"The Bank Rate is very satisfactory at present," said Grafton.
We regulate our deposit rate in accordance with the bank rate.
In all transactions the bank rate governs as regards the minimum.
On the 1st of August the bank rate rose to 10 per cent., and the Stock Exchange was closed.
The rise of the bank rate shows that money is scarce; its fall, that money is plentiful.
Of late years the changes in the bank rate have been frequent, and the fluctuations even in ordinary years very severe.
So little had the anxieties of the autumn been anticipated that the bank rate of discount was 3% on the 1st of January.
On the 1st of January 1858 the bank rate was lowered to 8% and the anxiety gradually passed away.
The bank rate was raised to 10% and permission was given by the government to suspend the act.
But it must not be supposed that when bank rate is ineffective the Bank of England is doing no business.