AUSTRALIAN NOTES

Greymouth Evening Star, 6 May 1930, Page 3

AUSTRALIAN NOTES

SOLD AT HEAVY DISCOUNT.

SYDNEY, April 25.

•Passengers who arrived in Sydney by the Ormonde yesterday said that' Australia had suffered severely by the restrictions on credit imposed by the Commonwealth Government. Travellers who were carrying large quantities of Australian notes to England became fearful when they heard of the restrictions. In consequence, they parted with Australian notes at practically any price they could secure. In Colombo and Port Said the shops, both Indan and Continental, did a flourishing business in exchanging English for Australian notes. Passengers to England were only too glad to change eleven Australian notes for ten English ones of the same face value. Many travellers paid even mqre. As much as four shillings in the £ discount was charged by less scrupulous dealers. In Ceylon the trade was comparatively honest, but there was a great deal of swindling in Egypt. .Tourists, and even business men, travelling on mission to England, changed their notes at a great loss. Dealers in the notes sold the Australian notes they had bought at a reduction to English travellers to Australia at par. The purser of the Ormonde said that the first panic, wdiich had inflicted serious losses on Australians, had passed, but there was a steady drain on travellers’ resources. Many people nearing England from Australia. were glad to make certain of having English notes, when they knew they would have difficulty in obtaining them in orthodox channels.