Formerly for many purposes paris was a european settling-house, but now it has ceased to be

Proposals for a Government Paper Currency were instituted in 1859 by Mr. it is certainly more profitable to get gold bullion in London, and when they are at 1s. It might be expected that as this great public duty was cast upon the Banking Department of the Bank, the principal statesmen (if not Parliament itself) would have enjoined on them to perform it. Atkinson’s two separate calculations, made in 1897 and 1903, I have taken the latter. 4d. The reserves of the bankers so deposited with the bill-broker form a most profitable part of his business; they are on the whole of very large amount, and at all times, except those of panic, may well be depended upon. At the foundation of the Bank of Bengal, the East India Company contributed one–fifth (the proportion became smaller subsequently) of the capital and appointed three of the directors. Three generations earlier, a man who had accumulated wealth in a profession generally purchased real property, or lent his savings on mortgage. These Reserves are most useful if they are held in London, where they must necessarily be wanted whenever there is need to make use of them. The Government of India’s recent attempt to solve the first part of the problem unhappily involved its officers in a good deal of obloquy. The present arrangements, which date from 1896, were made possible by the strong preference of the public for notes over gold and by the provision of the law which permitted the holding of foreign bills as cover for the note issue. REICHSBANK’S HOLDINGS OF FOREIGN BILLS AND CREDITS WITH FOREIGN CORRESPONDENTS ON LAST DAY OF EACH YEAR. Mr.

In each crisis the set of the storm would be determined by the cause which had excited it, but there would not be anything in the nature of bill-broking to attract the advance of the alarm peculiarly to them. 2. These restrictions were originally due partly, perhaps, to a feeling of jealousy on the part of the Court of Directors of the East India Company lest the Banks should compete in business (such as foreign exchange) which the Company regarded as its own; but chiefly from a proper wish that semi–official institutions, in a country so dangerous for banking as India, should be conducted on the safest possible principles.

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