But these officers are essentially subordinate; no one of them is like the general manager of

‘ If it is a debt on securities, he will be very apt to say this. ‘ The pre-eminence of Paris partly arose from a distribution of political power, which is already disturbed; but that of London depends on the regular course of commerce, which is singularly stable and hard to change.

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

During an invasion note-issuing banks must stop payment; a run is nearly inevitable at such a time, and in a revolution too. Petersburg, and Sir R. Prices have been rising, as it is, much faster than is healthy and in a way very disadvantageous to such a creditor nation as Great Britain, to whom large sums fixed in terms of gold are annually due. 76, or even from a glance at column (5), to extravagant conclusions as to the present position of the sovereign in the Indian currency system. If some day sufficient constructive energy is stirred into activity to undertake the task, let the framers of the new Bank’s constitution put far from their minds all thoughts of the Bank of England. It may be added to complete the story, that in August and September 1909 there was a short period of weakness when it was again necessary to offer sterling bills in Calcutta. Apart from that portion which is permanently invested, the whole must be kept in gold and silver. of new money in the next few days, and its reserve went down to nothing, and the Government had to help. This point is important, for it is often assumed in controversy regarding the currency and its relation to prices that the issue of rupees into circulation depends in some way upon the amount of Council Bills sold by the Government, and can, therefore, be expanded or contracted by them at will, according to the policy of the moment. In the old days of few and great privileged companies, the chairman, though periodically elected, was practically permanent so long as his policy was popular.

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