NO TRIPS ABROAD
AUSTRALIA HARD UP
BANKS .IMPOSE BAN
HIGH LONDON EXCHANGE
Unitea Press Association—By Electric Telierapn—Copyright. (Received 7th March, 1 p.m.) SYDNEY, This Day. It is now practically impossible for Australians to take holiday trips abroad. This amazing state of affairs is due to the high rate of London exchange and the decision of the Commonwealth Bank to prohibit the cashing of Commonwealth notes overseas. The difficulty has arisen by reason of Australia's reduced exports of primary products, which are realised on in London and provide our oversea balances. These become depleted and the adverse balance has been increased by, heavier imports. Moreover, a substantial increase in the official rates is likely in the near future.
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Bibliographic details
Evening Post, Volume CIX, Issue 56, 7 March 1930, Page 9
Word Count
117NO TRIPS ABROAD Evening Post, Volume CIX, Issue 56, 7 March 1930, Page 9
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