into net outflows in the 1930s. Was the economy immune to all these? The only reference to external accounts is to short-term capital (171 et seq) with data from balance of payments estimates sent annually by the government to the League of Nations. I had appended these accounts to my 1963 book, to satisfy the antiquarian in many of us, and as a record for posterity which may fail to trace the original sources. I had sounded enough cautionary notes on their shortcomings. A serious researcher like Balachandran has not alerted his readers to them while examining short-term capital flows in the 1930s on their basis.