war we ever
fought, and that is how we won." It was in this speech that he showed
clearly the importance of giving British finance stability, and how
that stability was threatened. A boy at school might have followed his
explanation. "We have not only our own business to run; we are an
essential part of the machinery that runs the whole international trade
of the world. We provide capital and raise produce. We carry half the
produce, not merely of our own country, but of the whole world. More
than that, we provide the capital that moves that produce from one part
of the world to another, not merely for ourselves, but for other
countries. I ask every one to pick up just one little piece of paper,
one bill of exchange, to find out what we are doing. Take the cotton
trade of the world. Cotton is moved first of all from the plantation,
say to the Mississippi, then down to New Orleans, then it is moved from
there either to Great Britain or to Germany or elsewhere. Every
movement is represented by a paper signed either here in London or in
Manchester or Liverpool; one sender is practically responsible for the
whole of these transactions. Not only that, but when the United States
of America buys silk or tea from China, the payment is made through
London. By means of these documents accepted in London New York pays
for the tea bought in China. What has happened? All this fine,
delicate paper machinery has been crashed into by a great war affecting
more than half, and nearly two-thirds, of the whole population of the
world. Confusion was inevitable. It was just as if one gave a violent
kick to an ant-hill. The deadlock was not due to lack of credit in
this country; it was due entirely to the fact that there was a failure
of remittances from abroad. Take the whole of these bills of exchange.
There were balances representing between 350,000,000 pounds and
500,000,000 pounds. There was that amount of paper out at that time
with British signatures. Most of it had been discounted. The cash had
been found at home from British sources, and failure was not due to the
fact that Britain had not paid all her creditors abroad: it was due
entirely to the fact that those abroad had not paid Great Britain."

That was the position as Lloyd George presented it, and the position
with which he proceeded to deal, in a matter of hours, handling
hundreds of millions with the confidence with which an enterprising
tradesman handle