We are now in a position to understand how it is that a change in our Bank Rate is so clearly allied with the question of foreign exchange. If we find that exports of gold threaten us, which may reduce our “Reserve” below the figure at which it is desired to maintain it, the Bank of England will increase its official rate. If this increase in rate is then followed by the Market, or, if the Market lags behind, steps be taken to compel it to follow suit, we hold out the advantage to the continental bankers of an increased interest over what they can earn at home, and a prospective profit through a possible rise in exchange. Then, in all probability, their purchases of London bills will gradually have the effect of raising the rate and stopping the outflow of gold. CHAPTER XIII THE MONEY ARTICLE OF THE PRESS The Money Article of the daily Press is regarded so much as a part of the usual information provided for the public, that few readers pause to consider the large amount and far-reaching character of the information which is supplied therein: information gathered from all quarters of the globe—sifted, summarised, and placed before the public in a concise form. The amount of practical and useful knowledge derived from a perusal of Money Articles depends entirely upon the reader. Without some knowledge of the Money Market and financial matters generally, the articles resolve themselves into a mere record of the rise and fall in price of various commodities—money, bills, stocks, and shares. With knowledge, however, these articles may be said to represent to the reader a mirror, in which the affairs of the whole world are pictured, though in a somewhat mercenary manner. The genesis of the Money Article was about the year 1825. Previous to that date a few of the leading papers published a list of the prices of the stocks and shares then dealt in on the Stock Exchange, but practically nothing further than the list appeared. About the above-mentioned year, however, public interest in Stock Exchange matters received a great stimulus, and the editors of certain papers then commenced to devote more attention to the matter than they had previously done. As the subject gradually became of more and wider interest to the public at large, the papers devoted more and more attention to it. The advent of limited liability companies enormously increased the number of persons interested in Stock Exchange matters, and the Money Article then became an important and integral part of every paper of standing. At the present time, as previously noted, the Money Article really reflects the financial matters of the whole world, and any event which causes a change in the natural or political conditions of any country the world over is sure, sooner or later, to have its effect noted in one of the paragraphs of the Money Article.