The financial sensation of the past week has been the completely unex- pected slash in the rediscount rate of the Bank of England, from 5 to 4 1/2%.
The recent 5% rate was inaugurated Mar. 5 this year, because of the policy of gold resumption in London. Before reassuming a free gold market, the British evidently wished to establish higher interest rates in London, in order to retain as much gold as possible, and draw thither gold from other countries. This aim has evidently been accomplished, and since...
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