If the bank reserve has once become low, there are, in a panic, no means of

Judging from the course of prices, I think he must have made an excessive allowance under this head. The Governor of the Bank said: ‘A great strain has within the last few months been put upon the resources of this house, and of the whole banking community of London; and I think I am entitled to say that not only this house, but the entire banking body, acquitted themselves most honourably and creditably throughout that very trying period. For example, after the recent robbery of sovereigns in transit from London to Alexandria, the ordinary rate quoted on gold, consigned by the route (Bremen and Trieste) by which the stolen gold had been sent, was doubled, rising from 1s. And some writers have endeavoured to classify panics according to the nature of the particular accidents producing them. F. Since these samples are likely, therefore, to contain an undue proportion of recent issues, estimates of the total circulation, which are based on them, may be expected to fall short of the truth rather than to exceed it.

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