BRITISH BANK RATE
A PROBABLE REDUCTION. Received 5, 10.50 p.m . London, August 5. Mr. Lloyd George, in the House of Commons, said the issue of small notes was purely temporary. There was no failure of credit, but it was desirable to economise the gold supply. All notes would be convertible into gold. The Bank of England has fixed the general moratorium for a month, in order to leave ample margin to enable trade to adapt itself to present conditions.
Bankers consider themselves in a position to resume normal business, and are arranging to furnish money for salaries and wages necessary. The Government is coining additional silver. It is hoped to reduce the bank rate to six per cent.
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Taranaki Daily News, Volume LVII, Issue 67, 7 August 1914, Page 5
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118BRITISH BANK RATE Taranaki Daily News, Volume LVII, Issue 67, 7 August 1914, Page 5
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