The ultimate solution probably lies in the establishment of a Central Bank for India which shall be the Government Bank and shall hold the banking and currency reserves at the same time.
) and (iii.
Payments out of the bankers’ balances, therefore, correspond with payments in. of deposits, and against this they hold in the funds securities of the best kind. But these are permanent not temporary additions. ‘The importance of these declarations by the Bank is greater, because after the panic of 1857 the bank did not hold exactly the same language. A surfeit of gold can do at least as much damage as a shortage.
But the most strange of all, perhaps, was For an Undertaking which shall in due time be revealed.
per oz. ‘It is interesting to compare the facts of joint stock banking with the fears of it which were felt. But for many non–currency purposes sovereigns are as good or nearly as good as other forms of bullion, and for these purposes the Indian Treasury is the bullion dealer’s cheapest source of supply when exchange is relatively low.