This years "Monetary Review," which has just been published by the Economic Intelligence Service of the League of Nations, describes the various Government measures adopted since September 1939 to control the exchanges and to mobilise foreign assets, to deal with the abnormal demand for liquidity in general and for notes and coin in particular, and to meet the exceptional loan requirements of the State; and it examines the influence of these various factors on the monetary supply and on the cost of credit. The first chapter presents, more especially, a survey of recent movements in exchange rates and a comprehensive analysis of the war-time restrictions on foreign payments and capital transfers. The second is mainly concerned with the war-time liquidity problem and with the measures taken, accord ing to circumstances, to check or to satisfy the demand for liquid resources and means of payment Stock exchange and banking regula-Tons are discussed in this connection, as well as moratoria and special credit facilities, issues of new kinds of currency, and changes in central bank legislation designed to remove the traditional limitations on the note issue. There follows a chapter on war finance and the money market, describing the methods of Government borrowing in a large number of countries, and calling special attention to the part played by central and commercial banks in Government financing. The fourth chapter deals with the resulting expansion in the volume of currency and credit, and points out significant movements in discount rates, bond yields and share price: Recent currency measures in Czecho-Slovakia, Danzig and Poland are summarised in a supplementary note. There is, as usual, a substantial appendix, in which the international monetary statistics are assembled in a convenient and comparable form. The volume fully maintains its previous standard as regard the number of countries dealt with and the variety of topics discussed. Frequent comparison is made this time with 1914. The Leagues "Monetary Review" has been referred to in the past as "a veritable blue-book of international finance,"
Text read from the printed page and cleaned; old type leaves the occasional error.