MONEY MARKET

Evening Post, Volume LXXXVIII, Issue 30, 4 August 1914, Page 7

MONEY MARKET

BILLS OF EXCHANGE. , PAYMENT EXTENDED FOR A MONTH. (Received August 4, ,8 a.m.) LONDON, 3rd August. The moratorium applies to bills of exchange, and extends payment for a month after the date of original maturity. STRINGENCY RELIEVED. MONEY BEING WITHDRAWN FROM *• BANKS. (TISIES AND SYDNEY SUN SERVICES.) (Received August 4, 8.30 a.m.) PARIS. 3rd August. The money stringency has been relieved by the issue of twenty franc notes. Thousands are assembled outside the Bank of Franco for the purpose of withdrawing their money. Several other banks have been compelled to close their doors. AUSTRALIA'S POSITION. BANK RATE EXPECTED TO ADVANCE. STOCK EXCHANGES CLOSE. SYDNEY, 3rd August. Although the banks are closed for holiday, the Reads of the leading financial institutions discussed the position. It is anticipated that the banks will be asked to strspend payment in gold tomorrow and tender paper money only until definite news arrives from Britain regarding the financial posit jon. The local bank rate is expected to advance immediately. ■The Stock Exchange Committee has not arrived at a decision in regard to closing. It meets again to-morrow. [ The Premier, interviewed, after a prei vious Cabinet meeting, said Australia , was never in a stronger position to face ■ a financial difficulty than to-day. While the situation was one of unprecedented gravity, hor own resources are tit a level of unprecedented strength. There was no occasion for fear as to the stability of the country or the Government. ADELAIDE, 3rd August. The Stock Exchange has been closed indefinitely. 1 MELBOURNE, 3rd August. The Sto4k Exchange has suspended operations indefinitely. The Federal Treasury officials state that there is not the slightest sign of j abnormality about the Auslialiun notes reserve. Tho banks aye not demanding gold, aucV the issue of notes last week was greater than the i coemptions, and no uneasiness is felt. Tho leading bankers are of opinion that it is advisable that all Stock Exchanges should close, otherwise Australia would be made (he dumping ground of the world. Thov are confident the banking position is bound. Notes and gold have been removed the Jreaauiy, to an inland tow^