Glasgow Courier. — 1866-01-25 (Glasgow, Strathclyde, Scotland)

THE EFFECT OF EIGHT PER CENT.  Eight per cent is doing its work, but we ought to observe how it is doing it. It prevents gold from going away, but as yet it does not bring us gold. Time was, 8 per cent seemed to act like magic in attracting the precious metals hither; now it has no such effect: we only keep what we have. Some unreasonable persons expected that the Bank would have reduced their rate on Thursday, but the account then published shows that they could not have done so. All the material reasons for the rise to 8 per cent still exist in equal force. We have a great though suspended drain to India and Egypt for cotton hanging over the market. Till April, or some such time, according to the best information we can procure, that drain will trouble us. The moment the rate of interest goes down, money will begin to go to the East. In addition, we have an Egyptian railway loan, which will take money from Europe for certain if it answers, and, therefore, will take some money from here, for everybody comes here sooner or later. And many other schemes also hang over the market. We hope, therefore, that no casual influx of notes or sovereigns from the country will induce the Bank to lower their rate of discount. The domestic influx cannot be relied on for meeting a foreign drain. Part of it is of notes unfit for foreign payment, and the causes which make sovereigns come in and go out are, especially at the present moment, very obscure. A large sum may easily come in one week and go out another. The true policy of the Bank is, it seems to us, simple. To keep the rate of discount high till that rate has secured the end for which it was chosen, viz., till it has enabled us to accumulate such a moderate stock of foreign bullion, of bullion arriving from abroad, as will enable us, in security, to cope with a foreign drain to send bullion abroad. —Economist.  Alexander Duncan, a labourer, residing at the North Muir, Dundee, died on Friday forenoon, from the effect of hurts said to have been received during a brawl in which he was engaged on the 6th inst. _ _ _  On Friday, Margaret Stear-t or M 'Laren, a widow residing at Leachkin, near Comrie, committed suicide by cutting her throat with a table knife. The deceased had been in a desponding state of mind for some time past.  The Edminids affair is now in the law courts, the question at issue relating to the sum of £5OOO secured to Mr Edmunds by a mortgage on the Brougham property. Lord Brougham has paid the £5OOO into court, but a dispute has arisen as to the amount of interest.  The new station at London Road, Manchester, which was almost completed, well on Monday the scene of a very sad accident. Early in the afternoon, while the men were at work, a portion of the roof gave way, carrying some of the men with it to the ground, and crushing others underneath. Two persons were so severely injured that death followed soon after their removal to the Infirmary; and twenty-nine men were injured, some Of them, it is feared, fatally. A correspondent of the Dublin Express writes:—" At the funeral of the Earl of Limerick, when the coffin ro taken into the cathedral, a riotous mob followed it; One portion got on the seats, threw the Bibles and Prayer-Books about, trampling and stamping them under their feet; another set got into the choir stalls, and opening the cathedral's large service books, spat int° them, and committed other enormities. One of then; began to chant the Romish Mass for the Dead, an° several shouted, "The Cathedral would soon belong to the Roman Catholics'—others took up other cries. It was Nome time before the emits could be begun.".