The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-26

WY ruH BANK OF ENGLAND hpVAsshp M
80 81 I,rrnrsr. The London ItneS Oh
T.nnary a has the following remarks on inc
.s,.,ncs IN the bank rate Of interest
:, tn movement on the part of the Bank OF
r,ciard "a fully explained by the return pup
ii.hed this evening, which demonstrates lhat
tho rate of seven per cent was consideraoly
below the natural market terms, the diminu-
ton in the reserve during the week having
been 10 the extraordinary extent OF tl,o24 ,ooo:
Al the same time n further large amount OF
gold has been taken out, and the outnow SUN
continues, IN additional quantity OF sovereigns
having been withdrawn to-day for Egypt
while there is n probability of another ship
ment by the Brazilian steamer OF the stn;-
Assuming there is no unsoundness OF trace
the present further advance In the rate lor
money Is of course only TO be taken rs eVl-
dence of great prosperity since we are ~ onr
pose that people would not apply LOT Nhones
NJ eight per cent. unless they We're SURE thess
could EMPLOY il upon terms TO render IL "or ~ n
while Ii, then, il is simply an lhdlea,ion Vi
the gain to be made by those VINO are lortu-
o,e enough TO get the use oft ut that rate no
ono can complain of the rise. On the other
hand, II there be anything unsound In the eH-
isting course of operations, 1t Is pam that
unsonndness could not be encouraged DS any
continuance or increase OF existing lacinaies;;
and that the severe movement must De endured
and welcomed by all respectable traders as the
only means of cure. Few persons now ooupl
that the main cause of the condltlon OF our
money market is 10 be found i'll series OF
unlimited consignments of goods upon creait
TO America. The latest Board oil Trade
returns have shown the nature OF these con
signments and there can be no question 'hAt
the figures for December will involve sun more
EXTRAORDINARY totals. On the other hand, we
get no proportionate returns, either Ill the
shane of bullion, cotton, wheat, or other pro.
ducts, the receipts being far below, instead OF
above the usual quantities. Ii our Manchester
and birmingham firms feel sufficiently SAFE In
these transactions to afford 10 lie out OF their
money, and to pay eight per cent Tor tempo
rarv accommodation, they are quite rlSht 10
carry them on, but they must not 90 so ana al
the same time grumble Mt the results Nhlie
they are congratulating themselves on their
wonderful profits, they should look with COM
placency on the moderate extent 10 Whlch such
profits are shared by the bankers ana capltal-
lists who assist them in their proceedings.
With regard to the future prospects OF the
market, even if the present rise should induce
\ Dause in the eager TRANSMISSION OF capital
and goods TO the other side OF the Atlantlc, IL
is impossible TO anticipate any very early
permanent reaction. The difference OF three
per cent. between the Paris and London rates
will doubtless continue to draw French capital
TO our relief, but the amount thus drawn
already is believed 10 be excessively large, ana
whatever may be it's extent, 1t constitutes
debt that must be provided lor whenever
France shall require repayment