New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-11-24

Of the precious metals but the payments of the corn
bills being not yet due the present drain cannot be
countd for in this manner, and, moreover it takes
place concurrently with rate of discount higher in
London than in Paris, Amsterdam, Brussels and Ham
burg, while simultaneously the gold export leaves no
profit as an exchange operation Whittier, then, does
the gold gol To the vaults of the Bank of France.
The present discount rate of the Bank of France only
3per cent, although that concern has lost about 81
000 600 since the end of August while s discounts for
August and September, have increased by about
G3,0C0,000 Any vulgar bank wonld, under
such circumstances have raised Its rate OF discount
but Louis Bonaparte, afraid to cause ris'6ie dis
turbance Of the money market, orders the Bank 10
purchase gold at loss and viii force 1t to continue
proceeding with this certainly not mercantile operation
On the other hand the Bank Of England proves that 1t
is unable to check the present drain by the rise the
rate of interest. Yesterday for instance, no bullion
taken from the Issue Department of the Bank but
n considerable quantity in sOyeregns was drawn from
the Banking Department. 1t is one Of the necessary
Consequences Of Sir Robert Pees blessed bank acts OF
1874 and 1915 that the mercantile public are constant
y mised as to the real amount Of the precious metals
exported since the Banking Department furnishes no
public returns Of the soveregns Withdrawn from its
chest The rise in the official discount rate OF the Bank
of England, especially if continuing, WILL of course,
impose upon the Bank of France the necessity OF fol-
lowing in the same direction, and thus prevent Louis
BOnaparte from any longer commanding the Bank d.
rectors TO buy gold loss in order to hide visible
arrangement Of the money market. Still, the English
drain Of bullion will not be stopped by that eventual
W, since, in proper time the corn bills must fall due
aud be paid for in cash.
A prospectus had been issued Of a Cotton Com
pany, with a strong Manchester Board of Directors,
the principal object being 10 develope the Dharwar
cotton fields in the Bombay Presidency. The capital
OF the Company is fixed at 100000.
The funeral OF the Eai of DundOnald had been liked
to take place the l4th nst at Westminster Abbey
The projected visit of Volunteers TO Paris was meet
ing with much ridcule and opposition that there
was little chance OF the scheme being carried out.
Prince Alfred reached Plymouth on the 9Th inst, on
board the rigate Euryalus, and early on the same
morning two vessels supposed TO be the Hero aud the
ATadne Of the Prince of Waless squadron were seen
passing up OFF the Bill of Portland
The usual Mayoralty Elections throughout England
took place on the 9th inst AT Liverpool the choice
fell upon Mr.. ). Il. Graves.
Alderman Wire, ex-Lord Mayor of London, died on
tie 9Th.
The inauguration Of the new Lord Mayor Of Lon
DON Mr. CuUitt took place on the 9th, with the usual
ceremonies. The grand banquet III the evening at
Guildhall, attended by the principal members Of
the Cabinet, and by the Embasadors OF France ana
Sardinia-the other representatives Of European
Courts being absent Count de Persgny spoke for the
Diplomatic Corps, and his remarks were cordial and
friendly.