LITMIR.BIZ

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thanks to the pro-German policy of the Government and the false assurances of the Blue Water School. They should have listened to Lord Roberts,” snapped his lordship. “I suppose you’ll go at once, Taylor, and make inquiries?”

      “Of course,” responded the Permanent Secretary. And a quarter of an hour later, accepting Horton’s offer, he was sitting in the car as it headed back towards London.

      Could the journalist’s story be true? As he sat there, with his head bent against the wind and the mud splashing into his face, Sir James recollected too well the repeated warnings of the past five years, serious warnings by men who knew our shortcomings, but to which no attention had been paid. Both the Government and the public had remained apathetic, the idea of peril had been laughed to scorn, and the country had, ostrich-like, buried its head in the sand, and allowed Continental nations to supersede us in business, in armaments, in everything.

      The danger of invasion had always been ridiculed as a mere alarmist’s fiction; those responsible for the defence of the country had smiled, the Navy had been reduced, and the Army had remained in contented inefficiency.

      If the blow had really been struck by Germany? If she had risked three or four, out of her twenty-three, army corps, and had aimed at the heart of the British Empire? What then? Ay! what then?

      As the car swept down Regent Street into Pall Mall and towards Whitehall, Sir James saw on every side crowds discussing the vague but astounding reports now published in special editions of all the Sunday papers, and shouted wildly everywhere.

      Boys bearing sheets fresh from the Fleet Street presses were seized, and bundles torn from them by excited Londoners eager to learn the latest intelligence.

      Around both War Office and Admiralty great surging crowds were clamouring loudly for the truth. Was it the truth, or was it only a hoax? Half London disbelieved it. Yet from every quarter, from the north and from across the bridges, thousands were pouring in to ascertain what had really occurred, and the police had the greatest difficulty in keeping order.

      In Trafalgar Square, where the fountains were plashing so calmly in the autumn sunlight, a shock-headed man mounted the back of one of the lions and harangued the crowd with much gesticulation, denouncing the Government in the most violent terms; but the orator was ruthlessly pulled down by the police in the midst of his fierce attack.

      It was half-past two o’clock in the afternoon. The Germans had already been on English soil ten hours, yet London was in ignorance of where they had actually landed, and utterly helpless.

      All sorts of wild rumours were afloat, rumours that spread everywhere throughout the metropolis, from Hampstead to Tooting, from Barking to Hounslow, from Willesden to Woolwich. The Germans were in England!

      But in those first moments of the astounding revelation the excitement centred in Trafalgar Square and its vicinity. Men shouted and threatened, women shrieked and wrung their hands, while wild-haired orators addressed groups at the street corners.

      Where was our Navy? they asked. Where was our “command of the sea” of which the papers had always talked so much? If we possessed that, then surely no invader could ever have landed? Where was our Army – that brave British Army that had fought triumphantly a hundred campaigns, and which we had been assured by the Government was always ready for any emergency? When would it face the invader and drive him back into the sea?

      When?

      And the wild, shouting crowds looked up at the many windows of the Admiralty and the War Office, ignorant that both those huge buildings only held terrified caretakers and a double watch of police constables.

      Was England invaded? Were foreign legions actually overrunning Norfolk and Suffolk, and were we really helpless beneath the iron heel of the enemy?

      It was impossible – incredible! England was on the most friendly terms with Germany. Yet the blow had fallen, and London – or that portion of her that was not enjoying its Sunday afternoon nap in the smug respectability of the suburbs – stood amazed and breathless, in incredulous wonder.

      CHAPTER II

      EFFECT IN THE CITY

      Monday, 3rd September 1910, was indeed Black Monday for London.

      By midnight on Sunday the appalling news had spread everywhere. Though the full details of the terrible naval disasters were not yet to hand, yet it was vaguely known that our ships had been defeated in the North Sea, and many of them sunk.

      Before 7 a.m. on Monday, however, telegrams reaching London by the subterranean lines from the north gave thrilling stories of frightful disasters we had, while all unconscious, suffered at the hands of the German fleet.

      With London, the great cities of the north, Liverpool, Manchester, Sheffield, and Birmingham, awoke utterly dazed. It seemed incredible. And yet the enemy had, by his sudden and stealthy blow, secured command of the sea and actually landed.

      The public wondered why a formal declaration of war had not previously been made, ignorant of the fact that the declaration preceding the Franco-German War was the first made by any civilised nation prior to the commencement of hostilities for one hundred and seventy years. The peril of the nation was now recognised on every hand.

      Eager millions poured into the City by every train from the suburbs and towns in the vicinity of the metropolis, anxious to ascertain the truth for themselves, pale with terror, wild with excitement, indignant that our land forces were not already mobilised and ready to move eastward to meet the invader.

      As soon as the banks were opened there was a run on them, but by noon the Bank of England had suspended all specie payments. The other banks, being thus unable to meet their engagements, simply closed the doors, bringing business to an abrupt standstill. Consols stood at 90 on Saturday, but by noon on Monday were down to 42 – lower even than they were in 1798, when they stood at 47¼. Numbers of foreigners tried to speculate heavily, but were unable to do so, for banking being suspended they could not obtain transfers.

      On the Stock Exchange the panic in the afternoon was indescribable. Securities of every sort went entirely to pieces, and there were no buyers. Financiers were surprised that no warning in London had betrayed the position of affairs, London being the money centre of the world. Prior to 1870 Paris shared with London the honour of being the pivot of the money market, but on the suspension of cash payments by the Bank of France during the Franco-German War, Paris lost that position. Had it not been that the milliards comprising the French War indemnity were intact in golden louis in the fortress of Spandau, Germany could never have hoped to wage sudden war with Great Britain before she had made Berlin independent of London in a money sense, or, at any rate, to accumulate sufficient gold to carry on the war for at least twelve months. The only way in which she could have done this was to raise her rate so as to offer better terms than London. Yet directly the Bank of England discovered the rate of exchange going against her, and her stock of gold diminishing, she would have responded by raising the English bank-rate in order to check the flow. Thus competition would have gone on until the rates became so high that all business would be checked, and people would have realised their securities to obtain the necessary money to carry on their affairs. Thus, no doubt, the coming war would have been forecasted had it not been for Germany’s already prepared war-chest, which the majority of persons have nowadays overlooked. Its possession had enabled Germany to strike her sudden blow, and now the Bank of England, which is the final reserve of gold in the United Kingdom, found that as notes were cashed so the stock of gold diminished until it was in a few hours compelled to obtain from the Government suspension of the Bank Charter. This enabled the Bank to suspend cash payment, and issue notes without a corresponding deposit of the equivalent in gold.

      The suspension, contrary to increasing the panic, had, curiously enough, the immediate effect of somewhat allaying it. Plenty of people in the City were confident that the blow aimed could not prove an effective one, and that the Germans, however many might have landed, would quickly be sent back again. Thus many level-headed business men regarded the position calmly, believing that when our command of the sea was again re-established, as it must be in a day or two, the enemy would soon be non-existent.

      Business outside the money

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