in their report of September 23 state:
The Bank of England gold. reserve against its note issue is practically unchanged—£121,558, as against £121,557,845 last week.
New York reports the arrival of.
$10,000,000 and 3,000,000 in gold Feet France and London respective-For the reasons detailed in our letter of last week, the arrivals of gold have been negligible. It continues to be in good demand for India. In_this connexion the issue of the "Capital" of Calcutta for August 14, contained the following remarks:—''The run for gold shows no abatement and hoarding is obviously going on without check. A Bombay authority declares that if sovereigns are fixed and made available at Rs. 10 the demand could not be appeased without pouring out sovereigns to the extent of 100 to 200 millions." These figures seem extravagant, but it is perfectly plain that if sovereigns were obtainable from the Indian Treasuries in exchange for notes at the rate of 10 rupees to the sovereign (the new legal tender value) the cheapness of the gold thus secured would so appeal to the Indian people that the drain could not fail to be very great indeed. Meanwhile the gold holding of the Treasuries is diminishing and the silver increasing. The whole metallic reserve is 59 per cent. of the note issue, as compared with 50.1 per cent. four months ago.
Text read from the printed page and cleaned; old type leaves the occasional error.