Dear money means limiting the bidders for Labour in the
industrial -market. It means instability, and it means expensive borrowing by Governments for loan transactions and re-arrangements. • Finally, it means lower prices for existing Stocks. We do not, of course, want to exaggerate the influence of an extra 1 per cent., nor would there be just ground for complaint if the change can be shown to be inevitable. If, however, as is alleged in some quarters, it was arbitrary, or derived from doubtful monetary theorizing, and not from com- mercial necessity, it is not to be wondered at that there is a sense of unrest. At any rate, as far as we can under- stand, no proof of necessity has yet been made known. Could not the reasons for changes in the Bank Rate be publicly given ? Our fears may be " carnal thoughts," to use Cromwell's phrase, but they are without doubt exercising the minds of plain men throughout the country.
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