INCREASED BANK RATE
EFFECT ON LONDON ’CHANGE. [Special to Press Assn, by Radio.] RUGBY, Feb. 8. The increase of the bank rate from pi per cent, to 5} per cent, announced yesterday, has resulted in a general lowering of prices in all departments of the Stock Exchange. The chief section affected Ims been Government securities. but even in these, the declines have been small.
The general marking down of price has been largely a precautionary measure. there having been no considerable <Je]]jng, and support has been forthcoming at the lower levels. One of the immediate effects of the rise in the bank rate lias been the i c (■(every of sterling in almost every quarter. The rate on New York is now well above the point at which shipments of gold to America are profitable.
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Hokitika Guardian, 13 February 1929, Page 6
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135INCREASED BANK RATE Hokitika Guardian, 13 February 1929, Page 6
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