The Committee will 1024 remember that Consols have suffered during this time not only from the reduction of interest, but also from the Baring Crisis and because of difficulties in the City, and also on, account of the changes which the Legislature has thought fit—I doubt whether very wisely—to make in the enactments with reference to trusts, and which have permitted many trustees to invest in other securities contrary to the avowed intention of testators.

Was it because the present Government were coming in in August, 1892, that the Baring Crisis occurred in the autumn of 1890?

There was the Argentine boom, followed by the Baring Crisis, the South African boom, the cycle boom, and the most fruitful result of the conversion was a plenteous crop of Jabez Balfours, Hooleys, and Whitaker Wrights.

This was borne in on me very forcibly four years ago when, after the Baring Crisis, I had to go to South America, to Buenos Ayres, to try to recover a considerable sum of money from a provincial Government.

there was no confidence, and it produced nothing but bankruptcy, and the Baring Crisis was a very 567 severe one.

The Barings Crisis is the third factor that comes across from the lessons of recent years.