Between 1894 and 1904[115] no new Banks were founded with as much as 5 lakhs of paid–up capital. But since 1904 there has been a great outburst of fresh activity, and a type of Bank new to India has become important. The way was led in 1904 by the foundation of the Bank of Burma. This Bank failed in 1911, two directors and the general manager being found guilty of cheating and sentenced to imprisonment in 1913. In 1906 three Banks were founded, all of some importance,—the Bank of India (under important Parsee auspices), the Bank of Rangoon, and the Indian Specie Bank. Until 1910 these three Banks remained alone amongst the new creations in having a paid–up capital in excess of 15 lakhs (£100,000).[116] Since 1906 numerous Banks have been started, amongst the most important of which in respect of paid–up capital may be mentioned the Bengal National Bank (1907), the Bombay Merchants’ Bank (1909), the Credit Bank of India (1909), the Kathiawar and Ahmedabad Banking Corporation (1910), and the Central Bank of India (1911). The main object of most of these Banks is, of course, to attract deposits (though some of them are almost as much concerned at present with placing a further part of their unissued capital). For deposits fixed for a year the rate offered varies, as a rule, from 4½ to 5 per cent, the newer creations generally favouring the higher rate. Some Banks offer 6 per cent. About the rates for shorter periods there is more vagueness. On current accounts 2 per cent is generally allowed, though the eagerness of some of the newest Banks has led them to offer 2½. I have the advertisement before me of a Bank which offers 3 per cent on the daily balance, and up to 6 per cent on sums deposited for longer periods; at the head of the advertisement appears in large letters—Capital, Rs. 50,000,000; but it appears below that applications for shares are invited, and the paid–up capital is probably negligible. Some Banks advertise such advantages as “Special Marriage Deposits, 50 per cent added to Principal in five years’ time.”[117] 4½ per cent on deposits fixed for a year and 2 per cent on current accounts in excess of a certain minimum are very likely reasonable rates to offer in Indian conditions, provided that the funds thus attracted are not used for speculation and that adequate reserves are maintained in a liquid form. It is in this respect that the more substantial of these Banks are chiefly open to criticism. The official statistics are, unfortunately, very much out of date. But for the Banks which had a paid–up capital and reserve of at least 5 lakhs the available figures up to 1910 are as follows:— INDIAN JOINT STOCK BANKS