BANK OF ENGLAND RATE.

Grey River Argus, 18 July 1922, Page 6

BANK OF ENGLAND RATE.

REDUCED TO 3 PER CENT. LONDON, July 13. The bank rate has been reduced io 3 per cent. The reduction in the Bank of England s bank rate above announced makes a total fall of 3 “points” in the last twelve months. Following are details of the changes in the rate in recent years:— 1911— January 26, 4; February IG, 34; March 9,3; September 21, 4. 1912— January 8, "31; May 9,3; August 29, 4; October 17, 5. 1913— April 17, 44; October 2, 5. 1914— January 8, 44; January 22, 4; January 29, 3; July 30, 4; July 31, 8; August 1, 10; August 6,6; August 8, 5. 1919— November 6, 6. 1920— April 15, 7. 1921— April 28, 61; June 23, G; July 21, 54; November 3, 5. 1922— February 16, 44. 1922—April 13, 4; June 15, 34; Julv 13, 3. The rate was at a higher average level throughout 1920 than in any previous year since the Act of 1844, though there have been occasions when a much higher rate was in force for shorter periods. As regards low rates, it may be interesting to recall that on April 1,1909, the rate was reduced from 3 per cent to 2J per cent, remaining at the latter figure for over six months.