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Dear Money.
MojnoYjiijkè 'every other commodity, that
is gôreriïeâiby ?4¡h6^m\^0r'|«^ply:'r«Bá.^
fötaa^l^to . ifa^jprifea,;>apriM^îiatvis
aiwaVs/more br
It iislnów :|mokea 6i by tbp niau sin the;
street aa'-^fiig ' uncommonly dear, and
there can be no manner of doubt ' thst;;
tfap statement is literally true.' On : this
pöintreT«n were the fact not brought more
ôlos^y boinelo us, the Bank «f England ;
discount rate : to-day, aa well as the rale
Toling outside that institution *for short
feted bills in Êttgbinâ^peàk for them.
«elvéB. London toeing the. nerre . centré
of the inonetary. world tbeioascópht rates;
tfiere rah^^
I between which it nqrmaliy fluctuates, we
maj tate it that money is not merely
I dear, but abnormally so. In such cir- j
cumstances any attempt to borrow j
money either by the individual or by the S
State must be an expensive operation, j
so much so that both will be wise to ab- :
stain, for tbe time being, as far as practi-
cable from approaching the money
lender. The scarceness of money is pro-
bably due to a variety of causes. The
demonetisation of silver, within recent
years, in Austria, Russia, und Japan, |
whatever may be urged against the bi
metaîlists' theory on the whole, muBt
naturally have created an increased
demand in those countries for gold
for purposes of exchange. The neces-
sity which has avisen to meet a
demand for gold from South Africa
instead of the world receiving a supply
therefrom of £1,500,000 per month is
another factor. Again the requirements
of the British Government for war
purposes most drain a vaBt amount of
the world's gold resources, which would
otherwise be available for ordinary
purposes of business. The prospect of
a speedy return to the days of cheap
money is not improved when we reflect
that the Transvaal mines, with their
enormous output, bave been temporarily
closed down, "and are not likely to be in
full operation for several iñontbB at the
earliest* It is, however, cheering to
reflect that the increasing productive-
ness of our own goldfields must con
tribute in some degree to make good
the deficiencies of the Band, which is
now under a cloud.
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