A change in the discount rate of the Bank of England has always attracted world-wide attention because of its far-reaching effect on international trade through the international financial center at London. Upon July 5 the Bank's rate was moved up to 4% from the 3% rate which had been maintained since June 15, 1922. The change has brought the Bank of England's rate to within ½ of 1% of the 4½% rate now maintained by the New York Federal Reserve Bank.
The interesting phase of the occurrence to Americans was the proof...
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