§ With regard to the money market I need hardly say it has been a very difficult one; money has been very scarce and very dear. There have been great demands made by the Government to meet expenditure in South Africa, and they have been met, I am bound to say, in a patriotic manner. Along with the Government demands for money there have also been, as the Committee knows, demands on the money market from various quarters; and what is hanging somewhat like a cloud at the present time over the money market is the 232 anticipation of further demands by the Government. It should, however, be remembered that the coming Transvaal demands are for conversion of securities and for reproductive works, that the war, which has been such a strain, is now over, and that the Sinking Fund is again in full operation and will, I trust, be strengthened. The question of depression in Consols, a very important one, will be referred to hereafter. I hope, however, to show in regard to that that there is nothing to excite either alarm or apprehension in connection with what is, and what will, I hope, always remain, the premier security of the world.