26 APRIL 1884, Page 3

The Bank has not lowered its rate of -discount, but

the rate is nominal, for there is a plethora of money in London, which is kept up by unexpected remittances from America. More than 25,500,000have been recently shipped for Europe in gold, of which a considerable proportion comes to London. The ultimate cause of the outflow is, of course, slackened demand for American pro- duce ; but the great immediate cause is the large sale of Ameri- can railway bonds held by Europeans, but now remitted to America. The continuous fall in nearly all American lines has created a panic among investors, who see no bottom to it and are daily parting with stock.