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Published online by Cambridge University Press: 18 August 2016
The subject of my paper to-night is, I fear, outside the range of problems usually discussed at the Institute, but I do not ask any indulgence on this account as I am sure we all feel the importance of the question and its intimate bearing on the prosperity of the country. I only wish it was in more able hands.
I do not think it would be an exaggeration to say that the dawn of civilization was heralded by the advent of a medium of exchange, and I suppose that one of the greatest boons to mankind that has happened since has been the further simplification of the exchange of commodities made possible by the use of credit.
I propose to divide the subject up under several headings, and to consider within the limits of time available the principal functions money has to fulfil both as the measure and standard of value, and as the medium of exchange, and in order to avoid ambiguity when using the word money, I will endeavour to confine my reference to coin and instruments of exchange which actually pass “current” from hand to hand without limitations, such as bank notes.
page 23 note * e.g.—Suppose that cabbages and brussels sprouts were each of them always of uniform size, and that 15 brussels sprouts were exactly equivalent in the eyes of householders to 1 cabbage, then a large increase in the supply of cabbages would not decrease their price in relation to sprouts.
page 28 note * This must not be taken as a representative month as it is a time of the year when trade movements are very brisk.
page 29 note * N.B.—The portion of the world's gold supply produced from the mines of the Witwatersrand has steadily risen from £23,600,000 in 1906 to £35,000,000 in 1911, whereas the production from the rest of the world has only increased from £59,700,000 to £62,200,000 in the same period.