selves of the outlines of this curious and interesting chapter in our history.
As everyone knows the war was followed by a spell of delirious trade activity accompanied by a violent rise in prices, high wages, large profits and rampant extravagance on the part both of the Government and of the individuals composing the nation. The consequent collapse came much sooner than was generally expected and was so violent and headlong in its course that it left most of our financial institutions amazedly gasping at their own dexterity, or good fortune, in having survived it. It is easy to be wise in the light of what has since happened concerning the folly of the behaviour of most people during the after-war period, but in fact it was just a very human and natural reaction after the strain of the war, quickened and exaggerated by the promises held out by the Government during the General Election of 1918. During the course of this contest the country was persuaded that, if the Government which had won the war were returned to power, it would secure a just peace under which Germany up to the limit of her capacity should be made to pay for the whole cost of the war, that the Kaiser and those chiefly responsible for outrages during the war should be punished and that social and
