Atrromm PROSPECTS. • .
s Experience shows, however, that it is not easy to curb Wall Street's speculations when once they have got a fre course, and if the present 4 per cent. in New York should not lighten the speculative position, it is quite possible that a higher rate might have to be imposed, and uncertainty on that ' point lends uncertainty to the monetary situation here. ..However, the market rate of discount in London has already 'hardened to 41 per cent. thus making the Bank Rate a little more effective, and, with gold flowing in here and with gold . almost pouring from Australia into the United States, then seems to be at least a fair prospect of the autumn passing without unduly high rates here, while the position is further simplified by the fact that, so far as commercial activities are ' concerned, lower rather than higher money rates would k 'helpful and, while it is true that there is some activirY in the Stock Markets, purely speculative positions arc In't :large.
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