If the demand is large and the minimum rate of allotment high (say 1s. 4–3/32d.), the amount offered for tender the following week (which is announced at the same time as the result of the previous allotment) is likely to be increased. In the interval between the allotments on successive Wednesdays, the Secretary of State is usually willing to sell what are known as “specials” at a rate 1/32d. higher than the highest rate of allotment on the preceding Wednesday. 4. It should be added that cash must be paid for the bills in London as soon as they are allotted; but, on account of the time taken by the mail, they cannot be changed into rupees at Calcutta for about a fortnight. A fortnight’s interest is therefore lost, and it is worth paying extra to obtain what are called “telegraphic transfers,” by means of which rupees can be obtained at Calcutta almost as soon as the sovereigns are paid into the Secretary of State’s account at the Bank of England. The Secretary of State, therefore, is usually willing to sell telegraphic transfers at a rate 1/32d. per rupee higher than the rate for bills.[52] If the purchaser chooses transfers, the effect to him is that he gets his rupees a fortnight earlier in India and pays for this privilege a sum equal to 5 per cent on the money for a fortnight. The question, whether it is worth the purchaser’s while to pay this extra sum, chiefly depends upon the Indian bank rate, because this governs the amount of interest which can be gained by having the money immediately available in India. It may happen, of course, that a particular bank may have a special urgency for funds in India, or that the rate for fortnightly loans does not closely agree with the bank rate. Generally speaking, however, if the purchaser can lend money out at no higher rate than 3 per cent in India, he will certainly prefer bills; but if he can lend at 7 per cent in India, it will be more profitable for him to buy transfers. Experience accords with these expectations. When the Indian bank rate is high and the difference of 1/32d. between the two prices is in force, the demand is almost entirely for transfers. This is convenient to bankers, and, if he has the rupees waiting in India, profitable to the Secretary of State. 5. The bills and transfers are made payable at the option of the purchaser at Calcutta, Bombay, or Madras. The amount drawn on Madras is relatively small, and Calcutta comes first, with about 45 per cent of the whole.