§ 49. Mr. MARRIOTTasked the amount of Treasury notes at present in circulation as compared with the amount of gold and Bank of England notes, respectively, in circulation prior to August, 1914?
§ Mr. BONAR LAWThe amount of currency notes outstanding at 27th February, 1918, was £218,409,536, against which £28,500,000 was held in gold. The total amount of Bank of England notes outstanding on 29th July, 1914, was £55,121,405, of which £29,706,350 were in circulation and £25,415,055 in the reserve. There are no accurate statistics of the 2119 amount of gold in circulation at the outbreak of war, but the amount in the hands of the banks and the public, exclusive of gold held by banks of issue against their note issues, is estimated at about £120,000,000.
§ Mr. D. MASONIn view of the continuous protests of Members of this House, on all sides, and outside, is there any prospect of the Government discontinuing the contininuous issue of these notes?
§ Mr. BONAR LAWI have not been conscious of any such state of feeling, except in the case of the hon. Member himself.
§ Mr. PETOIs it not the fact that in view of the increased cost of the War it is an absolute necessity that we should have a larger circulation of paper during the War?
§ Mr. BONAR LAWI should have thought that it was very evident that there must, at all events, be an increased circulation to meet the increased demands.