What is wanted at the bank is not a new clerk to the directors–they have excellent

[17] These Acts were repealed in 1861, when the present Government Paper Currency was first instituted. New people coming into Lombard Street judge by results; they give to those who have: they take their money to the biggest bank because it is the biggest.

│1910. The combination of so low a rate of exchange with an 8 per cent Bank Rate at Bombay was very abnormal. But this may be very far from the retail shop of the buyer who bought those goods to sell them again in the country. It has been estimated that the Indian Mints can turn out 2·25 lakhs of rupees per month without overtime, and 4·50 lakhs per month with overtime. I believe, indeed, that such was not the original intention of the founders. At the same time the right of note issue by private Banks was finally abolished. Up to 1844 London private bankers might have issued notes if they pleased, but almost a hundred years ago they were forced out of the field.

[54] The cost of sending gold to India depends, however, on complex causes, varying considerably from time to time, and is often a good deal less than ⅛d.


But though this un-conceived attempt failed as it deserved, the rule itself could not be maintained. 1905. There was no check; these notes could not come back upon the Bank for payment; there was a great temptation to extravagant issue, and no present penalty upon it.


It has gone on a long time, and is likely to go on still. │ ├───────────────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┤ │ │ £m.

Some banking failures, a hint of political trouble,—and the old habits will come back, whatever progress banking may seem to have made in a time of prosperity. No reference is made in it to the credit of the bill-broker; the bills being discounted ‘without recourse’ to him are as good if taken from a pauper as if taken from a millionaire.

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