Word: rediscounted
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Dates: during 1930-1939
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...which became the only Blue Book ever to be published in Britain at a profit. After two months of probing Lord Macmillan recommended a central bank. The Bank of Canada, as proposed last week to the Canadian House of Commons, will have the usual tools of credit control - the rediscount rate and the power to issue bank notes. Each private, chartered bank will be required to maintain on de posit with the Bank of Canada an amount equal to 5% of its own deposits. Each bank and the Dominion's Finance Department will turn over their present gold holdings...
...Appliance makers have agreed to furnish a standard low price line which will be handled by regular dealers and the private utilities. Dealers and utilities will discount instalment paper with the EH-&-FA. The RFC will then guarantee the paper up to $10,000,000 and EH-&-FA will rediscount it with local banks. At the White House it was labeled an experiment, but Government officials declared that "the next step will be to try to persuade private capital to accommodate purchasers so that the thing can be made nation-wide in scope...
...will be in the position of a rediscount agency to which the local mortgage corporations can come for credit. The R. F. C. will examine the collateral--namely, the mortgages--and will make loans based on requirements, anywhere from three months to three years or possibly longer...
...string was tied by Congress to this measure for credit and currency expansion: no bank with a capital of more than $5,000,000 (of which there are 62 in the land) could individually, under the "exceptional and exigent" clause of the law, rediscount at the Federal Reserve Bank assets not now eligible for such borrowing. For that limitation in behalf of "small" banks, Senator Glass of Virginia had battled successfully...
Lower Rate. Last week the Federal Reserve Bank of New York lowered its rediscount rate from 3½%, where it had stood since Oct. 16, to 3%,. Immediate results were a rise in Government bond prices, a falling off in several foreign exchanges. The former was taken to mean that the lower rate will aid the Treasury in its financing problems; the latter, that Europe's alarm over the dollar has died out. Swiss francs broke especially sharply, probably because much money sent to Switzerland for safety was now being recalled...