BANK RATE
ADVANCED TO 5* PER, CENT.. FOLLOWING SALE OF GOLD. (United Press Association—By Electric Telegraph—Copyright). (Received this day at 10.30. a.m.) LONDON, Feb. 7. The bank rate has been advanced to five and a half per cent. This advance followed a net efflux during the week pf £3,091,745 of gold, reducing the stock of gold in the Bank of England’s issue department to slightly below the one hundred and fifty millions laid down by the Gunliffc Committee, as the amount that should be held, on the amalgamation of the note issues. It is understood that the Bank of England has advanced the rate 'to stop this heavy drain and prevent the situation getting out of hand. Teh “Morning Post,’’ points out that during the period of a little over five months our loss of gold amounted to twenty-six and a half millions, yet these huge exports had no material effect upon American exchanges.
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Hokitika Guardian, 8 February 1929, Page 5
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154BANK RATE Hokitika Guardian, 8 February 1929, Page 5
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