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A credit standard has, of course, resulted in inflation beyond that which would have resulted simply from conditions affecting the demand and supply of goods. A comparison of bank deposits is of interest in this connection. The total deposits of the leading banks of the United Kingdon (other than the Bank of England) amounted to about £1,000,000,000 on December 31, 1913, and at present these deposits are in the neighborhood of £2,000,000,000. A similar rate of increase is shown by the amount of legal tender in bank reserves and circulation. The amount of such legal tender (other than subsidiary coin on June 30, 1914) was as follows:

Fiduciary issue of the Bank of England..

Bank of England notes issued against gold coin or bullion..........
Gold coin held by banks (excluding gold coin held in issue department
of Bank of England) and in public circulation.

Total...

£18, 450, 000 38, 476,000

123, 000, 000

179,926, 000

On July 10, 1918, the corresponding amounts were as follows:

Fiduciary issue of the Bank of England.

Currency notes not covered by gold

Bank of England notes issued against coin and bullion.

Currency notes covered by gold.

Gold coin held by banks (excluding that held by issue department of

Bank of England)..

Total.....

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Bank deposits and legal tender have thus increased in about the same ratio during the war as prices-100 per cent.

The currency and foreign exchange committee above mentioned urges in its report the necessity for the resumption and maintenance (actually as well as in theory) of the gold standard. A cessation of Government borowing, with its consequent expansion of credit, is strongly advocated as soon as possible, since the control of the currency on a strictly gold basis is very difficult to accomplish while almost unlimited borrowing is in progress. The use of the Bank of England discount rate to control depletion of gold reserves by export is urged. The necessity of a legal limitation of the note issue is pointed out; and the creation of a minimum central gold reserve of £150,000,000 is very strongly recommended as soon as world conditions will warrant this development.

Further amalgamation has been a recent tendency in English banking. The fusion of the London Provincial and South Western Bank and Barclays Bank is a noticeable example. These two banks have approximately 1,000 branches.

The war has not prevented the continued growth of British foreign banking facilities. The London and Brazilian Bank, for example, is said to have established two additional branches in 1918. Reports of new British banks in Palestine, Mesopotamia, and elsewhere are

current.

Very recently (Mar. 28, 1919) an order in council was issued absolutely prohibiting the export of gold coin or bullion to any destination. Previously the gold embargo has been enforced by a sort of "gentleman's agreement" among financial interests. This order, coupled with the recent development of free exchange rates, is quite likely to check the import trade seriously unless further foreign credits are secured. It may be that these measures are intended to bring about just such a situation.

Appendix A.-PRINCIPAL IMPORTS INTO THE UNITED KINGDOM FROM THE UNITED STATES, 1913 AND 1917, ACCORDING TO QUANTITY AND VALUE.1

(NOTE. All items listed in the British trade statistics totaling 1,000 tons in weight or having a value o £100,000 are included.]

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APPENDIX A.--PRINCIPAL IMPORTS INTO THE UNITed Kingdom FROM THE UNITED STATES, 1913 AND 1917, ACCORDING TO QUANTITY AND VALUE—Continued.

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APPENDIX A.-PRINCIPAL IMPORTS INTO THE UNITED KINGDOM FROM THE UNITED STATES, 1913 AND 1917, ACCORDING TO QUANTITY AND VALUE-Continued. FREE OF DUTY-Continued.

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APPENDIX A.-PRINCIPAL IMPORTS INTO THE UNITED KINGDOM FROM THE UNITED
STATES, 1913 AND 1917, ACCORDING TO QUANTITY AND VALUE-Continued.
FREE OF DUTY-Continued.

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