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Wilhelmina, who has reigned longer than any other living king or queen (45 years), let it be known that she said, "These are grave times," when receiving last week her great and favorite Premier, beak-nosed Hendrikus Colijn, bald battler these many years to keep the guilder on gold.

Dr. Colijn had his Cabinet's resignation in his pocket. The Catholic members of his coalition had grown restive on the gold issue, and it might be best to give Catholic Party Leader Petrus J. M. Aalberse an opportunity to form what would be The Netherlands' first Catholic Cabinet. Deeply troubled, the Queen, who is the Apotheosis of Protestantism, sent for Professor Aalberse.

It was understood that Her Majesty made him promise to keep the guilder on gold before he received the royal mandate. Next day Catholic Aalberse came back to tell Protestant Wilhelmina that he could not get a majority in Parliament. Gratified, the Queen again named Colijn her Premier.

Meanwhile the guilder had been a target for bear raiders all week, plunged one day fully 1¢ off parity, as the Bank of The Netherlands raised its discount rate from 3% to 5% to 6%, and grimly paid out 1/9 of its gold reserves to Dutchmen who are perfectly at liberty to hoard. The week closed with the guilder still 84.8% backed by gold.