Excerpt from Some Phases of Finance During the Great War In this paper the finances of the great war will be approached from two di erent sides or points of view. From one point of view we shall seek to see a few of the e ects on the money market, on foreign exchange, on bank ing, private investment and commercial credit; from the other we shall view the work of the finance minister in raising the vast sums which are needed to pay for muni tions, for men and for the hire of allies. War finance, however, is not a flat shield with two sides only, one of gold and silver and the other of blood and iron. There are other sides and many angles. But the two mentioned are the only ones we shall have space for, and only small parts of these can be viewed. All through a long, dreary afternoon on the last Friday in July, '1914, a long string of straw 'atted 'arries, mostly in holiday attire, filed slowly into and out of the Bank of England, covertly resenting, but trying to appear unconscious of the jibes and jeers of a crowd of the curious, mostly likewise dressed for the holidays, who had been attracted by the novel sight and who had gathered on the steps of the Royal Exchange across the way. This was the Opening scene of the great drama of a world-wide financial panic. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.