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Wednesday, 1 October 1913

Senator CLEMONS - The answer is -

1.   On 6th August, 1913, the Note Issue Department of the Bank of England held gold amounting to £37,520,030 against its note issue of £55.970,030. The proportion of gold to notes was 67 per cent. 2.On 21st December,1910, the Bank of France held gold amounting to 3,213,400,000 francs. Its notes then in circulation amounted to 5,225,700,000 francs. The proportion of gold to notes was 61 per cent. The gold is not earmarked as a reserve against notes, but is available for discharging any liabilities of the bank.

3.   The Commonwealth Bank has no note issue.

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