SLUMP IN STOCKS.

Timaru Herald, Volume XIC, Issue 13438, 9 November 1907, Page 5

SLUMP IN STOCKS.

IMPORTS OF GOLD

Press Association-By Telegraph-Copyrighl Received 9.20 p.m.. November Bth. ■ NEW YORK, ..November 8. The contracts entered into for the importation of gold, with what has alreadv arrived, amount to £7,820,000. THE BANK RATES. Received 9.34 p.m., November Bth. LONDON, November 8. The advances in the English bank rates of discount have caused 1 a depression on the European Bourses. The French bank rate has been fixed at 4 per cent., and the Belgian and Indian rate has also been advanced. The "Finahcial News" sayc that it is too much to hope that the high bank rate will entirely stop the drain of gold. The ' " Financial Times" declares that it would) be unwise to assume that the zenith in the matter of bank rates has yet been reached. Neither 7 per cent, nor perhaps 10 per cent, can prevent the drain to New York. A check must come either by the Americans abandoning the policy of hoarding, or. heroic: measures on the part of 1 " the American .Gpvernment. "