8.—3.

Laissez faire, 145. Lands Department, 301-304. Legacies, 327. Lending, Government Departments, 299-305. London, external trade cleared through, 21 ff. balances, 23. ■ the controlling factor, 25. • pressure on, 27. ■ changes in, 28. managing gold standard, 201. funds, 220-230, 325-327, 359. Macmillan Report, 97. Committee, 201, 334. Malaya, 387. Manufacturers' Federation, 317. Market Hall (see Guernsey Island scheme). Monetary policy, 158, 403. no conscious, 54. Money, a device, 13. defined, 366. incomes of primary producers, 137. —— market, short-term, 61. Mortgage Board, Government, 304. Napoleon, 384, 385. National appreciation and depreciation, 269, 282. Credit Fund, 269, 285. Credit Authority, 269. debt, 382, 383. dividend, 269. Provident Fund, 300. " Natural," 308, 325. New York, 201. Non-monetary factors, 96-106, 362, 363. Note-issue, scope to expand in New Zealand, 25. prerogative of Crown, 67. Open market operations, 60-64, 186. Overdraft, unused, 30, 45. reduction in rate essential, 59. Overseas Payments Board, 143, 146, 352, 354. prices, 157. debt, 16, 273. " Pegged " exchange, 308. Policy for New Zealand, 158. Post Office Savings-bank, 75. Price-level, 124-140. control of the, 141-158, 403. —-—• inequalities, 130. stable, 192. a stable internal, 131-139, 185-189, 389. Prices, unbalanced, 129. Price Regulating Factor, 269, 285, 286, 287. Printing-press, 150, 161, 174. Production, volume of, 15, 16. total of, expanding with bank credit, 24. monetary, 30. no shortage of, 38. Profits, expectation of, 40. • —— banks, 83. Psychological factor, 40. Public Trust, 300, 303. Public works, 293-298. Purchasing-power, 14, 17, 105, 266. alleged deficiency of, 269, 275, 282. parity theory, 211, 213-217, 220, 358. Quantity theory of money, 160-164, 167, 356.

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