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Silent for many a week of the Bank of England's discount rate (TIME, Aug. 19), Governor Montagu Collet Norman last week sent a uniformed messenger scurrying through the bank's corridors, bearing over his head a sign: "BANK RATE 6½%."

Quick to criticize this move were English businessmen, struggling to maintain the slow revival of British industry, for a higher rate means higher credit charges. On the other hand London bankers, nervous over the long and steady drain of gold from England, saw in the bank's announcement the only possible way of bolstering the gold...

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