Show BANK OF ENGLAND LOWERS DISCOUNT LONDON Jan 16 The The rale rate of discount discount dis dis' discount dis- dis count of the tho Bank Dank of En England land was reduced reduced re re- re from front 6 to 5 per cent today The reduction was anticipated as the fresh gold arrivals most of which absorbed absorbed ab ab- ab orbed f by 03 the bank and the tile return of cash to tho the country so o mat materially strengthened the thc reserves in the metal in spite of the con considerable amount ta in ken b by br South America that there wa wano was no excuse for a further prolongation of tho hi higher rate which so discommoded trade for pome months past Even had th the bank desired to retain a higher rate rat it is doubtful if it could be he made macle tree tive thc as the supply of mone money in Lom Loiti bard street was so abundant as to be e almost for the moment in excels of the requirements The Tho discount in the open u market fell to p j 4 per cent The recent continental purchases of sterling bills bulls indicated the probability that the thc gold old borrowed n from France durin during the American stringency would be to remain hero lucre for or a n time and th the bills renewed This proved pro a further indu inducement for the bank bauk to lower 10 its fa rates The exchange c already had fully discounted the r per cent mt into and the actual announcement caused only a slight hardening of quotations |