THE MONEY MARKET.

Auckland Star, Volume LX, Issue 209, 4 September 1929, Page 4

THE MONEY MARKET.

EXCHANGE RATES REVISED. NEW ZEALAND ON LONDON. (By Telegraph.—Press Association.) WELLINGTON, Tuesday. The acting-chairman of the Associated Banks announces that as from September 4 the buying rates of exchange on London will be -decreased 5/ per cent, and the selling rates increased 5/ per cent. The 'new rates will be as follows:— Buying. Selling, s. d. s. d. On demand ... 2 G dis. 15 0 prem. Threo days ... 4 C dis. — . Thirty days .. 12 0 dis. 7 G prem. Sixty days ..'. 22 6 dis. par Ninety days .. 32 G dis. 7 6 dis. Telegraphic transfer — 25 0 prem. A similar alteration lias been made in Australia. LONDON ON NEW ZEALAND. (Australian and X.Z. Press Association) /(Received 12 noon.) LONDON, September 3.The Associated Australian Banks exchange rates on New Zealand from September 4 will be as follows:— Selling Drafts—Mail transfers, 20/ per cent discount; cable transfers, 15/. Buying" Rates.—Documentary bills, £2 per cent, discount; thirty days, £2 11/3; sixty days, £3 2/6; ninety days, £3 13/9.

The superseded tariff has been in operation, only since July 25, when variations of the same extent and in the same direction were made. These changes reflect the monetary stringency in London. THE CANADIAN DOLLAR. MONTREAL, September 3. The Canadian dollar is quoted to-day at 4.87% to the £ sterling.