Montagu & Co.'s report for March 4, is the following interest item The following xtract from the! Baston News Bureau, dated February 2, is a remarkably outspoken utterance as to the condition of American banking and fully justifies the Bank of England in not raising its official minimum: "The credit basis internationally is lost. It is being re-established on proper base individually, and is naturally seeking the lines that have been built up by English commerce and English banking credits. We are two or three generations behind because money paid us better in our own land, mining and transporta-! tion development. England is granting credits where her ships sail or her lines of commerce run and with-, out reference to any metallic reserves. It is because England never had fixed reserves, but established standards, that she is able to recover her international commerce. She can offer credits ati Board in the States is advertising to the world New York money rates 10 per cent. to 20 per cent. England can do this because she makes more than 10 per cent. additional in. shipping. insurance, banking commissions. merchandise commissions, storage rates and all the many commission side lines which she has builé up for rer 100 years. Our advertised high rates for money are but warnings to keep off our coast. England's low rates in commercial discounts beckon to all the world for commerce and business."
Text read from the printed page and cleaned; old type leaves the occasional error.