This study analyzes for England the relation between international gold movements and internal movements of gold and coin, and the relation of these phenomena to the banking situation. The study was undertaken at the suggestion of the late Professor Allyn A. Young, to see whether the same type of relation which he found in the United States under the National Banking System was also to be found in Great Britain. After a brief introductory survey of some of the more important theories of the part played by gold movements in the adjustment of international trade disequilibria. W. Edwards Beach examines available statistical data concerning gold and currency movements. He then considers bank reserves and deposits in relation to these movements. Following this discussion is an historical survey of the banking and monetary situation in the London money market in relation to banking policy and business conditions.