The Bank of England again raises its discount rate as the pressure on bullion continues

For the second time in five weeks, the Bank of England again raised the discount rate, the interest charged to smaller banks, this time by another percentage point to eight percent.  Demands for specie from India and the United States were continuing to drain the Bank's bullion reserves.  Conditions seemed to have improved enough, though, that by mid-April the rate was reduced to five percent. (By John Osborne)