In the event of an internal financial crisis in India the Exchange Banks are probably depending on the anticipation that they will be able to remit funds from London by telegraphic transfer. In this case they rely on not being hard pressed in India and in London at the same time. An Indian reserve, such as they appear to keep, of from 18 to 20 per cent would be respectable, for example, in England. But in such a country as India, where banking is ill–established and hoarding more than a memory, the proportion held in reserve seems somewhat lower than perhaps it ought to be. Possibly Exchange Banks have already been in smooth waters longer than is for their good. There are famous dates in the history of Indian banking which should serve as a _memento mori_. 18. When we turn to the assets and liabilities of the Exchange Banks in England we find reason for supposing a much stronger position; for the bulk of the bills of exchange held are probably domiciled in London and may be regarded, therefore, as liquid London assets.[108] The following table sets out the figures relating to deposits, leaving out the Hong Kong and Shanghai Banking Corporation, because, although its Indian business is important, this can only be a small proportion of its total business. I include all the other Banks given in my first group (see p. 207) although the non–Indian business of the Chartered and National Banks cannot be accurately allowed for. FIXED AND CURRENT DEPOSITS (IN £1,000,000) ┌───────────────–┬────–┬────–┬────–┬────–┬────–┬────–┬────–┬────–┬────–┐ │ Bank. │1900.│1905.│1906.│1907.│1908.│1909.│1910.│1911.│1912.│ ├───────────────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┤ │ │ £m.│ £m. │ £m. │ £m. │ £m. │ £m. │ £m. │ £m. │ £m. │ │Chartered │ 9¼ │ 11½ │ 13¼ │ 12¼ │ 12½ │ 13¾ │ 15½ │ 16¼ │ 18 │ │National │ 6 │ 9 │ 9¾ │ 10¼ │ 10¼ │ 11¾ │ 12¾ │ 13 │ 14 │ │Mercantile │ 1½ │ 2¾ │ 3¾ │ 3½ │ 3½ │ 4½ │ 5¼ │ 5½ │ 5½ │ │Delhi and London│ 1¼ │ 1¼ │ 1¼ │ 1½ │ 1¼ │ 1¼ │ 1½ │ 1½ │ 1½ │ │Eastern │ ... │ ... │ ... │ ... │ ... │ ... │ 1¼ │ 1¾ │ 2 │ ├───────────────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┼────–┤ │ Total │ 18 │ 24½ │ 28 │ 27½ │ 27½ │ 31¼ │ 36¼ │ 38 │ 41 │ └───────────────–┴────–┴────–┴────–┴────–┴────–┴────–┴────–┴────–┴────–┘ The total cash in hand and at bankers held by these five Banks at the end of 1912 was about £m7¾. I estimate that in 1910 these Banks may have held _outside India_ about £m23 in deposits and about £m5 cash in hand and at bankers.