New-York tribune., 1901-02-24
THE LONDON MONEY WAREET.
PROBABILITY OF LOWER BAHT rATy--Hr
PRICE or SILVER

LeRdon. FEB z3-on the Stock Exchange. apart
from Saturdays ordinary ind.spositon 70 DO bust
ness. the rumor that De Wet and Botha had been
captured caused much noise among Rafirs tenn
porariy. Americans were hrm JJt fresh engage
meuts were lacking. OWNS 20 the sbsencs OF New
York quotations. There were several Indications OF
profit taking. Prices closed qlet Ksfirs below The
hest
The monsv rate depends % some der-ee on the
Bank of Engand's control cf the market II Will
pTooab.y maintain its hrmness next week when
the supply % money for the week Will be reduced
by hesvy tax payments The further large guam
ty % dutable goods cleared has caused traders 90
borrow money from hanks or one hand ani On the
other hand Il has sen, cash 70 the Bank OF Eng
land 20 The credit of The Government The Gov
eraH'snt is using the revenue % redeem lts in
deote1ness % the bank There has been a further
erain or 'he supplies. owing 20 the payment OF
Two millions - the FIST t-sta lnaent OF the neV
ehequsr bends. Hence borrowers had 20 sAr,-a
Temporarily a large from the Bank OF England
- ner cent and were also Obliged 20 take ,,t-
amount In short bills for discount How long the
hank VII retain control az the mark. largely de-
Ieacs on the extent % the Government dfsburss-
Uents- The Governments loans having bee, rA
Taii 10 he bank. further absorption o. thts
money viii occur. but the Governments in4ebtes
ness % The Bank of ireland and the National Debt
Commissioners. some I'VE millions. remains ~ y.
Aquldatea- II will PROBABLY be redeemed during
ths next week or two. A large sum Will have -
De borrowed :or the Stock Exchange settlement
and the month end requirements. but the early
March supplies viii be 50 large through C;ove-n
ment disbursements. that fan in rates Is nm
avoidable
The further inflow Of gold from abroad ana from
tie country VIII probably continue two or three
weeks. snd Will strengthen the banks pos,,,on
that II may be undesirable 20 keep Up rates Sine
the bank return over G3PlO10 has been imported
and q further considerable amount Is expeotad
from Paris In the next few days ard another hair
a million from India is due within ten days Add,g
this 10 the heavy inflow from tax payments /, ,s
apparent that the addition 10 the reserve will bs
large. and further reduction OF the bank rate -
S5s per cent will be possible. Even per cent is
regarded as within sight. II before immediately
after the financial year A new loan NAV hs
raised in March or April II is expected Soma
thirty millions would provide for the conduct ~
the TO the tni of June, and the retfren,Ap, 80
thirteen millions OF Treasury bills
The recent advance in silver is attributed obi.e.
TO speculative purchases and partly 20 the buving
of the Indian Government
Commenting on the report OF the combination =.
mines and manufacturing plants in the Trni,e5
States. The Statist'' remarks:
Apart from the possibility Of a grea, silver nil,
Is the prospect that the price may era adIaiJ,S ~,
prove, as result OF the worlds normal coDsurnr-
ton The Indian Government is Obliged Ia nnr
chase 50e0leo ounces annually and the demand
iOT China VIII possibly b. larger than hitbsrto
With the normal demand and the subsidfsry cotv
Sc for trade purposes. the Conditions NsTrSrt ~
opinion that silver will psrma nently c0nmarf =
hlsher level than witnessed in recent years