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The state of affairs in the City is strange. The

Bank of Eng- land has dropped its official rate to 2 per cent., the money-dealers are lending on the best securities at lf, and there is, as the Times reports, an " unhealthy " plethora of money. At the same time, there appears to be no confidence in anything. Regular bug-

feverish gambling in foreign bonds there is not a trace. There is even an outcry for " some new outlet for capital," and unless a war breaks out and the great Governments begin to borrow, there ought to be a rush towards some new kind of industrial enterprise. It is not visible yet, but inventiveness is no more extinct than roguery.

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