EXCHANGE ON LONDON
Opposition to Higher Rate AUSTRALIAN CONTENTIONS (Rec. April 14, 9.40 p.m.) Melbourne, April 14. Bankers and business men condemn the suggestion that there should be an Increase in. the exchange rate on London. Bankers assert that such a course is not justified by the prevailing conditions. There is no abnormal demand for London money and no difficulty has been experienced in buying all required at current rates. Any advance in the rate would, they claim, considerably increase the taxation burden. It is added that the present high rate has already reduced importations, while its effect on internal prices is to increase the cost of living. ’ Business men argue that the Commonwealth Bank, which is already handling the position satisfactorily, should be subjected to no political interference.
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Dominion, Volume 25, Issue 171, 15 April 1932, Page 11
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129EXCHANGE ON LONDON Dominion, Volume 25, Issue 171, 15 April 1932, Page 11
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