The demands on this market for bullion have been greater, and have been more incessant, than they ever were before, for this is now the only bullion market.

This has made it necessary for the Bank of England to hold a much larger banking reserve than was ever before required, and to be much more watchful than in former times lest that banking reserve should on a sudden be dangerously diminished.

The forces are greater and quicker than they used to be, and a firmer protection and a surer solicitude are necessary.

But I do not think the Bank of England is sufficiently aware of this.

All the governing body of the Bank certainly are not aware of it.