THROUGH INFLATION TO STABILI0SATION 111 rencies. During and after the war their gold stocks had been depleted to a large extent, so that it was desirable for them to stabilise at a level at which they stood a chance of replenishing their metallic reserve. They were also anxious to avoid or at any rate mitigate the economic depression that inevitably followed stabilisation. Lastly, they were desirous of securing external markets for their exportable goods by under-valuing their currencies.