The effect of these successive changes has been to make the old system of circles virtually

Mr. Mr. Accordingly, in every panic these sums are sure to be called in from the bill-brokers; they were wanted to be used by their owners in time of panic, and in time of panic they ask for them. The government of the Bank should be improved in a manner to be explained. His time and brains are his principal capital, and he wants to be always using them.

It had perpetrated one of those monstrous frauds, which are likewise gross blunders. The broker is responsible for obtaining the best possible rate of interest.

But a bank director undergoes no similar training and hardening. This efficient and instantly-ready organisation gives us an enormous advantage in competition with less advanced countries–less advanced, that is, in this particular respect of credit. The clothing trades feel the difference at once, and in this country the liquor trade (a great source of English revenue) feels it almost equally soon. Of all institutions in the world the Bank of England is now probably the most remote from party politics and from ‘financing.