CURRENCY and credit play a part of supreme I importance in a modern state, and control over them is usually considered a matter too important to be entrusted even to a Government. i Hence the existence of central banks, such as our own Bank of England, which is responsible for note-issuing and monetary policy, its weapon for this purpose being the rate of discount, which it controls. Mr. Kisch, who gives this talk, has been Secretary of the Financial Department of the India Office since 1921, and he was Secretary to the Indian Currency Committee in 1919.