B —3.

Rate of exchange, 306-338, 403. Rationing of exchange, 403. Rebate, 288, 289, 290. Rediscounting, 260. Report of Economic Committee, 323. Reserve Bank, 48-67, 69, 70, 91, 154, 190, 306, 338, 361, 371, 396, 403. of New Zealand Act, 49, 52, 53, 69, 91, 92. Amendment recommended, 62. Reserves, 253, 256, 260, 386. Retail prices, 307. Ricardian theory, 213. Robertson, D. H., 184. Royal Mint, 367, 397. Rural Intermediate Credit Board, 301-303. Saving, 233-237, 298. Short-term money-market, 61, 73. Small Farms Board, 302. Socialization of banking, 92-94, 344, 345. Socialized State, 152, 346. Socializing losses, 195. South Africa, 87, 207. Soviet Russia, 147-149, 169, 171, 173, 180, 235, 287, 346, 353. Standard of living, 236, 240. State, the relation of, to the banking system, 81-95. Advances, 301, 302, 304. Superannuation Fund, 300. Fire Insurance, 94, 300. Sterling balances, 190, 372, 396. ■ —•— Exchange standard, 21 ff, 51, 53, 308, 371. funds, 39. —•—■ strong position of Reserve Bank, 56. Stock and station agents, 68-73. Suspense Account, 247-249, 263 (footnote), 266. Sweden, 138, 140, 387, 388. Tariffs, 101, 106. Taxation, bank, 74-78, 295. —-— by currency inflation, 167 ff. Technical changes in industry, 102. Tocker, Professor A. EL, 20, 24, 333, 334. Trade and agricultural bills, 65-66. Trade balances, and not bank resources, 24. Transport, changes in, 103. Treasury bills, for sterling assets, 56. rates in different countries, 87. Treasury statement, 20^. Unbalanced industry, 99. prices, 129. Uncertainty, 321, 325. Union of Socialist Soviet Republics (see Soviet Russia). United States of America, 129, 140, 185-190, 291. Variable exchange-rates, 336-338. Velocity of circulation, 41-47, 142, 173, 279. War debts, 98, 382. Wage-earners and inflation, 179, 180, 183. Wages, 153, 179, 274. Wholesale prices in New Zealand, 212, 218, 219. ——■ and exchange-rates, 218-219. in United Kingdom, 219. Williams, D. 0., evidence of, 20, 71, 333, 334, 336.

Approximate Cost of Paper.—Preparation, not given; printing (728 copies), £97 10s.

By Authority : G. H. Loney, Government Printer, Wellington. —1934.

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