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The writer of the City Article in Thursday's Times must

have been dreaming when he spoke of the indemnity which we shall have to pay to the United States twelve months hence without return, as one of the elements tending to the rise in the Bank rate of discount—to 4 per cent.—determined on on Wednesday. This obligation would hardly have had a sensible influence, if the payment had been due three months hence instead of twelve. The Bank Directors would as soon have thought of taking into account the demands for next year's harvest.

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