The New York herald., 1862-11-18
The Rate OF Disc0unt.
THE ADVANCE sy THE BANK or ENGLAND AND IT


From the London Times (city article), Oct 81
The Bank Of England have 10 day October 3ol al.
!, had Stood snce ,hs SIsh 4, n,v 70 ,hree .er ,eni
movement two and half per cent was fully antlc
pated, aud the Gazette return published thus everng us
nes the decided increase now adopted In the
stock Exchange the step is regarded with satisfaction
because II, under existing circumstances. the advance
had been only 10 two and bali per cent there would
probably have been prospect OF continued uncertainty
for several weeks a 10 whether another movement might
not be found necessary which would have intcrfcred
with all kinds business particularly that cf
speculative character From the present date there will
be good seadIes throughout the remainder
OF the year Looking at the rapid eux o geld which has
continued whoat interruption for two months. the
general state OF the discount market presents very
anomalous features, since the commercial demand
for money is still moderate, and ia the Stock
Exchange the supply IL so redundan' that II 10 now
scarcely possible TO Obtain one per cont for advances on
government securities The inference, therefore. tina,
the amount Of gold circulation al home IS much larger
than usual circumstance which may be partly atribu.
table the inuelce OF ine great exhibition, partly 20
the large amount absorbed in the harvest operations
which very late and partly to the fear OF taking
bank occasoned by the recent theft OF paper which
happily will now longer operate. With regard 20 the
specie shipments 10 India effect must soon be produced
al H,mbly and Calcutta which will gradually tend 10
moderate them for the future and Is also to be remark
ed that as the returns 70 be received Cor them viii consist
OF cotton and analogous staples OF which We shall be al
the sole distributors 20 Other nations the influence
will be exactly the IT specie were Sent back 10
us Supposng political affairs 70 continue in sat,sa ac
confidence that will stin revail ii the money
ket and the prevalence Of this opinion seemed 10 be
indicated 10 day by the tone o most descriptions oi Sc
curiticsy
From the-Iondon Poet (Cty Articie), Nov !
We have dram Tor silver u India, chiefly Tor cotton
c meet whilst the cotton It's arrival IN tbs orntry
viii have be worked up aud the manufactures ssnt TO
all parts the world before get return OF the
mcncy exrcnded aud this scarcely be dsne within
twelve months In the meantime France ~ wei ~ Eng
land will to remit specie to India tor the purchase o
cntnr sbr Asrian arrivals al this period or the year
are uncertain whilst the continuance cf gold imports
from cannot be depended upon as in the prescott
distracted stat, - that country no cne can predict VIVA.
may happen day To day. Any plan Tor solution of
the difficulties II the United states BY neftai,csi
oiherir,ss wond scnd the erhon9e on London and the
prw,ipms GOLD dozen tnsnty per cent IN ar hour
Coon ,eoud then o,o in, and probably We should navs
70 send gold TO- Instead Of receiving II FROM America
Apart IRON this contingency the demand Tor stver lor
India already spoken o aud The numerous other freisn
engagements have TO meet aduce the belief that de-
spite ingenious arguments to the contrary, moaey must
dcarer. That high rate n discount s not favor.
able 10 bullion operations clear but pred'ctsns with
regard money matters have proved often zlncons
tia, the commercial community caunot be tso
haw they receive or give srcicacc TO them.