MONETARY CONDITIONS.
Then, as so often happens, came developments of a ley favourable character. The American exchange stubbornly refused to move in our favour, a circumstance doubtl• directly connected with after-effects of the prolonged et* stoppage. In addition the Chinese situation developed seriously, while a further complication—even conneehd in the minds of some with the Chinese situation—so far as tit Money Market was concerned, was the sudden purchasing oft large total of gold by Russia for shipment to Moscow. Tlx net result of these developments was the delay occasioned a the matter of reducing Bank Rate, though the growing strength of that Institution was conspicuously displayed a last week's Return, showing the highest proportion of cash to liabilities for this period of the year since the year 1915.
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