Moreover, cheerfulness in the City, at all events so far as the market for gilt-edged securities is concerned, is stimulated by the cheapness of money. Little more than a month ago the Bank Rate stood at 6 per cent., since when it has been reduced in stages to the present level of 8i per cent. This means that the joint stock banks now only allow li per cent. on deposits, so that already much money has been driven from deposits into the Stock Markets and it would not be surprising if that movement made further progress. This cheapness of money, in its turn, encourages hopes of a possible conversion of the 5 per cent. War Loan a few months hence and this also has been a factor tending to drive up prices of all long-dated Government Securities. Nor, of course, is the possibility of cheaper money rates. having a good effect upon our trade left out of consideration, though at present, and with one or two exceptions, I am afraid there are no important signs of a trade revival.