" HOT " MONEY IN AMERICA.
The authorities at Washington are evidently still concerned at the extent to which credit resources in the United States are expanding by reason of the long-continued influx of foreign money. It is of course an experience in which this country has also shared, the currency crisis in France and anxiety in other parts of Europe occasioning a considerable flow of foreign money to London. In the United States, however, the influx has apparently been even greater and, according to the latest messages, there seems to be a prospect of Washington taking some important steps to check the inflow by measures of special taxation, both of interest and of profits secured by deal- ings in American securities. For the uninitiated, it may perhaps be explained that this expression of " hot " money means money which, because of its origin and because of its coming into a country under certain conditions, threatens the likelihood of any great change in political or financial conditions occasioning a hurried repatriation of the capital which has fled temporarily
* Since this note was written there comes the news from Calgary that the Federal Government has disallowed the bank legislation of the Social Credit Premier of Alberta.
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