COMMERCIAL
FINANCING AUSTRALIAN EXPORTS. METHOD OF GERMAN PAYMENT. RESTORING BALANCE OF TRADE'. Press Association---By Telegraph—Copyright, LONDON, August 21. (Received August 22, at 9 a.m.) ‘The Timcs’a’ city editor says; The period of greatest stringency in tho Australian exchange appears to have passed. The banks in Australia have lately experienced a keen demand for accommodation to finance exports from Australia, particularly laic shipments of wool.' These have ■been commanding high prices, partly as a result of German bidding for merino wool. The provision of credits is therefore being largely supported by the German Government by means of credits in sterling from tho 60 per cent, tax on German exports. Tho depreciation of the mark will not interfere with such transactions. The German _ exporter is procuring payment in foreign currencies and handing over the required proportion to the Government in sterling, dollars, or other currencies. In order to increase tho ability to meet those demands, Australia, on behalf of her exporters and the Australian banks, is naturally encouraging exports from England to Australia. These have considerably expanded lately. Tho immediate future holds the probability of a more evenly balanced trade position.— 1 Times.’
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Bibliographic details
Evening Star, Issue 18053, 22 August 1922, Page 7
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191COMMERCIAL Evening Star, Issue 18053, 22 August 1922, Page 7
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