If the season had turned out poorly, it is clear that the secretary of state must

The French are still in the same epoch of the subject. Hankey) advocate an erroneous policy. , the Bank must begin to take precautions when the reserve is between 14,000,000 L. 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. ” The despatch reads as though it were an attempt to reconcile divergent and contradictory views which had received expression. │ 1907–1908. But their constitutions are exceedingly out of date at the present time. But my object now is not to revive a past controversy, but to show in what an unsatisfactory and uncertain condition that controversy has left a most important subject. , and when it begins to be diminished by foreign demand, the Bank of England should, I think, begin to act, and to raise the rate of interest. Why does any bank publish an account? In order to satisfy the public that it possesses cash–or available securities–enough to meet its liabilities. The staff would have to be maintained in idleness for a large part of the year at considerable cost to the Indian Exchequer. It is managed by the partners; now these are generally rich men, are seldom able to grapple with great business of detail, and are not disposed to spend their whole lives and devote their entire minds to it if they were able. FORBES, Chief Cashier. , the payment of 100,000 L.

When the trade of Banking began to be better understood, when the Banking system was thoroughly secure, the Government might begin to lend gradually; especially to lend the unusually large sums which even under the most equable system of finance will at times accumulate in the public exchequer. │ and Rest. As far as prosperity is based on a greater quantity of production, and that of the right articles–as far as it is based on the increased rapidity with which commodities of every kind reach those who want them–its basis is good.

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