the creation of banking credit generally, "a contingency which we are convinced would actually hamper the elasticity and efficiency with which the banks are able to meet the requirements of industry." It is rather difficult to see why the amalgamation of the two departments of the Bank of England should necessarily promote the institution of State control over the creation of credit, but, as has been said, most people will agree with the Committee's view that any such control would have a hampering effect. It is, in fact, very difficult to rouse much enthusiasm on either side concerning this question of the amalgamation of the two departments of the Bank of England. Their existence makes the Bank of England's return rather clumsy and eccentric, but the mere amalgamation would not make the return any more illuminating, unless it were accompanied by very great modification in the direction of more detail and fullness. On the whole it may be said that since the return has been published in its double form for more than three-quarters of a century, and since the proposed change would increase the difficulties of those who have to use it by way of statistical record and would produce little or no practical result, there is a good deal to be said for leaving the statement in its old form.
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