Money was scarce, too, and, Turkey having declared a moratorium, cash was often unobtainable even by those who had money in the banks, and much distress ensued.

and £1 were issued; a moratorium was declared, legalising the postponement of the due payment of debts, with certain exceptions; the Bank of England under a guarantee from the Government that the latter would meet the loss, began discounting, or buying for cash, approved bills of exchange accepted before war was declared, many of which are hardly likely to be met by the people liable for payment.

The general moratorium expired on November 4.

On the financial situation, see articles on "Lombard Street in War" and "The War and Financial Exhaustion" (Round Table, September and December 1914); "War and the Financial System, August 1914," by J.M. Keynes (Economic Journal, September 1914); and articles in the New Statesman on "Why a Moratorium?" (August 15,1914), and "The Restoration of the Remittance Market" (August 29, 1914).

"Return of Papers relating to the Assistance rendered by the Treasury to Banks and Discount Houses since the Outbreak of War on August 4, 1914, and to the Questions of the Advisability of continuing or ending the Moratorium and of the Nature of the Banking Facilities now available."

[Fr.], chancery suit, federal case; leeway; high time; moratorium, holdover.

If England went bankrupt in the completest way to-morrow, and repudiated all its debts both as a nation and as a community of individuals, if it declared, if I may use a self-contradictory phrase, a permanent moratorium, there would be not an acre of ploughed land in the country, not a yard of cloth or a loaf of bread the less for that.

When I go in, an old friend, a stockbroker, is there, and "thees" and "thous" abound in the conversation, which runs on investments, the new English loan, banking accounts in London, the rent moratorium in Paris, and the war.

There was no moratorium in name; there was worse than one in fact.