THE NEW RATES

Evening Star, Issue 21315, 20 January 1933, Page 7

THE NEW RATES

BANKS RELUCTANTLY C&HSENT OHU3 km LIABILITY GH GOVERNMENT The following statement was issued by the Associated Banks after a conference with Cabinet:—“ The Government has decided, after examining all the alternative methods of relief with respect to the general situation, that it is completely satisfied that the raising of the London rate of exchange to a basis of telegraphic transfer selling £125 New Zealand, equals £IOO London, is in the interests of the country. The banks have strongly protested * against governmental fixation of the rate, but the Government has informed them, that it must persevere in the matter. Therefore, and on the strong representations of the Government and on its full responsibility, the banks are reluctantly compelled to co-operate with the Government in giving effect to its decisions. “ The following rates New Zealand on London are effective on and after January 20, 1933: BUYING (Basis £IOO London).

SELLING (Basis £IOO London).

NEW ZEALAND ON AUSTRALIA

Tlie following rates are effective on and after January 20, 1933: BUYING (Basis £IOO New Zealand). £ s. d. Demand ... ... ... ... 100 10 0 SELLING (Basis £IOO New Zealand). £ s. d. Demand 99 15 0

£ s. d. Demand 30 clays 60 clays ... 90 davs 120 days ,' ..: ... 124 123 . ... ... 123 123 123 0 15 10 5 0 0 0 0 0 0

£ s. d. Telegraphic Demand 30 days ... 60 days ... 90 days ... transfer ... 125 0 ... 124 17 ... 124 15 ■,.. 124 12 ... 124 10 0 6 0 6 0