4‘ 10 per cent.," which a few weeks ago was
only a nuisance, is liecoming a calamity, checking not only speculation, but ordinary trade. No one will do anything he can help while he has 10 per -cent. to deduct from his receipts and to pay for his loans, the -country bankers think it necessary to hoard, and the Continent refuses to believe that England has not suspended cash payments. Exchange was on Friday a little less -unfavourable to Great Britain, but the Bank still considers it unsafe to reduce its rate, and the •Government is still unwilling to sanction a suspension of the Act without the restriction fixed by Mr. Gladstone. It is probable therefore that until confidence has been somewhat re- stored on the Continent, that ie possibly for some weeks, the exceptional rate will still be retained.