MONEY CHANGERS.
AUSTRALIANS' NEW ROLE
WEAKNESS OF N.Z. POUND,
"Australians are taking full advantage of the weakness of New Zealand currency to make a profit in the outside exchange market," said Mr. N. L. Higginson. of Okoroire, who returned by the Wanganella to-day from Sydney, after spending a month in Australia, during wK lie visited the Barrier Reef and Noun ..
If New Zealanders were not vigilant, lie declared, they could easily • lose money in changing Australian notes back into New Zealand notes at the end of a business or holiday tour. There were always people ready to give New Zealand pounds for Australian, but never to take New Zealand banknotes, except at a premium around 2/6 in the £ or more.
Because of the difference "m the value of the two currencies, some New Zealanders, who fully realised the position, were depositing unexpended cash in Australian banks, instead of br-inging it back to the Dominion. Even if the amounts were only small they might be useful in the future to supplement funds granted by the Reserve Bank for use overseas.
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https://paperspast.natlib.govt.nz/newspapers/AS19390816.2.97
Bibliographic details
Auckland Star, Volume LXX, Issue 192, 16 August 1939, Page 10
Word Count
179MONEY CHANGERS. Auckland Star, Volume LXX, Issue 192, 16 August 1939, Page 10
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