12 JANUARY 1861, Page 2

The Bank of England has raised tie rate of discount

to 7 per cent. It mounted up to 6 and 61 just in time to check a drain to France ; it has risen to 7 to stop the efflux of gold to the United States. Rarely, if ever, has so high a rate been taken so quietly. The fact is, that trade is sound, and the rise creates no uneasiness ; the eommeroial world acquiescing in the pruden- tial measures of the Bank. At the same time, the Bank of France has raised the rate of discount to 7 per cent, and rumour reports that the next official statement of the Bank of France will show a great decrease of specie. No satisfactory explana- tion of the present monetary phenomena has been offered by the adepts in monetary lore.