear to be more different than

The skill of a financier in such an age is to equalise the receipt of taxation, and the outgoing of expenditure; it should be a principal care with him to make sure that more should not be locked up at a particular moment in the Government coffers than is usually locked up there. A person who has made savings does not know what to do with them.

Our great joint stock bands are imprudent in so carefully concealing the details of their government, and in secluding those details from the risk of discussion. On this occasion, and, as far as I know, on this occasion alone, the Bank of England made an excellent alteration of their policy, which was not exacted by contemporary opinion, and which was in advance of it. Steady savings, which are waiting for investment, and which are sure not to be soon wanted, may be lodged with bankers; but the common floating cash of the community is kept by the community themselves at home. Owing to the depression of that year and the low level of the exchanges, the most profitable employment of the sovereigns was as bullion. A theorist may easily map out a scheme of Government in which Queen Victoria could be dispensed with. [1] 4. Mr. │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ ┌────┴───–┬───┴──┬───┴──┬───┴──┬──┴─–┬───┴──–┬───┴──┬───┴──–┐ │1900–1901│120,00│+13,60│– 4,66│– 35│=128,59│+23,79│=152,38│ │1901–1902│128,59│+ 2,04│– 2.

If rupees have to be released hurriedly from the silver portion of the Gold Standard Reserve in India, the authorities have a completely free hand as to the form in which they make the corresponding addition to their sterling reserves in London; whereas, if they are released from the Currency Reserve, the corresponding transference in London must be made wholly in gold coin—a course which may sometimes be exceedingly inconvenient at the moment.

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