30 LONDON'S FINANCIAL POSITION

international activity which has been the source of
our greatness in the past. We want, as soon as
possible, to get back that freedom from Government
control which has given us such elasticity and
adaptability to our money market, pur Stock
Exchange and our Insurance business. A certain
amount of Government control will inevitably have
to continue for a time after the war, but the sooner,
we rid ourselves of it the sooner we shall restore to
the London money market those qualities which,
after the reputation that it has for honesty, sound-
ness and straight dealing, were most helpful in
building up its eminence.

Above all, we have to work hard both in finance
and industry and commerce. Finance, which is the
machinery for handling claims for goods and services,
can only be active and effective if industry and com-
merce are active and effective behind it, turning out
the goods and services to meet the claims that
finance creates. A great industrial and commercial
output, with severe restriction of unnecessary con-
sumption so that a great margin may go into capital
equipment, will soon repair the ravages of war,
bring down the price of credit and of capital and
make London once more the place in which these
things are most cheaply and freely to be bought.

Finally, if we want to restore London as a place
in which all the financial transactions of the world -
were centred, we must remember that we cannot do so
if we restrict the facilities given to foreigners to come
here and settle and do business. It is not possible to
be an international centre with an insular sentiment,