EXCHANGE RATES

Evening Post, Volume CXI, Issue 95, 23 April 1931, Page 14

EXCHANGE RATES

I Current rates of exchange New Zealand ,on London and New Zealaud on Australia I are published for general information. • ' LONDON. Buying ~ ■ ' '..■'. Selling Par £100 in ■ i Per £100 in, London. London. £ s, d. '■■: £ s. d. — Me. transEers. 110 0 0 108 10 0 On demand. 109 7 8 108 8 0 3 days. — 108 0 0 30 days. 10!) 0 0 107 10 0 60 days. 108 12 6, 107 0 0 90 days. , 108 5 0 10610*0 120 days. — AUSTEALIA. Buying per £ 100, New Zealand— £ 118 12s 6d, with right to concede down to £105 for genuine trade ■ transactionp. Selling per £100, New Zealand—£lo4 10d; no concessions.

Australian currency continues to decrease'in value, and exchange rates are in a fluid condition, fluctuations taking place daily, if not, hourly. Tims, on 13th April, the rate for New Zealand currency in Sydney was 12% per cent., 13 per cent, next and the following day, and 13% per cent, on 17th and 18th April. It has stood as high as 15%, -with odd transactions at an even higher rate. On Saturday'last the remaining banks fell into lineywith the two -which had decided'to cash dividend cheques to New Zealand holders* of Australian securities at £5 per £100, instead of the rate of £18 12s Gd previously in use. Local opinion inclines tti the view that the new rate will continue, unless abused, and where it can he shown that the transaction is genuine, the lower rate will be used, and will be extended to all remittance of interest, rents, salaries, and travellers' cheques*. Investors in Australian stocks have expressed gratification at the banks' decision, and the Dominion will be placed in ia substantially better position in thd other respects) mentioned in monetary transactions with the Commonwealth.