EXCHANGE RATES.
REDUCTION TO AUSTRALIA. BY CABLE—PRESS ASSOCIATION—COPYRIGHT. LONDON, May 7. An article in the Morning Dost welcomes the lowering of the Australian rates. The view is extant, the article says, that the Australian exchange must lie affected by a large Australian loan raised in London. It is high time there should' be an easing of the position as regards ordinary remittances. Now both Australia and Britain are on the gold standard there is all the greater need for preventing unnecessary transfers of gold when the ordinary exchange facilities should suffice. The Financial News says the cut in the Australian rates of exchange were more drastic than the most sanguine could have expected. It has been apparent that a tug-o’-war has been going on between the Commonwealth Bank and the trading banks. The former, with an eye on £68,000,000 of loan money falling due this year in Australia, wanted the coup de grace to he given immediately to the high remittance premium, and apparently its wishes have prevailed.
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Hawera Star, Volume XLV, 8 May 1925, Page 5
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168EXCHANGE RATES. Hawera Star, Volume XLV, 8 May 1925, Page 5
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