§ 71. Mr. POTTSasked the Chancellor of the Exchequer whether bank rate changes in this country are made by the Governors of the Bank of England; if so, whether a special meeting of the governors has to be called for that particular purpose; can such bank rate change be made by the chief governor, or is it essential for a quorum of governors to be present; and, if so, how many governors form a quorum to transact such bank rate change?
§ Sir W. JOYNSON-HICKSThe ordinary rate at which the Bank of England lends—commonly known as bank rate—is fixed from time to time by the Court of Directors at their weekly meeting, which is usually fully attended.
§ Sir W. JOYNSON-HICKSThere are 24 directors, in addition to the governor and the deputy-governor, and I am informed that the average attendance is over 20.