Publisher's Synopsis
The financial history of India during the last quarter of the 19th century and up to World War I was chequered. It still provides text-book paradigms and literary illustrations of the hazards of a depreciating currency, and the contrasting advantages of a stable international exchange mechanism. The Presidency banks played a central role in the money market of India during this period.;This is the first book that examines the role of Presidency banks in the Indian money market and the relations between the Presidency banks, the exchange banks, and the international payment mechanism prevailing at the time. Some of the conventional notions of the causes and consequences of a depreciating rupee are upset in the process; so are some of the ideas on the advantages of a gold exchange standard.
