considerable amount is undoubtedly the case; and hoarding will continue among the rural population for years to come. With regard to the probable effect this importation of sovereigns may have on exchange, they are of opinion that Government should not rely on the sovereigns that are being absorbed by the districts in exchange for produce and in the shape of savings coming out at any time in any appreciable quantity to support the stability of the rupee.” In 1911–12 the Comptroller of Currency collected a number of district reports as to the growing popularity of gold in the Punjab. They completely corroborate the above summary. 10. Before we pass on to other aspects of the question, a word may be added with special reference to the very large gold imports of quite recent date (_i.e._, in 1912). Popular attention has been attracted by the figures for that year, which are indeed truly remarkable.[41] The gold imports of 1911–12 and 1912–13 (see table on p. 76) were noteworthy as compared with those of former years by reason of their huge aggregate amount; but they were even more noteworthy if regard be had to the very high proportion of sovereigns. I do not believe, however, that a conclusion can fairly be drawn from these figures as to any startling change in the position of the sovereign in India has experienced two very good seasons and has been able, therefore, to accumulate savings unusually large extent for investment in gold ornaments and hoards. Is this altogether inadequate a partial explanation of the recorded figures? I do not, for the following reasons, think it is.