The old money called in from abroad and the new money representing the new saving co-operate

If the Exchange Banks are remitting funds back to London, this shows itself, therefore, in a poor demand for Council Bills; and conversely when they are remitting funds to India, there is a strong demand for Council Bills.

4–3/32d.

[36] We know also how much of this addition is in the form of sovereigns, and how much in the form of gold bars. 3. From 1903 up to 1910 little was heard of proposals for an active encouragement of the circulation of gold.

He says–‘During the interval between the Restoration and the Revolution the riches of the nation had been rapidly increasing. A reserve of the same sort which is needed in England and Scotland is not needed abroad. But a sudden trade of import like the import of foreign corn after a bad harvestor (what is much less common, though there are cases of it) the cessation of any great export, causes a balance to become due, which must be paid in cash. It is only in the case of continuous and considerable depressions that the cause is in action long enough to produce discernible effects.

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