with the banks obliged by law to give credit to every one who asks for it, and with prices soaring on every addition to currency and credit, what a country this will be to live in, and what a life will be led by those who have to compile and work out the index numbers of the prices of commodities!  Some of us, perhaps, will prefer the jog-trot conservatism of Lord Cunliffe’s Currency Committee, who in their recently issued report[1] (which every one ought to read) recommend that gold should not be used for circulation at present, but that endeavours should be made towards the cautious reduction of our swollen paper currency, and that its convertibility into gold should be maintained.

[Footnote 1:  Cd. 9182, 2d.]

INDEX

Addis, Sir Charles, on banking,
Aerated Bread Co., and bonus issues,
Allies, loans to,
America, effect of war on,
  War finance of,

Bank Act:  its purpose,
  Its suggested repeal,
  Its working,
Bank Amalgamations, progress of,
Bechhofer, Mr, on Guild Socialism,
Bills of Exchange, as basis of issue,
Bonar Law, Mr, on after-war position,
  On capital levy,
  On sale of securities,
British Trade Corporation, formation of,
Brunner, Mond, and bonus shares,
Budget, in 1918,

Canadian Pacific, and bonus issues,
Capital, foreign,
  Levy on,
  Meaning of,
  Supply of,
  War’s destruction of,
Capital Issues, Committee on,
  Licence required for,
  Need to restrict,
  Stock Exchange and,
Cole, Mr, on Guild Socialism,
Cunliffe Committee, report of
Currency:  inflation of,
  International,
  Metals as,
  Origin of,
  Quantity theory of,
  Report on,

Daily News, on capital levy,

Expenditure, Committee on,

France, after-war position of,
Free Trade and British supremacy,

Germany, after-war position of,
  Our claims against,
  War finance of,
Gold standard:  affected by war,
  Faults of,
  Reasons for,
Goodenough, Mr, on note issue,

Hoare, Mr Alfred, on taxation,
Holden, Sir Edward, and the Bank Act,

Inflation, working of,
Interest, rate of,

Kitson, Mr, on currency,

Labour, example set by,
Lawrence, Mr Pethick, on capital levy,
Lees, Mr Edward, on debt redemption,
Lloyds, elasticity of,
London, prestige of,

Macaulay, Lord, on bad money,

New Statesman, on capital levy,

Owen, Senator, on American system,

“Quantity Theory,” of currency,

Reserves, capitalising,
Round Table, on capital levy,

Socialism, and bank amalgamations,
  In light of war,
  Guild,
Stilwell, Mr, on paying for war,

Taxation, as war weapon,
  Increase of, in war,

“War Emergency Workers,” on capital levy,
Webb, Mr, on State banking,