Excerpt from The Saturday Review of Politics, Literature, Science, and Art, 1892, Vol. 73
The money market has again been very active and firm this week. The Stock Exchange settlement began on Monday and ended on Wednesday afternoon, and though speculation has not as yet very greatly increased, still the demand for loans, com paratively slight as it was, had an effect upon the market. Then Thursday was the last day of the year, when the joint-stock banks make up their accounts; and as they were all anxious to make it appear that they keep large reserves, they have not only been lending less liberally than usual this week, but have been calling in loans. Furthermore, the India Council, which is usually a large lender, has been calling in money for the interests and dividends payable at the beginning of the year. Over and above all that, a large amount of gold has been withdrawn this week for Russia, Germany, and South America. It has been known for some little time past that a considerable amount would go to Germany, but it has also been known that the demand would cease so soon as the year ended, and couse quently the German demand, if it stood alone, would have had no very great inﬂuence upon the market. The South American demand, again, is not important; the Russian demand is less easily measured. Nobody understands why the Russian Govern ment should take gold from Western Europe to St. Petersburg. One would suppose that, as it has to pay for food, for interest, for war and railway material, and the like, it would need all the money it has at its disposal, while at home it pays for everything in paper-money. Perhaps the explanation is that it is trying to bolster up its credit by manipulating the Bourses of Berlin and Paris. The demand for money, therefore, from Monday morning to Thursday evening was very strong, and during the last couple of days a good business was done at the Bank of England, which at first charged 4 per cent., but afterwards 5 per cent.
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