EXCHANGE RATES.

Auckland Star, Volume LXX, Issue 220, 18 September 1939, Page 4

EXCHANGE RATES.

N.Z. ON LONDON. NEW SCALE OF RATES. AIXJUSTMEXT TO SEA Exehanjre rates quote<i by the New Zealand 'banks on London have been readjusted as from to-day and provide air and surface mail optional rates. Previously air mail was the sole basis, but with the suspension of the "all up ' Empire air mail seheune rates to cover nea-'ljorno mailthave ajrain become nect^«ary. a Ihe ne\v scale <loes not affect te'.Ofrr-.uphic > tianster. but longer usances show a pron i-iessne reduction. Variation 'between sea s and air mail rates represents additioiia.l v interep»t incurred as <l result ox t'lie extra ■,1 time involved in surface transit. '' new rates operative from to-da.y |" a re: — 1 New Zealand On London. (Basis A; 100 London.) ~ Usance. Uuyiug. Selling. T - T - 1-4 7/0 A; 125 s 'Airmail. .Sea mail. -I Oil demand il2:; 15/ £l-_> 3 10/ X 124 Is d tl; 4 0"iys .. 123 .")/ 123 124 13/0 days .. 122 15/ 122 10/ 124 S/'J yo <luys .. 122 5/ 122 124 3/0 1-0 days . 121 15/ J2l 10/ — •Customer to pay air mail postage. 'Ihe rates superseded were (basis i; 100 t London) :• -Buying: 'J'.T., JJI2-1 7/0; '' demand, £123 IK.U; 4 M days, i 12,' i 13,9; l' 00 days. £123 8/0; 'JO davs, £123 3/9; 120 t ila.vs, £ 122 18 9. Selling: T.T.. £125; • demand, £124 19/0; ») davs, £124 18/3; 00 <laj s, £ 124 17/; 90 ilays,' £ m ij/J. 14 Jn applying the new quotations, £124 18,'J deposited in New Zealand funds lor transler by mail will procure £100 in London, while a demand bill on Jxindon lor X 100 w ill realise £ 123 1.5/ in \ew Zealand currency (air mail) and £123 10, (suiface mail). Previously air mail was the sole basis, and £124 19/0 for transler by mail produced £100 in London and a demand bill on London yielded £123 «iB, 'J in Now Zealand currency. London On New Zealand. present buying rates London on . New Zealand, plus air mail postage, will , apply to air mail only. These are (.basis , £ 100, London) Demand, £12.") 17 ti- 30 1 davs, £120 7/6; 00 days, £120 1 0; 90 days, £127 7/6. Sea mail buying rates • adopted are (basis £100, London): — . Demand, £120; 30 days, £120 10,'; 00 davs, , £127; 90 days, £127 10/; 120 days, £128. Appropriate adjustments have also been made in tile rates Australia on London and London on Australia. FACILITIES FOR IMPORTERS. ! INFORMATION NOW AVAILABLE. 2 (By Telegraph.—Press Association.) WELLINGTON, Sunday. 1 It is learned from the Associated Banks 1 that branches of trading 'banks throughi out New Zealand are now in a i>osi'tioii 1 to give full information regarding rhe i practical facilities which they can make . available to importers desirous of fixing : tllie sterling rate of exchange in respect , of deferred transfers in payment for licensed inupoa-ts. The general conditions under which such facilities are available are as announced by the Reserve Bank on September 11. The announcement made by the Reserve Bank on September II leferred to a plan to remove certain difficulties regarding the financing of imports by the provision of forward exchange facilities, the following conditions being set* out:— (1) That the relative goods have either arrived in New Zealand or been shipped. (2) That the importer has, in respect of tihe transaction: (a) Paid into an irrevocable deposit account aC a trading bank in New Zealand for eventual remittance 'oy T.T. or otherwise, or to cover payment of' the relative draft at or before matuiity; or (b) established wit'h his banker an irrevocable letter of credit; or (c) paid a sight draft: or fd) accepted a usance draft, in which case the bank may stipulate that the arrangement is conditional on the draft being paid in due course.