16 FEBRUARY 1929, Page 34

A CHANGED POSITION.

Up to the spring of last year, notwithstanding American 'activity in lending abroad, the value of money in New York was well below that of this country, but as the boom in Wall Street increased, with brokers' loans increasing latterly by hundreds of millions of pounds, the value of money rates, of course, advanced until by the summer of last year the Federal Reserve Bank Rate in New York was, for the first time since the Wad-, above the level of London, with the result that not only was there a great curtailment of American lending abroad, but the brunt of such foreign demands began to fall on this market, and New York itself, by reason of the high interest rates, attracted a great deal of money from this country.