[15] In the course of the last twenty years, however, the Bank of Holland, having got rid of the greater part of her redundant stock of silver coins, has gradually come to rely more on her holding of gold and less on her holding of foreign bills than formerly. In 1892–93 foreign bills at £1,801,409 were about 16 per cent of her resources (excluding silver coin); in 1911–12 they had fallen to £1,389,139 or about 5·5 per cent of her resources (excluding silver coin). But the media of exchange are still notes and silver, and not less than formerly does the Bank pursue the policy of keeping her gold for purposes of export only and of withholding it from circulation. Almost the whole of her stock of gold is in the form of bars and foreign coin. (It should be added, however, that at the end of 1912 there were proposals, in order to avoid fresh coinage of silver, for the introduction of a 5 fl. gold piece.)
[16] The rupee contains ⅜ oz. of silver of eleven–twelfths fineness. When standard silver is at 24d. per oz. the cost of a rupee to the Government is about 9·181d.; at 32d. per oz. it is about 12·241d. The average rate of profit on coinage of rupees from 1910 to May 1912 was about 42% of the nominal value.
[17] See also pp. 199, 200.
[18] For this and other historical details see J. B. Brunyate, An Account of the Presidency Banks.
[19] Mr. Wilson had proposed to invest a high proportion of the reserve (perhaps two–thirds) in Government securities.
[20] I quote this from the Secretary of State’s despatch (Sir Charles Wood, March 26, 1860) criticising Mr. Wilson’s original scheme.
[21] A rearrangement was made in 1910; previous to that date there were four circles and four sub–circles. It is no longer worth while to explain the relations which used to exist between the circles and sub–circles.
[22] For the legal provisions outlined in the following paragraphs see Statistics of British India, part iv. (a).
[23] For some further details see p. 9.
[24] Report of Comptroller of Paper Currency, 1910.