19 AUGUST 1905, Page 3

The Army Council has issued a number of new rules

dealing with the sale of Army stores. It is now expressly laid down that whenever, on the conclusion of a campaign or the reduction or removal of a garrison, a General finds surplus stores on his hands, he must report to, and secure the consent of, the Army Council before proceeding to dispose of them. The new regulations further ordain that "the sale and repurchase of the same goods, or purchase of similar goods shortly after the sale, should only be resorted to in the most exceptional circumstances and with the express sanction of the General or other officer commanding-in-chief, who will in all such cases forward an immediate report to the War Office." Here, at any rate, is a case where the appoint- ment of a Royal Commission, instead of leading to nothing, has accelerated reform even before its inquiries have been commenced.

Bank Rate, 21 per cent.

Consols (2* per cent.) were on Friday 90i.