London, July 5.
Although the rise in the bank rate was not generally expected, has been received with a certain amount of relief because it ends a state of uncertainty. It is said that the advance in the rate has been made with a view te curtailing American borrowing on the London market, where the rate for money previously was 1} per cent. below the rate in New York. In some financial quarters the opinion is expressed that the movement will retard the long-expected improvement ini trade; in others it is expected! that there will be a slowing down of the British Government's measures for deflation.
In consequence of the rise in'
the rate, sterling on New York rallied to $4.56 but has since re-J lapsed to $4.55$.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.