When all but the last of the following chapters were already in type, I was offered a seat onthe Royal Commission (1913) on Indian Finance and Currency. If my book had been less far advanced, I should, of course, have delayed publication until the Commission had reported, and my opinions had been more fully formed by the discussions of the Commission and by the evidence placed before it. In the circumstances, however, I have decided to publish immediately what I had already written, without the addition of certain other chapters which had been projected. The book, as it now stands, is wholly priorin date to the labours of the Commission. J. M. KEYNES. King’s College, Cambridge,12th May 1913.