In past times it has been a great aid to the Bank and to the public to be able to decide on the proper policy of the Bank from a mere inspection of its account.

In that way the Bank knew easily what to do and the public knew easily what to foresee.

But, unhappily, the rule which is most simple is not always the rule which is most to be relied upon.

The practical difficulties of life often cannot be met by very simple rules; those dangers being complex and many, the rules for encountering them cannot well be single or simple.

A uniform remedy for many diseases often ends by killing the patient.
Another simple rule often laid down for the management of the Bank of England must now be abandoned also.