The Times. Published on Tuesday and Friday Afternoons. TUESDAY, SEPTEMBER 20, 1921. THE MONEY MARKET.

Franklin Times, Volume 9, Issue 669, 20 September 1921, Page 4

The Times. Published on Tuesday and Friday Afternoons.

TUESDAY, SEPTEMBER 20, 1921. THE MONEY MARKET.

A further reduction in the Bank of England discount rate from 6 tc 514 per cent, was made on July 21 (says the Australasian Insurance and Banking Record)’ and market rates have since settled down fully in proportion. With lower prices and a reduced aggregate value of business to be financed, the situation is now materially different from that of a year ago. At the same time the British Government appears to be making slow progress in dealing with its floating debt, and movements in the Bank of Engsand returns'"frpm time to time indicate that it is nni yet able to dispense with the unsatisfactory system of relying upon accommodation in the form of ways and means advances when large disbursements have to be provided for. American exchange, after the recent decline, has lately shown a little more firmness. The outlook in this respect can only be conjectured, but one factor in the situation is that with lower prices and lessened demand, the aggregate value of American exports during the next few months will doubtless be much less than during the corresponding period of 1920.

“We nothing extenuate, nor aught set down in malice.”