how rr works

Evening Post, Volume CXV, Issue 24, 30 January 1933, Page 12

how rr works

EXCHANGE SYSTEM

SELLING AND BUYING

"Evening Post," 30th January. The following table has been prepared for general information and with the intention of showing in simple form-the working of the system of exchange between New Zealand and London as from -30th January last:— New Zealand bankers remitting moneys to London, for every £100 made Available (drafts, bills, etc.), in London will charge:— £ s. d. Telegraph transfer 125 0 0 Demand 124 17 6 - 30 days :... 124 15 0 60 days 124 12 6 90 days 124 10 0 120 day. ~ (Not quoted.) ■ This constitutes "Selling—New Zealand on. London." Ifew Zealand bankers' cashing cheques or negotiating bills or other instruments drawn on London banks or other English sources, for every £100 face valtte will give:— ' £ s. d. Demand. 124 0 0 30 days 123 15 0 60 days 123 10 0 90 days ;.. 123 5 0 • 120 day. 123 0 0 This constitutes "Buying—New Zealand OU' London." . London bankers remitting moneys to New Zealand, for every £100 paid in London will issue instruments (cheques, drafts, bills,-etc.) available in New Zealand as under:— £ s. d. Telegraph transfer. ... 324 10 0 Demand ;... 124 15 0 '.. (No other terms are quoted.)" This constitutes "Selling—London oh New Zealand." London bankers negotiating bills, etc., cashing cheques, drafts drawn on New Zealand banks will give only £100 for:— £ s. d.' •■ Demand 126 0 '0 : s 30 days 126 12 6 60 days 127 -5 0 90 days . 127 17 6 120 day. (Not quoted.) JXhis constitutes "Buying—London on Kew Zealand."