MR. MCKENNA'S SPEECH'.
- As usual, the speech of Mr. McKenna of the Midland Bank teemed with interest, and not the least satisfactory part of it was the hopeful view taken with regard to the trade outlook in the country. The chairman of the Midland Bank commenced by describing our return to the Gold Standard as "the outstanding financial event of the year." The final step, he added, was taken with- out noticeable disturbance, and our ability to recover and operate a free gold market had been firmly established. Later in his speech Mr. McKenna said that on what we nuiy term its exchange aspect the operation was entirely successful and our financial authorities may be congratu- lated upon their achievement, in which the sympathetic attitude of the American bankers has been a material factor.' In other words, the successful return to gold lias been formally and definitely acknowledged by Mr. : McKenna, who always speaks with the double authority. of leading banker and ex-Chancellor of the Exchequer.
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