While the boom lasted, Hatry made hay. At any moment in 1919, he was working on several deals in parallel, reaching a peak in October. In that month, when the relevant stock exchange committee considered applications to deal in shares, two were proposed by Hatry and he was a leading member of the syndicate that proposed a third. But the boom was too good to last – an end was inevitable.
It was precipitated by a series of policy changes. In November, the Bank of England increased bank rate from 5% to 6% to stem the price inflation that occurred as wartime price controls were relaxed and consumption demand pent up by the long years of war was released. The bank rate was to be raised again to the unprecedented level ...
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