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30 % of cumulative demand, in 1832-14 %, and in 1841 and 1842 - are satisfied
6 %. See "Depositions de MM, les delegues et les regents de la Banque de
France, "p. 116.] In 1819 the Bank within several months practised
To the politician of collection of lower rate (4 %) on short credits (within 30
Days) until the decision to reduce to 4 % eventually was accepted
Rates on all categories of credit. During the periods of deficiency the Bank kept the registration
The rate at the fixed level, resorting to restriction of delivery of the credit or to
To purchase of precious metals under higher price to strengthen
Own reserves. For the first time the Bank has opened for itself efficiency of increase
Rates as means of counteraction to outflow of cash only in 1847 To
To that time as crisis of 1848 has called a new shock, rates were already again
Are lowered, and the Bank still was afraid to apply a discount rate to struggle with
Deficiency of money. Throughout all 1848 the Bank and continued crediting
Under 4 %, while the regional banks, which abilities to survive in conditions
Deficiency were not so great, financed under 6 %. Decrease in a discount rate to
3 % in 1852 have marked the end more than the 30-year-old period, on an extent
Which, with only one exception in 1847, it remained invariable on
Level of 4 %. It has shown bright contrast in comparison with Bank practice
England, not less than fifty times changing the discount rate during the period between
September, 1844 and December, 1856
However, since 50th years the percent rate in France, has been subject more
To intensive fluctuations. Readiness to change rate level, possibly,
It was dictated by increase in requirement for it at the expense of growing mobility of money
Owing to perfection of a transport network and a communication system that, in the
Turn, realisation of arbitration operations considerably facilitated. Besides,
To some extent it has been connected with the beginning of activity of Kredi Mobile
(Credit Mobilier) on capital export. Anyway, during the period 1855-1857it.
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