THE City of London had reacted to the New York crash with alarm, but also with some quiet satisfaction and schadenfreude, After Black Thursday, the New York Times reported that the “selling left London’s ’City’ in a comfortable position saying ’I told you so.’ It had been expected for a long time. ”16 In many ways, London profited from the crash as investors switched funds from New York, easing the strain on British gold reserves.
