Sixth, a recommendation that if any price index is used to help measure the fluctuations of purchasing power it should be a wholesale price number consisting largely of commodities entering into international trade.

Seventh, a declaration that the world's monetary supply of gold is adequate but that its distribution and use in international trade is faulty. With better statistical information now available, there should be less occasion for sudden rises or drops in prices, provided there is international cooperation.

"We consider," said the majority of the delegation. "that monetary policy, designed to avoid violent fluctuations of purchasing power, should be based upon a variety of considerations interpreted by the judgment of central banks and expressed in national policies arrived at after due consideration and cooperative consultation concerning their international repercussions. Movements of the index numbers of wholesale prices should be used, not as a single determinant of immediate policy, but as one among many factors to be taken into consideration."

Eighth, the need for a rise in the present price level, which can be achieved by public confidence in the monetary policies of the various countries and which in turn should bring a revival in business and demand for goods.

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Ninth, the delegation recommended that gold reserves in ratio to notes issued should be materially reduced and thus large amounts of gold locked up in central banks would be released to be used as a basis of credit and currency expansion. Either 25 or 20 per cent minimum reserves were considered desirable but the suggestion that no minimum be established was rejected.

Tenth, an effort should be made to avoid the difficulties of foreign exchange reserves by using an international institution like the Bank for International Settlements in Switzerland as an agreed where the assets of gold-exchange countries might be deposited in part. The International Bank would in turn spread its deposits in the Central Banks of different countries as the requirements international exchange seemed to agitate.

Other methods of economizing on the use of gold, or rather increasing to usefulness of our present supply of metre were suggested, such as the increase use of checks by people in countries fly are not as frequent users of check currency as the American people. In commission the report emphasized the need international cooperation and international good will.

It would not be surprising, therefore if the next steps in Mr. Roosevelt's plan were distinctly international, in the best of bringing about a reform in the monetary systems of the world. If the president succeeds in this, he may go down in history as having contributed as much toward the economic welfare of the world in the reconstruction period as America did in endeavoring to bind the world together in covenants and treaties of peace