A WAR PRODUCT.
Doubtless there is at leaSt one fairly simple explanation of this mental lethargy:- During the War the money market was scarcely a free agent, its dealings in Lombard Street being largely confined to Government long-dated loans and Treasury Bills; while industry- in its ;turn was chiefly mohilfzed-for War purposes: Momentous decisions were then constantly taken by Committees-who had a full and exclusive knowledge of all of the circumstances, and bankers and the money market, like the general public, more-Or less' follthved •stiit and Co-operated to the best of their power in the general interest. Moreover, even since the Armistice, many of these features have been preserved, for the dthiiiiiating influences have almost necessarily been connected with operations handled by Governments and Central Banks. _
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