REDUCED BANK RATE
TONIC EFFECT. LONDON STOCK EXCHANGE. BRITISH FUNDS JUMP UPWARDS, (United Press Association—By Electric Telegraph.-MDopyright.) Received February 22, 8.5 a.m. LONDON, Feb. 21. The reduction of the bank rate to five per cent, had a tonic effect on the Stock Exchange.- All sections rapidly responded. Previously business had been keen, but quiet, but on Thursday, when in addition to the bank rate reduction we had another good revenue return, optimism was apparent everywhere, and British funds jumped upwards, War Loan five per cents, touching par for the first time since we went off the gold standard in September.
Australian Government securities, however, mostly showed little change, the announcement of the Commonwealth Government’s proposal to ask stockholders to accept a reduction of interest being unfavourably received. The general impression in financial circles is that there is little probability of such a proposal being accepted. Jobbers on Tuesday attempted to put up the price of New South Wales 6( per cent, on the announcement that interest was being paid, but no business was . done and the quotation remains unchanged. '
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Bibliographic details
Manawatu Standard, Volume LII, Issue 70, 22 February 1932, Page 7
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179REDUCED BANK RATE Manawatu Standard, Volume LII, Issue 70, 22 February 1932, Page 7
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