REDUCED BANK RATE
CHEERED ON STOCK EXCHANGE
BIG STOCK OF GOLD.
Received April 22, 11.28 a.m
RUGBY, April 20. • The announcement that the bank rate had been lowered from five to four and a half per cent, was cheered on the Stock Exchange when it was posted up to-day. _ The rate had 6tood at five per cent, since December, 1925. Financial circles have been, confidently expecting an early reduction. The stock of gold held by the Bank of England is now only about £2,000,000 less than it was before the country returnee, to the gold standard two years ago, and it is still flowing in. It was generally anticipated that the bank directors when they lowered the rate would act with their usual caution by taking off only one-half per cent. A cut in the rate from five to four per cent, has not been majle m one stroke since 1908, although in that period theie have ben numerous reductions from five to four per cent, by way of four and a half per cent. British official wirele6s.
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Bibliographic details
Manawatu Standard, Volume XLVII, Issue 123, 22 April 1927, Page 8
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178REDUCED BANK RATE Manawatu Standard, Volume XLVII, Issue 123, 22 April 1927, Page 8
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