1. The Indian authorities have undertaken a double responsibility.

The conditions prevailing in the Indian Money Market in the period immediately preceding 1898 were in many respects very abnormal.

The Presidency Banks publish an official minimum rate of discount, in the same manner as the Bank of England.

Parts of this chapter raise, unavoidably, matters of much greater difficulty to the layman than the rest of the book.

“The arrangement would not last for any appreciable period unless, as a preliminary, the Governments took the necessary steps to balance their budgets.

Transactions in “spot” exchange are for cash—that is to say, cash in one currency is exchanged for cash in another currency.

The reader should notice, further, the different parts played by discount policy under the one régime and under the other.

It is natural, after what we have experienced, that prudent people should desiderate a standard of value which is independent of Finance Ministers and State Ban

A method for regulating the supply of currency and credit with a view to maintaining, so far as possible, the stability of the internal price level

It is necessary to presume to begin with that we are dealing with countries which have not lost control of their currencies.