A good deal depended on the banks. The Government had done for the banks as much as they could have expected. But the Government did not do it in order to strengthen the banks' finances or to increase their business, but to enable them to finance the trade of the country. If the Government and the country were prepared to take risks, the banks must take risks. He agreed that a very considerable number of banks had behaved admirably. He thought that the action of other banks had been due to timidity and over-caution. They had to think about their own depositors. He did not think they were considering their shareholders or the price of their shares, but they considered themselves to be trustees of their depositors. The time had come, however, when the banks ought to make advances with the credit of the State behind them. He had called the attention of the banks to complaints he had received, and had said that unless the traders received the usual and even greater facilities for carrying on in this special emergency, he had no doubt the House of Commons would take action which would place behind the trade of the country the necessary credit. He was glad to be able to say that the banks had come to the conclusion, after careful consideration, that they could finance business much more liberally than they were able to do during the first fortnight. An hon. member had called attention to the fact that the foreign exchanges had broken down, and that the bridge had not been quite repaired. That was true. It had been a very sudden snap of communications. He hoped every day for improvement, but if it was necessary to take any further action in order to expedite matters, then he might have to come to the House of Commons. But he did not think it was. The discounting of bills would have the effect that the banks would find it necessary in their own interest to use the liberated cash for the purpose of financing trade. * * * * * Later, on September 8th, Mr. Lloyd George, replying to a deputation from the Association of Municipal Corporations at the Treasury, referred to the important part which finance would play in the war. In the course of his speech he said: In my judgment the last few hundred millions may win this war. This is my opinion. The first hundred millions our enemies can stand just as well as we can; but the last they cannot, thank God; and therefore I think cash is going to count much more than we can possibly imagine at the present moment. We are only at the beginning now. Of course if we have great victories and smashing victories that is all right, but then they may not come yet. We may have fluctuations, and things may last long. We are fighting a very tough enemy, who is very well prepared for the fight, and he will probably fight to the very end before he will accept the only conditions upon which we can possibly make peace, if we are wise.