* * * * BANK RATE CONJECTURES.
Indeed, but kir the period of the year, such a movement would seem to be probable, and if gold should continue to pour into the country I should not like to say that a decline may not take place this year, especially as we are about 1 per cent. above the level of New York. The period of the year, however, has to be allowed for and also the adverse trade balance, which means that gold is not flowing here strictly because of our power to command it except as such power is expressed in fairly high interest rates and good credit standing. In this sense, therefore, it is, perhaps, still a little premature to be discussing the chances of an early decline in the Bank rate. It is, however, all to-the good that fears of a rise should have disappeared and mean- while trade is deriVing -sonie advantage from the fall in Bill rates in Lombard Street.
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