state The Bank of England gold reserve against its note issue is £127,047,550, as compared with £127,046,185 last, week. The Bank of England official rate of discount was lowered to-day to 4 per cent. from 4} per cent., at which it had stood since they February 16 last. The small amount of gold on offer was taken for India.
The effect of the, Band strike was very drastic upon the production. January's production was only 335, 000 oz. and that of February merely 77,000 oz. The total for the March quarter is expected to be in the neighbourhood of 600,000 oz., less than that of one month's usual output. Normal figures cannot be expected until July. A recent estimate for the production is 75 per cent. for April, 90 per cent. for May and June respectively, and 100 per cent. for July, subject, of course, to any natural changes.
New York reports an import of gold, value $1,588,000, from Sweden and an export, value $227,000, to India. A consignment to the value of about £200,000 arrived at Liverpool yesterday; we understand that the gold is only in transit, being destined for Calcutta.
Text read from the printed page and cleaned; old type leaves the occasional error.