By Wadan Narsey
Wadan Narsey explores how nice Britain sustained monetary supremacy within the foreign economic climate within the latter a part of the 19th century, whereas additionally retaining its dedication to maintaining the pound sterling absolutely convertible to a set volume of gold.
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Additional resources for British Imperialism and the Making of Colonial Currency Systems
These events are shown to totally undermine the alleged logic in creating the currency boards decades earlier. The historical record points to the protection of sterling as being the central objective of imperial decisionmakers at all times, both in its rise and decline. Central to this protection was the use of colonial currency board policies to maximize colonial sterling balances invested in London (while minimizing their earnings), and the maximization of the holdings of short-term British Government securities, all under the effective control of the British Treasury and Bank of England.
In the imperial interest, the colonial authorities in London went to the extent of anonymously and openly rebutting the academic criticisms, while fostering and manipulating alternative studies. Generalized Misconception 12. Britain insisted that colonial currency reserves hold minimum proportions of gold coin held in London, because the authorities wished to create gold standards or gold exchange standards in her colonies. The reality is that imperial authorities maintained non-interest earning gold reserves held with the Bank of England or invested specifically in British Government securities primarily to support sterling.
The Bank’s proposal to make its notes inconvertible and for Government to issue Exchequer Bills was rejected by the Government. Following great commercial distress, the Bank was eventually allowed to issue notes beyond its limits, on securities and goods. 28 28 British Imperialism and the Making of Colonial Currency Systems In the late 1820s and early 1830s, with the City finding investment abroad more profitable than possibilities at home, the Bank’s gold reserves continued to be drained, exacerbated by the collapse of speculative ventures such as the South American gold mines, and the default of large international borrowers.