There is a good deal of evidence for supposing that in some parts of the country

It may be said to correspond, therefore, to the London rate for some comparatively short period—say for fortnightly loans. For many years past (since 1875) an annual census of rupees has been taken by examining in each Government Treasury a bag containing 2000. If he wants to replenish his reserve, he may ask for it, suppose, just when the alarm is beginning. But there is another variable cause which produces far more of apparent than of real prosperity and of which the effect is in actual life mostly confused with those of the others. The criticisms of 1893, therefore, are no longer heard, and the Currency Problems with which we are now confronted are new. They are a board of plain, sensible, prosperous English merchants; and they have both done and left undone what such a board might have been expected to do and not to do. Our own Colonial Office have introduced it in the Straits Settlements and are about to introduce it into the West African Colonies. , when the banks are requiring to remit to India, gold will flow.

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