The rates reflect the utter disorganization of European economic life by the war. The resources of Britain have not nearly sufficed for the work of reconstruction. During the boom of June, 1919, to June, 1920, considerable quantities of goods were supplied by Britain to the Continent on credit. But as our imports of food and raw material from the Western Hemisphere had to be paid for in cash, this method of doing business was felt to be dangerous, and came to an end after the making of credit dearer which was caused by the raising of bank rate in November, 1919, and April, 1920.