[77] my conclusion, rather, is that the reserves should be allowed to reach some such figure

By the end of 1912 they had sunk again to a more normal level. You may often hear in the market that bills are not to be had, meaning good bills of course, and when you hear this you may be sure that the value of money is very low.

It is impossible to say everything at once, and an author must needs sacrifice from time to time the complexity and interdependence of fact in the interests of the clearness of his exposition.

J.

I will conclude this chapter with some statistics. The Gold–Exchange Standard arises out of the discovery that, so long as gold is available for payments of _international_ indebtedness at an approximately constant rate in terms of the national currency, it is a matter of comparative indifference whether it actually _forms_ the national currency. That bank lent this balance at its own discretion, to bill-brokers or others, and it formed a single item in the general funds of the London market. There is a considerable ambition to fill the office. represented by bullion.

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