LONDON SURPRISED.
Victorian Banks Raise Exchange, Rates. , - REMITTANCES DISCOUNTED. (Received 11.30 a.m.) MELBOURNE, this day. A hurriedly convened meeting of the associated bank's of Victoria decided to raise their .exchange rates on London to th6se of the Bank of New South Wales, but their selling rate' will he 2/6 per ceiit niore. The increase in the Victorian rate is therefore 6J per cent. A Lii)nd6n dispatch says that the ..announcement "of the increased exchange rates took banking'circles in London by surprise, though some increase was expected. This increase accentuates the already sharp distress of those subsisting either by returns from Australian investrftents or by remittances. It furthermore adds to thp- difficulties of the Governments in meeting periodic payments. The advance of the exchange rates has had a further depressing effect on Australian stocks. Several have been marked down seriously. Australian circles in London are generally shocked at the increase, but it is felt in some quarters that even 20, per cfetfit is not .now unthinkable. 4■ & ,
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Auckland Star, Volume LXII, Issue 4, 6 January 1931, Page 7
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166LONDON SURPRISED. Auckland Star, Volume LXII, Issue 4, 6 January 1931, Page 7
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