INCREASED BANK RATE
CHANCELLOR OF EXCHEQUER QUESTIONED (United Press Association— By Electrio Telegraph.—Copyright.) (Australian Pre* Association—United Service) (Received 13th February, 12.40 p.m.) LONDON, 12th February. _ In the House ot Commons, Mr F. W. Pethick-Lawrenca (Labour) inquired if prior to the increase in tho rato representations were made to the Treasury to increase the fiduciary issue. Mr Churchill said: “No. The only effect of such an increase would bo the stimulation of the transfer of funds from Britain to 'New York.” Mr Pethick-Lawrence: “Have you in mind any remedy to prevent the country’s industry being; at tho mercy of speculations of a foreign country?” Mr Churchill: “No remedy could bo more ill-judged than political interference with the banking* system.” Replying to Commander Kenworthy (Labour), Mr Churchill said'he certainly had knowledge of the intention to increase the bank rate.
Sir R. J. Thomas (Liberal): “Isn’t it due to the premature return to the gold standard?”
i Mr Churchill: “No. Many things, good, bad, and indifferent followed the decision of which the House approved, but you have no right to say any particular movement in the hank rate is due thereto.”
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Bibliographic details
Nelson Evening Mail, Volume LXIII, 13 February 1929, Page 5
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188INCREASED BANK RATE Nelson Evening Mail, Volume LXIII, 13 February 1929, Page 5
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