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 books of bankers, but by somebody saving money and handing it over to industry to be used for purposes of development. As to banking facilities, it defined them as the normal requirements for carrying on the ordinary business of the country, "which assumes the granting of loans which do not constitute a lock-up of funds such as would impair the liquidity of the resources of the banks." For this purpose it was informed that the banks would be able to provide all the necessary facilities during the transition period. In fact, only the most embittered critics of the English banking system have maintained that it showed any inability to provide credits of this kind, that is to say, real banking credit involving no long lock-up. His more moderate assailants have only charged the English banker with being too much inclined to insist on confining his activity to this kind of business, though it is clearly the right business for a banker who has an enormous amount of liability in the shape of current and deposit accounts, which may be called from him on demand or on short notice. For such a banker to indulge in giving long credit and so locking up his funds in enterprises which cannot be called liquid is clearly a policy involving very great danger. The critics of the English banks have never been tired of