1 MAY 1926, Page 2

A gain of only ten cents in the dollar exchange,

he went . on to point out, saved its on our purchases in the United States over £5,000,000 a year. On our War e' , debt to th United States it saved. us £750,000: There was also . a corresponding saving on the Capital of our foreign invest- ments. Again, the Bank Rate was no higher than it was a year ago, indeed not higher than it often was before the War. Finally there had. been " no sensational exodus of gold." We had reduced our reseities 'merely frOm £154,000,000 to £145,000,000 and no call at all had been made upon the powerful transatlantic credits which had been provided as a precaution.