31 DECEMBER 1937, Page 30

* * * * CHRISTMAS SPENDING.

While by no means underestimating the increased spending power this last Christmas, arising very largely, it is good to know, from the greater number of the employed, I think that rather too much has been made of the fact that the Bank of England Active Note Circulation has touched the record figure of just over £5o9,000,000. This compares with L474,000,000 two years previously, but it has to be remem- bered that during those two years there has been a tremendous hoarding of bank notes on foreign account, and this, of course, has increased the Active Note Circulation as a whole.

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