The act also sets up a National Monetary Commission which authorizes 42 separate reports, most of which contain studies of foreign banking systems. Lloyd George anticipates the British welfare state As chancellor of the exchequer Lloyd George introduces a revolutionary series of budgets. In order to finance welfare benefits the taxation system is made much more progressive, efficient and buoyant - just in time to finance the First World War. Warfare engulfs welfare. The Kirghiz people in central Asia use horses as their main monetary unit and store of value.
Sheep are used as subsidiary units and small change is given in lambskins.
The annual amount of silver issued increases from an average of 24,426 in the 5 years up to 1890 to 847,850 which exceeds the amount currently being issued for use in the United Kingdom. The main form of currency produced is silver coins. Gold coins quickly vanish from circulation to be used as ornaments while bank notes are used mainly by traders and government agents. After a couple of millennia use of these traditional Chinese base metal coins comes to an end. The report includes a memorandum from one of its members, J.M. Keynes, arguing that there is no need for the internal circulation of gold in India.