There have been few public pronouncements of policy on the part of government, and the legislative

The beneficial results of the improved policy of the Bank were palpable and speedy.

But Mr. , more drastic measures are necessary. │Active. 14. ) The existing divorce between responsibility for the note issue and that for banking generally is contrary to modern banking practice, and is, in several respects, a source of weakness.

4-1/32d. I believe that such a person would give to the decision of the Bank that foresight, that quickness, and that consistency in which those decisions are undeniably now deficient. A theorist may easily map out a scheme of Government in which Queen Victoria could be dispensed with. 6.

Those who give much to their customers have of course less left for their shareholders. The banking history of England has been the same, though we have no country bank accounts in detail which go back so far. If the Bank reserve has once become low, there are, in a panic, no means of raising it again. The payment of the dividends for the Government is, therefore, in great part a transfer from the account of the Government to the accounts of the various bankers.

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