The Bank of England drops its discount rate for the third time in three weeks to five percent

With the pressure on it bullion reserves easing, the Bank of England reduced its discount rate, the interest charged to smaller banks, from six to five percent,  This was the third one point reduction in a few weeks, down from the emergency high of eight percent seen during the onset of the secession crisis in the United States.  Stocks of bullion and reserve notes had increased significantly enough to bring normal rates but within weeks the outbreak of the American Civil War would again pressure Bank of England bullion and reserve notes. (By John Osborne)