on such a balance-sheet. Indeed, Sir Robert Giffen himself made the most important reservations. He had at least an inkling of the practical difficulties of profiting by an indemnity, and indicated plainly that the nominal figures had to be very heavily discounted.
A critic18 of an early edition of this book seems to have adopted most of Sir Robert Giffen's figures, disregarding, however, certain of his reservations, and to this critic I replied as follows: