or 11,500,000 L.since experience shows that a million, or a million and a half, may be taken from us at any time.

I should regard this as the practical minimum at which, roughly of course, the Bank should aim, and which it should try never to be below.

And, in order not to be below 11,500,000 L., the Bank must begin to take precautions when the reserve is between 14,000,000 L.and 15,000,000 l.; for experience shows that between 2,000,000 L.and 3,000,000 L.
may, probably enough, be withdrawn from the Bank store before the right rate of interest is found which will attract money from abroad, and before that rate has had time to attract it.

When the reserve is between 14,000,000 L.and 15,000,000 L., and when it begins to be diminished by foreign demand, the Bank of England should, I think, begin to act, and to raise the rate of interest..