BANK RATE RAISED

Greymouth Evening Star, 27 September 1929, Page 5

BANK RATE RAISED

HIGHEST SINCE 1921 EFFECT ON’CHANGE (Australian Preaa Assn.) IBv Cable—Press Assn.—Copyright.) (Received September 27, 8 a.m.) LONDON, September 26. The bank rate has been raised to six and a half per cent. This is the highest since April 1921. It did not cause any serious decline on the Stock Exchange, as most brokers anticipated it. There was, however, a slight weakening in. giltedged, and some industries, though rubber shares remained steady, despite the raw commodity declining a farthing. Scandanavian bank rates have been raised following the London announcement, Danish and Swedish to five and a half, and Norwegian to six per cent. MRS HATRY’S RETIREMENT. LONDON, September 26. Some of the newspapers have published sentimental stories of Mrs Hatry’s appearance at the Guildhall when her husband was charged, and also of her visiting the gaol and leaving in tears. Mrs Hatry’s secretary, however, states that she was neither in the Court nor did she visit the gaoL She has not been in London since September 19, and she is remaining in the country. As a sequel to the Hatry collapse, Russell is petitioning for the compulsory liquidation of the Rochester Trust.

THE CRISIS PASSED. (Recd. Sept. 27, 11.45 a.m.) LONDON, September 26The Stock Exchange settlement passed off without incident, fears that there might be some defaulters happily not being realised, thanks to the Committee’s action in deferring a settlement in the Hatry group for a month. It is generally hoped that before October 24 arrangements will have been made which will obviate any defaults.

GERMAN BANKS COMBINE.

BERLIN, September 26.

The biggest bank fusion in Germany’s history is that of the Deutsche Bank amalgamating with the Discontogesellschaft, with a capital of £14,000,000, and reserves of £8,000,000.