As we have seen, some of its directors (like Mr.Hankey) advocate an erroneous policy.

The public is never sure what policy will be adopted at the most important moment: it is not sure what amount of advance will be made, or on what security it will be made.

The best palliative to a panic is a confidence in the adequate amount of the Bank reserve, and in the efficient use of that reserve.

And until we have on this point a clear understanding with the Bank of England, both our liability to crises and our terror at crises will always be greater than they would otherwise be..