0 the amount of gold held by a national bank, used for dealing with the national banks of other countries --
Logically speaking, no gold reserve is absolutely required against them because notes are not now exchangeable for gold.
The gold reserve improvements of the past three months have nothing like replaced the gold losses of the summer and autumn.
Briefly, since we have been deprived of some time, let us look at the gold reserve.
A gold reserve is very necessary to act as a sort of cushion to iron out the unevenness in the processes of international trade.
I do not think it is practicable to increase the gold reserve held against currency notes at the present moment.
She has already lost half her gold reserve since military operations started, and her trade has dwindled.
The gold reserve will be in bulk or in the form of sovereigns.
The gold reserve today is far too small.
