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By R. M. Goodwin (auth.)

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There is no reason to expect this and no marked evidence that it occurred. 1 For large changes inC, and given sufficient time, the marginal value of p does tend to be closer to its average value. 2. For the longer periods p tends to be more stable and hence more useful, but scarcely stable enough to give any confidence that it could be used for prediction. NOTES l. I shall refer throughout to the Report of the Committee on Finance and Industry by this better-known title. 2. Bank of England Statistical Summary.

24 The parameter p is the one that is ultimately the interesting one. If N is always proportionate to D, then C and the ratio, {3, determine the amount of money. If N is always proportionate to the D of a fixed time interval previous, there is created the possibility of endogenous oscillation in the amount of money, as suggested by Mr Hawtrey. In neither of these cases does the proportion ex appear to be constant in this period. From year to year the changes in the public's cash are by no means even in the same direction as those in deposits, to say nothing of being proportionate.

The result was that even with drastic curtailment of the size of their holding of bills the banks faced a falling bill rate which at one point in August came down to i per cent. They then took the non-competitive action of agreeing not to buy bills below certain rates. This forced the banks into a difficult position. Their actual distribution of assets is always a compromise between the profitableness of advances and investments, and the liquidity of cash, bills, and money at call and short notice.

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