REDUCED BANK RATE

Greymouth Evening Star, 11 March 1932, Page 7

REDUCED BANK RATE

ENTHUSIASTIC RECEPTION. [BY CABLE —PRESS ASSN—COPYRIGHT.] (Received March 11, 10.15 a.m.) LONDON, March 10. ■ The announcement of the reduction of the bank rate to 4 per cent, was wildly cheered by .excited crowds, who disorganised traffic, as they rushed headlong to the telegraph and telephone offices, to advise the interested parties. The decision will help business men to carry stocks of commodities on borrowed money .enabling the maintenance of, and even a much-needed improvement, in commodity prices. The Stock Market did not react to the lower rate, as it was already discounted during the week. RECENT FLUCTUATIONS. [BRITISH OFFICIAL WIBELESS.] RUGBY, March 10. The last reduction in the bank rate took place on February 18, when the rate was lowered to 5 per cent, from 6 per cent., at which it had stood since September 20, when the rate was raised, in connection with the suspension of the gold standard. FOREIGN EXCHANGE. RUGBY, March 10. When the foreign exchange market opened, tins morning, the New York rate for the pound sterling, which [closed last night at 3.69.3 dollars, was [quoted, at 3.673 dollars. | The Paris opening rate was 23| , francs.