Financial Notes
(Continued from page 10S4)
BANK OF ENGLAND CIRCULATION.
Much has been made in certain quarters of the fact that a fresh record has been established during this week in the matter of the total of Bank of England notes in circulation. The figure published in the latest Return was 2419,404,000, and a still higher point will doubtless be touched in the next Return made up immediately before Christmas, when the ex- pansion in the circulation is of course quickened by requirements for Christmas purchases. While, however, there is no doubt that much of this expansion in the note circulation can be attributed to increased spending power resulting from a more profitable year in industry, I am inclined to think that some part of the expansion established earlier in the present year must be due to a certain amount of hoarding by foreigners
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