, and are, therefore, available to the public two or three years after the period to

Wool–South Down hogs per pack 13 0 0 21 15 0 Cotton–Upland ordinary per lb.

(b) The figures for 1911 and 1912 are not taken from the same returns as the rest, and are not quite strictly comparable with them in one or two details. These largest ordinary payments of the Government are the dividends on the debt, and these are mostly made to bankers who act as agents for the creditors of the nation. Peel wrote to him a letter of which the following is a part: ‘We have been placed in a very unpleasant predicament on the other question–the issue of Exchequer Bills by Government. We know the laws of its changes peculiarly well: we can tell when its principal changes will happen with great accuracy; and we know that at such changes most of what is paid away by the Government is only paid to other depositors at the Bank, and that it will really stay at the Bank, though under another name. And in this subject, fortunately, there is a most conspicuous case near at hand. ) Loans and Advances Reserve Fund 1½ │ in London 3 │ (ii.

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