POST OFFICE MONEY ORDERS AND THE EXCHANGE RATE

Gisborne Herald, Volume LXXV, Issue 22757, 1 October 1948, Page 6

POST OFFICE MONEY ORDERS AND THE EXCHANGE RATE

ISSUES OVERSEAS

(P.A.) WELLINGTON, Sept 29. Post Office money orders issued in the United Kingdom and Australia before August 20, the date on which the exchange adjustment was made, are now being paid out under the old exchange rate. Persons who have already been paid out by the Post Office on a sterling par basis will be paid the balance due for exchange. Persons who from the United Kingdom and Australia arranged the transfer of savings bank accounts to New Zealand before August 20 will also receive the 25 per cent exchange premium. “These provisions do not apply to any money order or savings bank account transferred on or after August 20, said the Postmaster-General, Mr. F. Hackett. “Anyone to whom an exchange balance is due on a British money order will within a few days receive from the Post Office an additional order covering payment of the amount. “With Australian order's, however, any person entitled to further payment should present the particulars at the nearest Post Office. This is because the addresses of the persons to whom Australian money orders are payable are not held by the Post Office. “Persons remitting by money order to the United States, Canada, Eire, South Africa, Ceylon, India, Pakistan and the* United Kingdom will now find the commission and bank exchange 6d for each pound, instead of as formerly 5s 3d for each £ sterling. “Money orders to dollar countries are now converted at four dollars to the pound. Charges for money orders payable in Australia and Fiji remain unaltered at 6d for £2 and Is for £5. With the present currency .money order payable at £1 in Australia, costs at the Post Office are 16s plus 6d commission.”