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 already prepared war-chest, which the majority of persons have nowadays overlooked. Its possession had enabled Germany to strike her sudden blow, and now the Bank of England, which is the final reserve of gold in the United KindgomKingdom [sic], found that as notes were cashed so the stock of gold diminished until it was in a few hours compelled to obtain from the Government suspension of the Bank Charter. This enabled the Bank to suspend cash payment, and issue notes without a corresponding deposit of the equivalent in gold.

The suspension, contrary to increasing the panic, had, curiously enough, the immediate effect of somewhat allaying it. Plenty of people in the City were confident that the blow aimed could not prove an effective one, and that the Germans, however many might have landed, would quickly be sent back again. Thus many level-headed business men regarded the position calmly, believing that when our command of the sea was again re-established, as it must be in a day or two, the enemy would soon be non-existent.

Business outside the money market was, of course, utterly demoralised. The buying of necessities was now uppermost in everyone's mind. Excited crowds in the streets caused most of the shops in the City and West End to close, while around the Admiralty were great crowds of eager men and women of all classes, tearful wives of bluejackets jostling with officers' ladies from Mayfair and Belgravia, demanding news of their loved ones—inquiries which, alas! the casualty office were unable to satisfy. The scene of grief, terror, and suspense was heartrending. Certain ships were known to have been sunk with all on board after making a gallant fight, and those who had husbands, brothers, lovers, or fathers on board wept loudly, calling upon the Government to avenge the ruthless murder of their loved ones.

In Manchester, in Liverpool, indeed all through the great manufacturing centres of the north, the excitement of London was reflected.