On tiic 'Crises of iS^J, 184/, and iS^j 



37 



was also deficient. These excessive imports were paid for in 

 gold, and again the Bank was tardy in raising the rate. This was 

 a financial result from the trade situation, since payment for 

 goods constitutes a little different case from shipments of gold 

 simply for the purpose of realizing a profit from the differences 

 in rates of interest. From May 4 to October 19, 1847, ^593-933 

 were exported to America.^ That raising the bank rate consti- 

 tutes an effective check on gold exports is illustrated by a reland- 

 ing of 100.000 sovereigns destined for America in the latter part 

 of 1847 as a result of the sudden rise in the bank rate.* 



J8anh S^ateofJnterestoftkc 

 jBank ofSn^land. 



Frcm 5eyd,"^'"-Uof England /^otelssue and Its Error',' p 94-. Chart 4- 



The movement of securities was similar to that in any specu- 

 lative period. From January to May, 1845, there v/as a rapid 

 advance. Great Western and London & N. Western stocks rose 

 from 178 and 236 to 200 and 253^^ respectively. From ]\Iay to 

 July there was a slight advance. From August to October about 

 as marked a decline as there was adA^ance in the early part of 

 the year. From November to December there was a slight rise 

 of not more than three or four points. From January to Alarch, 

 1846, Great W^estern fell from 170 to 150 and London & N. 

 Western fell from 230 to 224. April to December, 1846, a fall 



^ Evans, The Commercial Crisis of 184}— 48, 65. 

 *Juglar, Lcs Crises Commercialcs, 362. 



179 



