ports in the cities of China, India, and South America the use of
money may be very like that in European cities; but go a little way
into the interior of these countries and conditions as to the use of
money change greatly.

However, the comparative per capita amounts of money (in terms of
American dollars) in circulation in different countries is far
from being a true index of their industrial development or of their
commercial activity. Indeed, beyond a certain point the larger average
amount of money in circulation in a country may indicate backwardness
in the development of banks and other credit agencies rather than
greater amount of wealth or of business. Notice, for example, the
medium position of the great commercial countries, Germany and the
United Kingdom, as compared with other countries above and below them
in the following list.

PER CAPITA CIRCULATION OF MONEY IN LEADING COUNTRIES DECEMBER 31,
1912.

France..................$48.91 America (U.S.)..........$32.98

Australia............... 38.45 Portugal................ 29.46

Canada.................. 33.57 Netherlands............. 26.86

Switzerland............. 24.32 Mexico.................. 9.17

Germany................. 21.36 Finland................. 8.38

United Kingdom.......... 21.21 Chile................... 8.24