FINANCIAL NOTES
LARGE GOLD ARRIVALS.
Among the causes contributing to market cheerfulness during the past week must, of course, be included the large influx of gold. On one day alone the Bank received no less than 21,600,000, and since this country returned to the Gold Standard, although we have exported considerable • amounts, the store at the Bank of England has been increased on balance by no less than 25,635,000. This is a development which, of course, materially affects the monetary outlook, and whereas a few weeks ago there were considerable mi&- givings with regard to autumn prospects and the likelihood of an early rise in the Bank Rate was discussed in some quarters, there is now little expectation of any advance. Readers of these columns will, no doubt, remember that ' throughout I have taken the view that the very fact of the Bank of England taking precautions well ahead with its 5 per cent. Bank Rate and endeavouring to keep the market near to the official minimum offered, in itself, the best guarantee against unduly high rates later on.
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