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