weekly circular dated London, Fel ruary 18, states that gold continues to accumulate in the reserves of this country, for, although today's figures show a reduction with regard to the reserve of the Bank of England, just as has been recorded for the past three weeks, a fresh million sterling has been placed each week to Che Special Reserve against Treasury Currency Notes.
"Receipts were announced by the Bank of England as under Feb, 1! £1,0'8 0 in bar gold. 25,000 in bar gold "Withdrawals were made as un-
Feb. 11... 200,000 in bar gold.
IED 43,00 in foreign coin HTL 1,(00\c00 in gold' set aside account of rency Kate Re serve (making "During the week the net reduction balance is therefore "A period has now arrived when comparison of figures connected with the Indian Currency system, before and after the outbreak of war, is worthy of consideration, I shock of war, which naturally arrested trade and aroused anxiety in the mind of Indians as to its effect upon the currency, has now spent its force. The movements of Indian Exchange are guided, and are likely to be guided primarily by the operations of trade, which are now distinctly in favour of India.
"The allotments of Council Bill: yesterday were made at the sal tory rate of 18. 4 1/32d.—the highest touched since the beginning of hostilities. This compared with 1s. 41/16d. on February 18, 1914.
"True, the amount offered this week was only 30 lakhs, but special applications have been made freely for several weeks past, after the allotments against tenders had been made. It is expressive of the confidence held in official quarters that less than 60 Inkhs have been offered for tender on next Wednesday. This confidence is evidently justified by the fact that 2 lakhs were applied for at 1s, 4 3/32d. immediately after the increase was made public. So much for the exchange figures.
"If the statistical position of the Indian currency be examined, there is every reason to feel assured that the stability of the currency rests upon solid ground.
"'Appended are figures, expressed in millions sterling, by means of which comparisons can be drawn Reserve of Gold.
Text read from the printed page and cleaned; old type leaves the occasional error.