Just so, an immense system of credit, founded on the bank of england as its pivot

Yet in the course of that month there was a premium on gold of about ¾ per cent in France, Germany, Russia, Austria–Hungary,[9] and Belgium. On the other hand, supposing that this single depositor is one of calculable habits–suppose that it is a public body, the time of whose demands is known, and the time of whose receipts is known also–this single liability requires a less reserve than that of an equal amount of ordinary liabilities.

, and that the private deposits were only 17,127,000 L. Nor, even if it were possible really to supervise a business by the effectual and constant inspection of fifteen or sixteen rich and capable persons, would even the largest business easily bear the expense of such a supervision. ) = £m5½. Great railway companies are managed upon no other. The bill brokers lend most of their money, and deposit the remnant either with the Bank of England or some London banker. Nevertheless the calculations of Mr. It has been necessary in the immediate past to use the Paper Currency Reserve as a part of the general reserves held for ensuring the absolute stability of the rupee.