TRIBUTE TO THE BANK.
It is impossible to close these few comments upon our national triumph in the conversion of the War Loan without paying a high tribute to those who have organized the conversion. General Seely and his Department must be congratulated upon the vigour of the campaign of propaganda, but to an extent perhaps which is hardly realized by the ordinary public. I feel that the chief honours of the campaign fall upon the Bank of England, which as regards the organization required to carry through so gigantic an operation has really surpassed all previous triumphs. When the financial history of the War and post-War period comes to be written it will be found that the work of the Bank of England in all the financial transactions pertaining to the War and the management of the Debt has been beyond all praise. Its traditions as regards public service have always been of the highest, but they have been greatly enhanced by the events of the past eighteen years, and not least by those of the past month.
ARTHUR W. KIDDY.
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