THE BANK RATE DISCUSSED
THE COMMONS DISCUSSION. (United Press Association—By Electric 'Telegraph—Copyright). LONDON, Feb. 12. ,ln the Commons Mr Petbick Lawrence inquired il prior to the increase in the bank rate, representations were made to the Treasury to increase the fiduciary issue. Rt. Hon. W. Churchill said: “No.’ The only effect of such increase would be a stimulation of the transfer of .funds from Britain to New York. Mr Lawrence: Have you in mind any remedy to prevent the country’s industry being at the mercy ot speculators of a,foreign country. .Mr Churchill: No remedy could be more ill-judged than political interference with the banking system. Replying to Mr Ken worthy, Mr Churchill said ho certainly had knowledge of the intention to increase the bank rate. Sir R. J. Thomas: Isn’t it due to the premature return to the go |( l standard.
Mr Churchill: “No.” Many things good and bad and indifferent followed the decision, of which the House approved, but you have no right io say any particular movement in the Bank rate is duo thereto.
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Hokitika Guardian, 14 February 1929, Page 6
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176THE BANK RATE DISCUSSED Hokitika Guardian, 14 February 1929, Page 6
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