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This paper compares the proportion of liquid assets in the portfolios of the major banks in London, Paris, and New York during the heyday of the gold standard. Various hypotheses concerning the determinants of this proportioh are advanced and then tested using data on individual banks over a number of years. The major conclusions concern the effectiveness of the Bank of England in comparison with the systems prevailing in the other centers and the existence of national differences in the aggressiveness displayed by bank managers.