EFFECT IN AUSTRALIA
Transfer of funds
BANKS CURTAIL RUSH
United Press Association—By Electrlo Telegraph—Copyright. (Beceived 31st' January, 3 p.m.) SYDNEY, This Day. Owing to the unprecedented demand for transfers of money from Australia the banks have restricted their dealings in New Zealand exchange. Telegraphic transfer for £100 for New Zealand could have been bought in Sydney on Saturday for £.100 10s. Yesterday the selling rate quoted was irregular, though no alteration had been made in the buying rate. The same conditions applied to Fiji exchange. ' ' The bankers estimate , that several millions have been held in Australia by New. Zealand interests awaiting a favourable alteration in the exchange rate. Now that Australian and New Zealand currencies are virtually on a par there has been a rush ' to transfer funds, and therefore the banks have been forced to curtail dealings in transfers to New Zealand.
Bankers here point out that an announcement that the Now Zealand Government would buy up all money offered by people wishing to repatriate funds would relieve the position considerably This Would mean in effect that people would pay such money into New Zealand Government accounts, in Sydney and London, and the Government would atend to corresponding payments in New. Zealand. •
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19330131.2.91
Bibliographic details
Evening Post, Volume CXV, Issue 25, 31 January 1933, Page 8
Word Count
203EFFECT IN AUSTRALIA Evening Post, Volume CXV, Issue 25, 31 January 1933, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in