AUSTRALIAN FINANCE.
DRAFT RATES INCREASED. (By Cable—Press Assn. —Copyright.) SYDNEY, February 16. Owing to the depletion of Australian funds in London the banks have again been obliged to raise their rates for drafts by ariother ten shillings per cent., which will operate from to-mor-row. It will now cost the importer 62/6 more per cent, premium to transfer credits from Australia to London. This charge is the highest for years, and it is regarded as being prohibitive. It will tend to check imports, as, no doubt, it is intended to do. IMPROVEMENT EXPECTED.
LONDON, February 15. “The Economist,” commenting on Mr Scullin’s statement, and also on the shipment of Australian gold to London, and the reduction of Australian loan activities, says: “These events may be taken as evidence that Australia is do ing her best to protect the interests of her creditors: and Australian stocks will emerge from the present depression, which, we trust, has enhanced their reputation for security.”
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Greymouth Evening Star, 17 February 1930, Page 5
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159AUSTRALIAN FINANCE. Greymouth Evening Star, 17 February 1930, Page 5
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