So far things on the whole had not been looking bright. But from September 5, the improvement in the situation, both in the eastern and western theatres of the war, made its effect felt on the financial situation. From now frenzied and daily efforts became unnecessary. On September 7 the Japanese Diet voted £5,300,000 for the operations round Tsingtao. Begining from September 10 when the Emden opened her exploits in the Bay of Bengal, until she was destroyed on November 9, marine insurance rates, especially to the East were high. On September 10 a resolution was passed in the Legislative Council in Delhi, by which the expenses of the Indian troops were borne by Indian revenues. On September 16, the third issue of £15,000,000 Treasury Bills was made, at £2 188, 6d. for six months' and £3 88. 3d. for twelve months' bills; applications exceeded £47,000, On September 21 deposit rates were reduced to 2} per cent. The Government announced on September 23 that the moratorium would not he extended beyond October 4 for bills of exchange (except cheques and bills on demand), debts due to or by retail dealers, and rent. For all other debts the moratorium was arranged to expire on November 4; termination of small-bill moratorium was announced for October 15.
On September 27 the value of Treasury notes outstanding' was £27,721,- 000. On September 30 there was a Royal proclamation terminating moratorium for some bills and ox-tending it for others. Moratorium in Great Britain ended finally on November 4.
Text read from the printed page and cleaned; old type leaves the occasional error.