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.