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 English Money Market during and since the war, it seems to have good reason to be surprised, and proud of itself, when it finds itself still in existence and more or less doing its ordinary work. The marvel is, after the terrific shock that crashed upon monetary and all other business, that we have any financial institutions still standing on their legs. This is still more so when we remember that we of the common herd saw only a small part of all that happened. Much of the action took place behind the scenes. Banking statements and balance sheets were always designed rather to veil discreetly the modesty of our monetary institutions than to let the full light of day fall upon the beauties of their figures and proportions. Since the war this has been more than ever so. Much of the information that used to be made public has been withheld, and, owing to the enormous complications and cross currents behind the figures that have been published, it has been impossible to draw more than uncertain and halting inferences concerning their meaning.

We do know, however, that the English Money Market was made an instrument of war, and as such was very roughly handled. It was by no meang the same machine when