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 a varied assortment of articles that are not at all wanted for the purposes of consumption, but are known to be going up in price because the currency is known to be falling in value because the Government is getting too much of it printed. Whether it is not better to submit to the evil of unemployment and meet it by a system of allowances as we did, than to avoid it by such an official swindle perpetrated at the expense of everyone who has, or expects to receive money, is a question that can be answered according to the taste and fancy of the inquirer. Mr. Kitson prefers the inflationary path and so did another manufacturer, Mr. T. B. Johnston, well-known in the pottery industry at Bristol, who wrote to the Times in August 1921 a letter in which he expressed, in more temperate language and with fewer italics and exclamatory ejaculations, conclusions much the same as Mr. Kitson's concerning the success with which Germany was capturing the trade of the world thanks to the inflation of her currency.

In this respect again it is easy to see that inflation, while it is taking place, gives a fillip to the exporter, because its effect upon rates of exchange, which are arrived at by chaffering among a set of exceptionally nimble-witted and well-informed dealers, is almost always much