Note 51 — Chapter V · POSITIVE SUGGESTIONS FOR THE FUTURE REGULATION OF MONEY

The Joint Stock banks have published monthly returns since January 1921. Excluding the half-yearly statement when a little “window-dressing” is temporarily arranged, the extreme range of fluctuation has been between 11·0 per cent and 11·9 per cent in the proportion of “cash” to deposits, and between 41·1 per cent and 50·1 per cent in the proportion of advances to deposits. These figures cover two and a half years of widely varying conditions. The “proportions” of individual banks differ amongst themselves, and the above is an average result, the steadiness of which is strengthened by the fact that each big bank is pretty steadfast in its own policy.