The influence of the gold supply on prices and profits
The increase in the yearly production of Gold and the rise in prices which have occurred in recent years has led to a renewal of the controversy as to the influence of Money on Prices. One party to this controversy holds that, under modern conditions, the Quantity of Money has a very slight and negligible influence on Prices, which are mainly determined by Credit. Their opponents hold that the Quantity of Money has a substantial influence on Prices, and assert that, other things being equal, the general level of Prices is determined by the Quantity of Money: ” they admit that during any portion of time which may be chosen the '' other things ” which are assumed to be equal in the statement of the Quantity Theory may vary in such manner as to exercise a material influence on Prices.
Sir David Miller Barbour KCMG was a senior administrator in India, Finance Member of the Indian Viceroy's Council under Henry Petty-Fitzmaurice, 5th Marquess of Lansdowne, writer on monetary issues, and Irish loyalist. From 1903 to 1905 he was chairman of the Royal Commission on London Traffic.