CONDITIONS IN AMERICA.
On the Continent of Europe somewhat easier Money Rates prevail and during the past weeks the Banks of Norway and Denmark have reduced their rate of discount, though it must be noted that they are still considerably above the level prevailing here. The great point of uncertainty, however, is the United States, where it is clear that there has been a considerable increase in speculative operations'in Wall Street, while the latest Monthly Review of the National City Bank of New York shows a remarkable expansion in Banking Loans. Indeed, commenting upon these conditions, the National City Bank Review says : " Without further gold• imports the member banks will be unable to increase their" loans in any important degree except by resorting to the reserve banks, which they are not likeix to do unless tempted by higher interest rates. It follows that if trade expands in the Fall, as now seems probable, rates will be moderately higher." These are points which have to be kept carefully in mind when considering the monetary outlook here.
(Continued on page 344.)
Previous page
