LARGE GOLD INFLUX.
The reduction in the Bank Rate was due not only to the fact of the rise in the American Exchange but to the very large engagements of gold from this country. Altogether some- thing like £5,000,000 to £6,000,000, appears to have been engaged from Australia, much of which has already gone into the Bank, while shipments from Argentina have been on a large scale, and over £4,000,000 is on the way from the United States. The full effect of these gold arrivals on the Bank Reserve will not appear immediately owing to the fact that at this period of the year there is always a large exodus of currency notes into the country for Christmas requirements. This, however, is merely a seasonal operation, and unless in the meantime there should be important withdrawals of gold for France, it looks as though by the early weeks in January the position of the Bank of England Reserve might have improved materially.
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