Apart from the £16,000,000 thus invested, about £1,000,000 was, at the end of 1912, lent at


In the infancy of Banking it is probably much better that a Government should as a rule keep its own money. The worst people will come to him and ask for loans. The sums of money which I lend for country bankers on discount are fifty times more than the sums borrowed for country bankers. What Money Market in the world could have seen such sums taken out of its use and control at one of the busiest moments of the year without suffering a loss of ease? The situation was not due, in my judgment, to any ignorance or incompetence on the part of the executive officers of Government, but to a system which provided them with no sort of appropriate machinery for dealing with the position. 4d. CHAPTER X. Who can define or class the confidential communications of such persons under such circumstances? As I observed before, the line drawn at present against bankers is very technical and exclusively English. The public terror at such times is indiscriminate. ‘ Credit means that a certain confidence is given, and a certain trust reposed.

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