NO ALTERATION.

Auckland Star, Volume LXIII, Issue 185, 6 August 1932, Page 9

NO ALTERATION.

EXCHANGE RATE. Commonwealth Bank Decision Announced. AMPLE FUNDS IN LONDON. 'United P.A.—Electric Telegraph—Copyright) (Received 10.30 a.ro ) MELBOURNE, this day. Sir Robert Gibson, chairman of the Commonwealth Bank Board, announced a reduction in the rate of advances from the Rural Credits Department from 5 to 4£ per cent. "It may be interesting to note that since the creation of the Rural Credits Department an aggregate sum of £45,211,124 in the form of advances has been availed of by the wheat and other pools. The maximum amount of any one year was £8,034,803. No losses have been incurred by the bank in these transactions," said Sir Robert. At the close of the Commonwealth Bank Board monthly meeting, Sir Robert Gibson said: "In announcing that there will be no change in the rate of exchange on Loi.don this week, I take the opportunity of stating that the board has given this matter its fullest con-, sideration. "Taking all factors into consideration, it sees no justification for any alteration in the rate at present. The balances j in favour of Australia now held in London are ample to meet the normal demands for London money, and we are within a few weeks o«. the beginning of the new season's wool sales, when funds will agaiu begin to accumulate in London."