(yet this last argument for a state bank, though i have amplified it in my summary

As a matter of fact the season of 1906–7 turned out well, and the demand for rupees was on a large scale. The Indian Money Market would need to remit funds to London, but, on account of the internal banking crisis and an outbreak of hoarding amongst depositors, would not have even rupee resources with which to do it. It is dangerous for a writer who is not in touch with the practical side of the Money Market to venture on an explanation of current events. Everybody in business would bow down before him and try to stand well with him, for he might in a panic be able to save almost anyone he liked, and to ruin almost anyone he liked. 207) although the non–Indian business of the Chartered and National Banks cannot be accurately allowed for. The Metropolitan Board of Works, which collects a great revenue in London, has an account at the London and Westminster Bank, for which that bank makes a deposit of Consols as a security.

[86] The first Bank of Bombay[87] was established under a similar charter in 1840, and the Bank of Madras in 1843. ‘ He would be the personal embodiment of the Bank of England; he would be constantly clothed with an almost indefinite prestige. On the other hand, India is probably more willing than the Bank of Austria–Hungary to supply gold on demand. Secondly.

At Dutch auctions an upset or maximum price used to be fixed by the seller, and he came down in his bidding till he found a buyer. I feared they had the power to do mischief. In truth, the Bank do not lend from the motives which should make a bank lend. The cardinal maxim is, that any aid to a present bad Bank is the surest mode of preventing the establishment of a future good Bank.

And the practical effect of the clause went further: it was believed to make the Bank of England the only joint stock company that could receive deposits, as well as the only company that could issue notes.

There was also in force a Notification of the Governor–General in Council, dating from 1868, by which sovereigns were received at Government Treasuries as the equivalent of ten rupees and four annas.

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