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 that sometimes they make a definite movement to a new position.

This was the case with the veteran champion of what he believes to be banking reform, Mr. Arthur Kitson. This versatile critic has several embodiments. In one, though he vehemently denies that he is in favour of unlimited credit, he uses expressions that seem inevitably to lead to that ideal. In another—as shown in his Fraudulent Standard, apparently written in 1917—he advocates a system of so regulating the supply of money that "it preserves the uniformity of an invariable index number" (page 132), and so seems to join hands with the stabilizers. In another he declares himself the champion and interpreter of the new economic apostle, Major Douglas, whose scheme he apparently swallows whole. In the last year of the war he had published in the Times Trade Supplement a series of articles on banking and currency problems and I was highly honoured by being asked to reply to them. They, together with my replies and other works of his, have now been published in a little paper book called Money Problems—(Dolby Brothers, High Street, Stamford). In the article published in the June Supplement, Mr. Kitson told us that "if the British public would only grasp the