As I have said before, most of the shroffs do not like to sake deposits even at 3 per cent.
For about 7 months the rate is generally below poor credit score loans Kentucky 6 annas per cent, and for 5 months below 4 annas per cent.
The shroffs do not feel that if the business is secure and good they cannot meet the demands for accommodation. Of course they decline to do business with the village money lender or the agriculturist since the passing of the Land Alienation Act owing to the unacceptable nature of poor credit score loans Kentucky the security. The banking business of this place is either with the important places in the Native States or with Bombay and Calcutta and to a small extent with Karachi. Money does not come at any time of the year from Calcutta or Bombay for employment in Ajmer-Merwara, hut during the months of December to March money does flow from the branches of indigenous shroffs in Native States to Calcutta and Bombay for more profitable employment there, and in the month of April it returns back to the Native States when it is no longer required there. The three leading indigenous bankers of this place have got very little investments in Ajmer-Merwara.
Their main business is in the Native States or in Calcutta or Bombay. Money does flow from one branch to another of these indigenous shroffs on a difference of 2 annas per cent. Their hundi rate varies generally between 4 - annas per cent, in the riionths of June, July and August and September and about 6 annas per cent, in the busy season. The rates in the money market of Calcutta and Bombay do not lead to a change in the rates here. So far as the rates of interest on loans are concerned, the rates charged to various parties by each indigenous shroff poor credit score loans Kentucky are more or less permanent. They do not change with the changes in the rates of interest in Calcutta or Bombay money market -or even with the varying rates in the seasons, but if there be a difference of 2 annas per cent, in Kundi business in the various centres, money would flow from one place to another. Summary of an interview with bullion dealers and indigenous bankers of Ajmer.
The statements contained in the subsequent paragraphs were made- by the following bullion dealers and indigenous Bankers:— 1. Gold and silver is imported into this city entirely from Bombay. Very little of the gold imported here goes into the neighbouring Indian States. Gold is also imported directly from Bombay into Beawar, Nasirabad and Kekri.
A few persons of the surrounding area do buy gold in retail from us also but no wholesale dealer of these places gets his gold from us. Last year gold imports into Ajmer amounted to 10,000 tolas and silver 18 lakhs of tolas.
We deal in both wholesale and poor credit score loans Kentucky retail trade in silver and gold. About 10 annas of this is consumed in the city and the remaining 6 annas by the villagers. The imports into Ajmer are greater than into Beawar and Kekri, Ajmer being a larger city. There are 60 shops in Ajmer of gold and silver dealers. Last year in addition to- the imports from Bombay about 500 tolas of gold per month on an averago were sold out of the accumulations of people in previous years.
In the best years, like 1920, the gold imports may rise to three times the gold imported last year in Ajmer.
In 1920 and 1921 people indulged in speculation and in some months the sale of gold went up to even 10,000 tolas. In our opinion an ordinary cultivator working on his poor credit score loans Kentucky own iand has got in the shape of ornaments on the person of his wife about 20 tolas of gold, and 5 to 10 tolas in the shape of ornaments on the person of his children.
There is no distinction in this respect between an ordinary cultivator working on his own land and the ordinary tenant cultivator or even an agricultural labourer. The wife and children of a small shopkeeper in a village have about ll times as much gold on their persons. The families of the labourer class in the cities, e. Generally the town labourer is in a better economic position than a village cultivator.
These various classes of people buy gold not as a form of investment but as a form of necessary expenditure according to their social customs. In our opinion money locked up in ornaments is not intended as an investment of the savings of the people. In fact people practise great economy in order to have a few ornaments as part of the necessary expenditure in social life. Thirdly, when we have got a current account with the Imperial Bank, if we fail to send an immediate reply to their balance verification letter, which some of us do not sometimes understand, our accounts arc transferred to Bombay with the result that when we go to ask for money we are told that the account has been transferred to Bombay and money will be paid only when it is re-transferred. Fourthly, the general behaviour of the bank officials, and their planner of dealing with the clients are like those of high officials, involving waiting and loss of respect. There arc no decent waiting rooms and no chairs even for respectable persons who have to wait pretty long in order to complete their transactions. Sometimes by the time the bank peon informs us that the need money now Ohio railway receipt has come and we reach the office, we are told that the time is up, while in dealing with an indigenous banker we can get the railway receipt as soonl as we go to him. We consider that the poor credit score loans Kentucky extension of the Imperial Bank has done great harm not only to the indigenous bankers but also to the public and the merchants here.
Before the opening of the branch of the Imperial Bank in Ajmer money used to flow from the various centres in Rajputana, Jodhpur, Jaipur, with the slightest difference in the hundi rate on Bombay from these various centres.