22 OCTOBER 1927, Page 46

MONETARY UNCERTAINTIES.

And while it may fairly be said that from time immemorial it has been wellnigh impossible to foresee the immediate course of money rates, the difficulty of forecasting the future has been increased tenfold during the past decade by reason a the fact that for the time being, at all events, the impetus either in the upward or downward direction of money rates appears to come more from the United States than from this country. In what follows, therefore, it should clearly be understood that I am only desirous of making certain suggestive comments apropos of my correspondent's query and am not under- taking to enter the lists even of the minor prophets.