PREFACE. The present work was written last March, in competition for the Pears prize of one hundred guineas for the best essay on the present depression of trade. It did not obtain the prize, and it is therefore now submitted to the judgment of the public — and more especially of the working classes,...
Read more »

CONTENTS CHAPTER I THE MORATORIUM Suddenness of the crisis — Its severity increased by the strength of London’s position — Credit and civilization — Moratorium defined CHAPTER II THE INTERNAL PROBLEM Effect of war on public mind — Hoarding — Jump in Bank rate — Action of joint stock banks — Their uncomfortable position —...
Read more »