Note 536 — Chapter XXIV
Reading edition
The relevance of comparing wholesale and retail figures with figures for "commercial paper" may well be questioned, since our conception of commercial liquid loans would include manufacturers' paper which represents raw materials, work in process, and bills receivable. However, we have found reason to conclude that Kinley's wholesale deposits include a large percentage of manufacturers' deposits. (Supra, p. 245.) The comparison here is in any case rough. We do not need precise figures for the argument.