13 OCTOBER 1877, Page 3

The Bank of England on ThursdEty raised its rate of

discount to 5 per cent. Money was steadily going out, much of it for trade pur- poses, and the Bank deemed it necessary to protect itself. Busi- ness, however, does not revive rapidly, the German demand is supplied for the time, and from the profusion of money in other capitals, Paris in particular, a high rate will soon draw supplies over here. The market rate 14 1 per cent. below the Bank rate still. The war, we are told, as yet does not affect the Money Market at all, neither Russia nor Turkey paying for anything in gold ; but if it lasts, money will be drawn from this quarter, whatever is paid for it. Disturbance in France would, however, have the quickest effect, as every sixpence procurable in specie would be hoarded.