chapter  I
WithBarthold A. Butenschøn
Pages 9

The breakdown of the Gold Standard during should be regarded more as a symptom than a cause of the economic depression. If the task of international adjustment, necessary to a successful working of an international monetary standard, can be carried through, the question will arise as to whether the Gold Standard should again become universal. The increase in the purchasing power of gold has also resulted in the conversion to monetary use of considerable amounts of that metal formerly in private stocks, especially in India. From the end of 1930 until the end of 1934 the stocks of monetary gold in the world increased on an average by 4 per cent yearly. The advocates of an orthodox Gold Standard confine themselves to hoping that the mines at any given time will produce more or less the quantity of gold the Central Banks require.