On this account i wish to say as little as is fairly possible of the act


I think I am right in saying that Egypt is now the only country in the world in which actual gold coins are the principal medium of exchange. It shows also that the demand for notes from one year to another has been of a steadier character than the demand for rupees. This will diminish the anomaly, but it will not cure it.

All the governing body of the Bank certainly are not aware of it. But other benefits cannot be obtained easily, so long as these functions are utterly divorced from those of banking proper. For these purposes the gold resources of a country must be centralised. , and they have on an average 31,000,000 L.

Nevertheless, I hesitate as to its expediency; at any rate, there are other plans which, for several reasons, should, I think, first be tried in preference. ‘It is quite true that corn has not been quite so cheap during the present year. In the first place, an hereditary business of great magnitude is dangerous. [5] CHAPTER II THE GOLD–EXCHANGE STANDARD 1.

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