And in this theory there is doubtless much truth, though it can only be applied in

) the excess of exports over imports, including treasure, _i. If there is great stringency in the London Market and London is in urgent need of funds, the use of the last two methods can be so much restricted that India can be practically forced to pay what is owing in gold.

The other point is a trifle and reflects, perhaps, on a curiosity of our economic organism rather than on the India Office. I have said that the cost of sending gold to India does not generally exceed ⅛d.

By far the most careful and valuable discussions of the question are to be found in the Reports of the Comptroller–General of Paper Currency for 1910–11 (written by Mr.

I deal only with the primary pre-requisite of effectual foreign payments–a sufficient supply of the local legal tender; with the afterstep–the change of the local legal tender into the universally acceptable commodity cannot deal.

) = £m1½, may be regarded perhaps as equally available in either centre. . it is certainly more profitable to get gold bullion in London, and when they are at 1s.

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