‘the demand in this case arose in the most effective of all ways


During the eventful weeks in November 1907, when the Bank of England rate stood at 7 per cent, the Bank of Bengal rate did not rise above 6 per cent. What part of this total is employed for ornament, what part for hoarding, what part is melted down, and what part is left truly to serve as currency? In the first place it is estimated that about £1,000,000 “shield” sovereigns are now imported annually. They ought to know that this bold policy is the only safe one, and for that reason they ought to choose it. The Financial Secretaryship is an incident in the career of a successful civilian.

In the first place, an hereditary business of great magnitude is dangerous. On the Continent there has been a stiff controversy as to whether credit should or should not be called capital:’ in England, even the little attention once paid to abstract economics is now diverted, and no one cares in the least for refined questions of this kind: the material practical point is that, in M.