RECORD NOTE CIRCULATION.
If evidence of a continuance of trade activity were required, it is certainly to be found in the rise in Home Railway traffics and in the continued expansion of the Bank of England Note Circulation. Last week's Bank Return showed that this Circulation had attained the record figure of just over £503,000,000, and while some part of the increase is to be associated with the hoarding some year or two ago of bank notes on French account, it is also undoubtedly connected with increased volume of employment and consequent in. creased spending power throughout the country. I have little doubt that by the end of this week there will have been a considerable return of Bank of England notes from circulation by those who have returned after the Bank Holiday week, but, even so, the present figure of the Circulation is about £50,000,00° above the level of last year, while if comparison were made with two years ago the expansion is no less than £92,00o,000.
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