17 NOVEMBER 1860, Page 8


SATURDAY MORNING, The movements of those financial thermometers, Discount and Gold, have caused some anxiety in City circles during the week. Since the autumn of last year, no less than fifteen millions of gold have been withdrawn from the balances of the Banks of England- and France. France is a borrower, and England has raised her rates of discount three times during the week ; it is now aix Per cent. Making allowances for bad harvests, and the necessary exportation of gold to'pay for grain, it is yet impossible to account for two-thirds of the deficiency by means of ordinary commercial operations. Russia and Austria have not got the gold, for no one will lend it to them. France has sustained a drain of four millions, and the Bank of England is making a profit, but at the expense of the convenience of our own commerce, which is required sud- denly to bear a charge of 2 per cent against its own contracts. We are driven for explanation to other causes than those of a peaceful nature. Some part of it may be Set down to the French operations in Syria, and. the French loan to Egypt, but the operations in China scarcely con- tribute to solve the mystery, for there payments must be made in silver,. which must have been procured in Europe in exchange for geld. Ten millions is a large sum to be withdrawn from the amount of the circu- lating medium, and we sincerely hope that the true explanation is not to be found in an intentional hoarding for warlike operations in the coming year. Two per cent in discount is too high a price to pay for contingent ideas."