Q. Would you charge a merchant house having a good account with you the bank rate or the market rate for prime bills?
A. The market rate.
Q. To what extent does bank rate govern your discount and loan transactions?
A. The rates for discount and loan transactions at the bank usually approximate more or less closely to the bank rate.
Q. Do you at times discount bills for parties having no account with you?
A. No.
Q. Are a considerable number of your loans on call?
A. None.
Q. When and under what conditions is the bank rate changed?
A. The bank rate is raised with the object either of preventing gold from leaving the country, and lowered when it is completely out of touch with the market rate and circumstances do not render it necessary to induce the import of gold.