Great Britain.
financial Crisis.
The minimum rate of discount was raised by the Bank of England on the 15th instant to 6 per cent., although no gold was withdrawn that day, and none has been since.
This movement was telegraphed to the Bank of France, and the contemplated additional withdrawal of more gold from the Bank of England by that Bank was suspended.
Australian gold to the value of £570,000 arrived on the 16th, which was immediately bought for the Bank of France, and this temporarily prevented any further withdrawals from the Bank of England. There was more confidence in financial circles on Friday, and the funds slightly improved, closing firm. The discount market continued to present an anxious and unsettled appearance, and no business had been done below the Bank minimum, and in many cases 6 ½ per cent. was the lowest rate that would be taken. Three months paper was not negotiable below 7 per cent., and six months paper at 8 per cent. The amount of business done at the Bank on Friday, although not amounting to a pressure, was large. On the Stock Exchange the rate for short loans, Government security, was about four per cent.
Paris advices say that although the pressure for gold on the Bank of France continued, that establishment had decided not to raise its rate of discount above 4 ½ per cent. for the present. It was thought the Bank of France would continue to obtain gold supplies from England, but the Times' city article maintains that this need excite no uneasiness, although the drain on the Bank of France since the statement is said to have been immense.
The shares of the Grand Trunk Railway, of Canada, rallied three per cent. on the 10th.
It is rumored that the Duke of Newcastle is to receive the Order of the Garter, now in the gift of her Majesty, owing to the death of Richmond.
The express mail train from Glasgow to London, when at full speed, ran into a cattle train on the Trent Valley Railway. Nine persons, mostly drovers, and thirty head of cattle, were killed. All the passengers miraculously escaped unharmed.
