There have been few public pronouncements of policy on the part of government, and the legislative

The beneficial results of the improved policy of the Bank were palpable and speedy. But Mr. , more drastic measures are necessary. │Active. 14. ) The existing divorce between responsibility for the note issue and that for banking generally is contrary to modern banking practice, and is, in several respects, a source of weakness. 4-1/32d.… Poursuivre la lecture There have been few public pronouncements of policy on the part of government, and the legislative

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Not only merchants but all persons under pecuniary liabilities–present or imminent–feel this wish to ‘strengthen themselves,’

A proposal, having this object in view, has already been put forward in more than one passage in the preceding pages. On the whole, therefore, the position of the Chancellor of the Exchequer in our Money Market is that of one who deposits largely in it, who created it, and who demoralised it. But in… Poursuivre la lecture Not only merchants but all persons under pecuniary liabilities–present or imminent–feel this wish to ‘strengthen themselves,’

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It may be said that the reserve in the banking department will not be enough for

It might be a satisfactory compromise, therefore, if, as a normal practice (but not as a legal requirement), the gold in the Gold Standard Reserve were held “ear–marked” at the Bank of England, but the gold in the Currency Reserve retained in India. On the other hand, as the Bank carries on itself a large… Poursuivre la lecture It may be said that the reserve in the banking department will not be enough for

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The government were hard pressed to supply sufficient rupees in 1906, and hard pressed to supply

This, however, is no more than an illustration of the point I have already dwelt on and emphasised—the manner in which any increase in the popularity of gold diminishes the stability of the currency. A few of them may have little other business, or they may have other partners in the business, on whose industry… Poursuivre la lecture The government were hard pressed to supply sufficient rupees in 1906, and hard pressed to supply

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After january 1, it is true, the revenue comes in rapidly

If it is in London, India will be able, by the sale of telegraphic sterling transfers in Calcutta, to discharge her due obligations cheaply and without delay; if it is in Calcutta, additional charges and a loss of time must be incurred. It is sufficiently well known that until 1893 the currency of India was… Poursuivre la lecture After january 1, it is true, the revenue comes in rapidly

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On this occasion, and, as far as i know, on this occasion alone, the bank of

After a commercial crisis, 1866 for example, two things happen: first, we call in the debts which are owing to us in foreign countries; and we require these debts to be paid to us, not in commodities, but in money. So much for the proper magnitude of the Reserve, regarded as a Currency Reserve. For… Poursuivre la lecture On this occasion, and, as far as i know, on this occasion alone, the bank of

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And at the rate of interest so raised, the holders–one or more-of the final bank reserve

The ultimate solution probably lies in the establishment of a Central Bank for India which shall be the Government Bank and shall hold the banking and currency reserves at the same time. ) and (iii. Payments out of the bankers’ balances, therefore, correspond with payments in. of deposits, and against this they hold in the… Poursuivre la lecture And at the rate of interest so raised, the holders–one or more-of the final bank reserve

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