IMPRISONED!
AUSTRALIA MAROONED Impossible to Take Holiday Trips Abroad. NOTES CANNOT BE CASHED. (United P.A.—El6ctric Telegraph—Copyright) (Received 12.30 p.m.) SYDNEY, this day. It is now practically impossible for Australians to take holiday trips abroad. This amazing state of affairs is due to the high rate of exchange in London and the decision of the Commonwealth Bank to prohibit the cashing of Commonwealth notes overseas. The difficulty has arisen by reason of Australia's reduced exports of primary products, which are realised on in London and provide our oversea balances. These have become depleted and the adverse balance has been increased by heavier imports. Moreover, a substantial increase in official rates is likely in the near future.
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Bibliographic details
Auckland Star, Volume LXI, Issue 56, 7 March 1930, Page 7
Word Count
115IMPRISONED! Auckland Star, Volume LXI, Issue 56, 7 March 1930, Page 7
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