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BAT® OF DISCOUNT—DEP UTATION…

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OF DISCOUNT—DEP UTATION TO THE CHANCELLOR OF THE EX- CHEQUER. A deputation of bankers, headed by Mr. Alderman Salomons, M.P., chairman of the London and West- minster Bank, waited, by appointment, upon the Chancellor of the Exchequer, at his official residence, in Downing-street, on Saturday, to urge upon him the necessity of further measures for the mitigation of the protracted monetary pressure. The members of the deputation consisted, in addition to the hon. alderman already mentioned of Mr. Gilpin, M.P., chairman of the Metropolitan and Provincial Bank; Mr. Lanaole, chairman of the Joint-Stock Bank Mr. Nicell, chaiiman of the London and County Bank; Mr. Rodonachi, chairman of the Imperial Bank; Mr. Wade, chairman of the National and Provincial Bank; Mr. Paull, M.P.; Mr. Chaytor, M.P., Alliance; Mr. McKenna, M.P., chairman of the National Bank of Ire- land; and other gentlemen.—Mr. Alderman Salomons, who introduced the deputation, sp(,'ke of the disastrous effects which the present rate of discount must inevi- tably entail upon the commerce of the City. At pre- sent, it was most oppressive, and people who were engaged in trade were completely crippled by it. He then read the following resolution, which had been agreed upon for presentation to the Chancellor of the Exchequer That, in the opinion of this meeting, the maintenance for so long a period of the high rate of interest, fixed by the letter of the late Chancellor of the Exchequer to the directors of the Bank of Eng- land, has a tendency to retard the return of confidence necessary for the interests of commerce at home and abroad, and it is therefore desirable to seek an interview with the Government for the purpose of representing the propriety ana yuiioj ut =oclif;vi..S' fh" letter of the late Chancellor of the Exchequer so far as it prescribes a minimum rate of interest at 10 per cent."—The various members of the deputation urged upon the Chancellor of the Exchequer the reduction of the Bank rate of clisoount.-The Chancellor of the Exchequer expressed his deep concern in the matter, which had been so ably breught before him. It had, he said, been under the consideration of the Govern- ment, and he oould assure them that no time should be lost in dealing with a matter of such great importance. Sir S. Northcote, th4 President of the Board of TraAe, was with the Chancellor of the Exchequer on the oc- casion. The interview lasted about three-quarters of an hour, and the deputation, who thanked the Chan- cellor of the Exchequer for his courtesy, retired.

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