Show LONDON BANK RATE DOWN HALF PER GENT CENT I LONDON March 17 P The IF-The The Bank Bak of England reduced its it discount rate rat from rom 4 to 3 31 2 12 per cent cent The Te decision of the bank authorities surprised ed the market which was not prepared for further reduction after the two recent declines decies The Te monetary situation has grown so easy however and anti revenue has been coming in so ste steadily diy that ap apparently ap parenty the bank bak directors decided to give trade and commerce the benefit of a further half hail hal of one per cent re re- re- re ducton The lower bank bak rate also alo will assist the he In its conversion government it plan planor for or public obligations The first fist of these hese thee was announced last night night Holders Hold Hold- Hold ers of 4 2 1 per cent treasury bonds due April 15 were invited to turn tur these hese into ito a conversion loan at 4 per percent cent cent The stock exchange showed equal surprise with wih other financial circles equa and nd cheered the new bank rate when it t was flashed Gilt edge securities which had opened firm on the strength of good revenue evenue returns immediately were marked up for advances of one one fourth fourth to o one per cent around noon Indus Indus- trials rials and ad home rails rais became firm in sympathy with wih the market and internationals internationals inter inter- nationals which opened we weak k devel devel- ped a better beter tendency The Te lower bank rate will wi bring money rates nearer those of the principal prin prin- cipal foreign centers thus thu making London Condon less attractive for foreign funds fud Sterling exchange was expected ex ex- to be held in check and to continue con con- to assist traders in export tra trade e. e PARIS March 17 UP Gold UP-Gold Gold U-Gold Gold reserves re- re serves erves of the Bank of France crossed the he mark for the first time Ime tie in i history this week on further repatriation of French funds from abroad broad Gold Gola reserves as shown In the weeks week's statement amounted to francs an increase in in- crease rease of over the preceding preceding ing ng week Sight balance abroad in inthe inthe the he same ame period declined to 53 francs Ratio Rato of gold to the banks bank's liabilities labite rose to toa a new high at |