N.Z. RATES OF EXCHANGE

Grey River Argus, 20 September 1949, Page 4

N.Z. RATES OF EXCHANGE

P.A. WELLINGTON, Sept. 19. The Associated Banks in New Zealand announced to-night:— “That, effective from to-mor-row, the exchange rates, New Zealand on the United States, on the basis of one pound New Zealand, will be: — Buying: —Telegraphic transfer; Two point 7991 dollars. On demand: Sea mail, two point 8052 dollars; air mail, two point 8014 dollars; notes, two point 8543 dollars. Selling!:—Telegraphic transfers and on demand: Two point 7586. New Zealand on London, Australia and Fiji: Rates will remain as previously. Canadian and other rates will be advised later”. STERLING AREA EXCHANGE RATES UNALTERED The Reserve Bank/ has announced that the rates of exchange between New Zealand and the United Kingdom and between New Zealand and Australia are unchanged. The Australian Trade Commissioner, Mr. R. Hazzard, said the trading position between Australia and New Zealand remained unaffected. That was to say, £lOO in New Zealand currency would still purchase goods to the value of £125 in Australian currency. “The major initial effect will, of course, come by the higher cost of American goods by virtue of the decreased rate of American currency,” added Mr. Hazzard. NEW EXCHANGE RATES FOR N.Z. AND U.S.A. The new telegraphic transfer rates with the United States are:— Buying: 2.7991 dollars equals £1 (New Zealand). Selling: 2.7586 dollars equals £1 (New Zealand). Other rates will be announced as soon as they are available. HOLD-UP OF OVERSEAS BUSINESS Representatives of the trading banks and the Reserve bank met at 8 a.m., to-day to consider the new exchange rate. All overseas transactions are suspended in the meantime without the express permission of the Reserve Bank. The Post Office has announced that the money order service to overseas countries has been suspended until further notice. In accordance with the procedure being adopted by trading banks, post office savings bank transfers to overseas have also been suspended. The effect of the position on post office overseas communication traffic rates is being examined. Many factors have to be considered and meantime overseas communication traffic is being accepted at the present rates. Pending clarification of the exchange position in relation to Australia, the share market in Wellington this morning was almost lifeless. There was no buying quotations at all for Government stock at call and the quotation list generally tfas much thinner than usual.