200 STABILISING THE VALUE OE MONEY. 



currency difficulties of the United Kingdom, will inaugurate the 

 new system. Yet it may be noted that it already possesses all the 

 pre-requisites of the system save the free movement of gold, that is, 

 the central gold reserve, the gold certificates, and the regular 

 monthly publication of official index numbers. Further, the early 

 re-establishment of a gold standard is more essential to South 

 Africa as the premier gold-producing country of the world than to 

 any other. Re-establishment must either be delayed or be accom- 

 panied by widespread trade convulsions, if the old level of prices 

 is to be restored. Therefore South Africans in particular should 

 give very careful consideration to the Yale professor's proposal for 

 the institution not of a crude but of a stabilised gold standard. 



