Abstract
It is shown that the anisotropic magneticsusceptibility (and chemical shift) of aromatic hydrocarbons generally attributed to π‐electron ``ring currents'' can be correctly represented as the sum of contributions from localized electrons of both π and σ character. The ``delocalization'' of the electronic distribution plays no part whatever is the effect and is only an artifact of London's approximate calculation.Anisotropic Pascal's constants for aromatic carbon atoms are determined empirically and excellent agreement with the experimental anisotropicsusceptibilities is obtained.

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