[123] These quotations are derived from Mr. Brunyate’s Account, loc. cit.
[124] In their Despatch dealing with the Report of the Fowler Committee (August 24, 1899) the Government of India went so far as to declare that the constitution of a State Bank, by the amalgamation and absorption of the three Presidency Banks, was desirable. For the circumstances and discussions which led up to the ultimate abandonment of these ideas, see “Papers relating to the Proposed Establishment of a Central Bank in India (reprinted from the Gazette of India and Supplement, dated the 12th Oct. 1901).”
[125] I am indebted for the preparation of this chart to Mr. H. Bellingham of the India Office.
[126] The Bengal Bank Rate was at 7 or 8 per cent from November 28, 1912, to April 17, 1913, and the Bombay Bank Rate at no less than 8 per cent from December 27, 1912, to April 8, 1913.
[127] The Bank of England’s rate was 5 per cent, with the market rate well up to the Bank Rate; and the difference between the current rates for money in London and India was probably, for the time of year, not much greater than usual.
TRANSCRIBER’S NOTES:
—Obvious print and punctuation errors were corrected.
—The transcriber of this project created the title page image using the front cover of the original book. The image is placed in the public domain.