Bank of England Rate Now 3} Per Cent.
London, June 15.
The Bank of England discount rate is now 3} per cent.
The reduction in the bank rate was largely unexpected. It is now the lowest since January 1914, when it stood at 3 per cent. The _reduction is generally welcomed as assisting in the trade revival and releasing money for foreign and Colonial ventures. The Bank of England was undoubtedly influenced by the recent reduction in the American money rates. Another factor is believed to be the Government's desir: te facilitate the funding of the country's debts in order to avoid undermining confidence in gilt-edged securities in view of the large loan operations which are pending and also the big Indian Loan at present being put on the market.—Reuter
Text read from the printed page and cleaned; old type leaves the occasional error.