THOUGHTS FOR THE TIMES.
THE BANK RATE. Between February and September the Bank of England rate was steady at oi per cent. On September 26th., owing to heavy shipments of gold to France and America, the rate was raised to 6£| per cent. Now at the close of October it is reduced again to 6 per cent. This last change, of course, means that the temporary rise in the bank rate served its purpose by checking the outflow of gold and steadying ■me Money Market. This is in itself a tribute to the efficacy of the system and the strong control exercised by the Bank over the financial world. At the same time, in view of this week's tremendous panic in Wall Street and the recent crisis produced by the Hat-, ry collapse at Home, it is particularly satisfactory to learn that, in the opinion of the Bank’s directors, financial conditions in London are almost normal again, and that British trade and industry are to enjoy the benefits of more elastic credit and cheaper money once more.
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Hokitika Guardian, 9 November 1929, Page 4
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177THOUGHTS FOR THE TIMES. Hokitika Guardian, 9 November 1929, Page 4
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