BANK RATE DECLINES.
REDUCTION TO 4* PER CENT.
LOWEST SINCE JULY, 1914. Australian and N.Z. Cabls Association. (Reed. B.SO p.m.) LONDON, Feb. 16. The Court of Directors of the Bank of England has reduced the minimum rate of discount from fij per cent., at which it has stood sine* November 3, to 4J per cent.
The reduction in the bank rate now announced makes a total fall of 2$ "points" since April of last year. Following are details of tho changes in tho rale in recent years : — 1911.—January 26, 4; February 16, 3J,; March 9, 3; September 21, 4. 1912.-February 8, 3A; May 9, 3; August 29, 4; October 17, 5. 1913.—April 17, 4J; October 2, 5. 1914,-January 8, 4J; January 22, 4; January 29, 3; July 30, 4; July 31, 8: Auonst 1, 10; August 6, 6; August 8, 5. 1919.—November 6, 6.
1920.—April 15, 7. 1921.—April 28, 6J; Juno 23, 6; July 21, SJ; November 3, 5. 1922-February 16, 4s. The rate was at a higher averago level throughout 1920 than in any previous year since the Aot 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.
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Bibliographic details
New Zealand Herald, Volume LIX, Issue 18019, 18 February 1922, Page 9
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234BANK RATE DECLINES. New Zealand Herald, Volume LIX, Issue 18019, 18 February 1922, Page 9
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