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 referred to a suggestion put before it in evidence that the un-covered issue should be reduced at the rate of not less than 3 per cent. per annum of the outstanding amount, and doubted whether it would be possible to work to any precise rule. It concurred however in the suggestion that, when reductions have taken place, the actual maximum fiduciary circulation in any year should become the legal maximum for the following year, subject only to the emergency regulations already described, by which in future what used to be called suspensions of the Bank Act would be carried out with the permission of the Treasury.

The Cunliffe Report was dated August 15, and the Financial Facilities Report November 21, 1918. Thus by the time the Armistice came a body of sound doctrine was in existence, reminding us of some of the common sense facts that had once been regarded as platitudes, but had been lifted into the position of almost forgotten ideals by the financial crimes and futilities committed by our War Governments.