INCREASE IN BANK RATE
QUESTIONS IN HOUSE OF COMMONS (Anstrallan Press Association.) London, February 12. Tii the House of Commons, Mr. PethIck 'Lawrence (Lab.) inquired if prior to the increase in the bank rate representations had been, made by the Treasury to increase the fiduciary Mr. Churchill: No. The only effect of such an increase would be the stimulation of the transfer ,of funds from .Great Britain to New York. ' Mr. Lawrence: Have you in mind any remedy to prevent the country’s industry being at the mercy of speculators in a foreign country? ’ Mr. Churchill: No remedy could be more ill-judged than political interference in the banking system. .Replying to Commander Kenworthy Mr. Churchill said that he certainly Jiad knowledge of the intention to increase the bank rate. Sir R. J. Thomas (L.): Isn’t it due to the premature return to the gold standard? Mr. Churchill: No. Many things good, . bad, and indifferent,. followed that decision, which the House approved, but you have no right to say that any particular movement in the bank rate was due to that cause.
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Bibliographic details
Dominion, Volume 22, Issue 120, 14 February 1929, Page 11
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180INCREASE IN BANK RATE Dominion, Volume 22, Issue 120, 14 February 1929, Page 11
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