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294 "Bring a couple of plates of chicken-and-ham sandwiches, two Scotch whiskies, and a syphon of soda. By the way, just place the card 'Engaged' on the outside of that door."

Stranleigh sat down and lit a cigarette.

Rather a panicky time they're having over in the States, and our Bank rate up to six per cent., with a prospect of touching seven, which they tell me is very unusual. I wonder what's the cause of it all. I don't understand these things."

"Shortage of money in the States," said Mackeller.

"But that's just what I don't understand. Surely they still possess all the money they held two months ago, or six months? Where does it get to?"

"Stocking," said Peter shortly.

"You mean they're withdrawing it from the Bank and hoarding it?"

"Yes."

"Lack of confidence, I suppose?"

"Yes."

"But what has the Bank of England to do with the crisis? Why is it raising the rate?"

"To protect its reserve."

"Now, that's a funny thing to do. If I were Governor of the Bank of England, and found my reserve lessening, I'd just tell them they couldn't have any cash, that's all. Seems to me it's a simpler method than running up the Bank rate."